The DeFi Industry Veteran Returns to the Industry! He Introduced His New Altcoin Project and Received $200 Million in Investment!
Andre Cronje, the veteran of the DeFi industry, made a rapid return to the industry with a new cryptocurrency project.
Accordingly, Andre Cronje, the name behind Fantom (newly named Sonic) and Yearn.finance, announced that he has launched his new project called Flying Tulip (FT).
Cronje's new project has received $200 million in investment and reached a token valuation of $1 billion.
Participants included companies such as Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.
All investors in both private and public rounds will have the right to repay up to their original principal (e.g. in ETH) at any time.
One of the distinguishing features of Flying Tulip's rise at this point is the “on-chain repurchase right,” also described as a perpetual put option.
Investors in both private and public rounds can burn their FT tokens at any time to buy back up to their original principal in assets they invested in, such as ETH.
Cronje said this model is designed to provide investors with downside protection while maintaining “unlimited upside potential.”
Cronje also noted that there was always a possibility of the investment being recouped, and that the money actually raised was zero.
“Because the money can be withdrawn at any time. But we will also invest this money. We will invest it in low-risk DeFi protocols such as Aave, Ethena, Spark.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cardano News Update: Frustrated Operator Uses AI to Disrupt Cardano Blockchain, Prompting Urgent Repairs
- Cardano (ADA) faced a chain split from a "premeditated attack" exploiting a 2022 ledger bug, forcing an emergency network upgrade. - A user submitted a malformed delegation transaction bypassing validation checks, creating competing "poisoned" and "healthy" chains. - ADA's price dropped 6% during the incident, with $91M in short leverage, as developers patched the bug and restored consensus. - The attacker, identified as "Homer J.", apologized for using AI-generated commands, while experts highlighted Ca
Solana Updates Today: Sunrise: Solana's Gateway to Online Capital Markets
- Wormhole Labs launches Sunrise, a Solana liquidity gateway enabling direct onboarding of external assets like Monad's MON token via NTT framework. - The platform unifies liquidity across Solana DEXs and block explorers, addressing fragmented bridging challenges through native token transfers. - By designating Sunrise as Monad's primary entry point, Wormhole aims to capture early trading flows and expand support to tokenized commodities and RWAs. - This initiative strengthens Solana's DeFi infrastructure,
Zcash News Today: Institutions Place Their Bets on Zcash’s Quantum Security While Bitcoin Falls Behind
- Zcash developers prioritize quantum-resistant upgrades via modular design, outpacing Bitcoin's slower response to post-quantum threats. - Electric Coin Company integrates NIST-standard algorithms like CRYSTALS-Dilithium, with quantum recoverability protocols nearing completion for 2025 deployment. - Institutional $18M ZEC purchase and 125% price surge highlight market confidence in Zcash's shielded pools and proactive quantum resilience strategy. - Bitcoin lacks concrete post-quantum roadmap despite Vita
Solana News Update: Sunrise Connects Conventional Finance with Blockchain Technology on Solana
- Sunrise, a new platform by Wormhole Labs, streamlines cross-chain token onboarding for Solana via unified gateway. - Launched alongside Monad’s MON token, it addresses Solana’s fragmented liquidity and complex integration challenges. - Using Wormhole’s NTT infrastructure, it ensures fungibility and enables immediate trading on Solana DEXs like Jupiter. - The platform aims to attract investors and expand to tokenized commodities and stocks, bridging traditional finance with blockchain.
Trending news
MoreCrypto prices
More
