The "Never Bust" AC project Flying Tulip has experienced a bust, with the current price at $0.0989

BlockBeats News, February 24th, according to market data, DeFi architect Andre Cronje, known for his "Never Rug, Never Sell" project, Flying Tulip, conducted its TGE yesterday evening. Shortly after launch, FT dropped below its issuance price of $0.1 on-chain, breaking its "Never Rug, Capital Protection" marketing slogan. FT is currently priced at around $0.0989, with a circulating market cap of around $200 million and a FDV still near $1 billion.

Flying Tulip is positioned as an on-chain financial system integrating spot trading, lending, perpetual contracts, and its native stablecoin ftUSD. It focuses on a "native yield-bearing" model, deploying 100% of the raise into low-risk strategies such as Aave and Lido, using only excess yield to support operations and token buyback, with no team pre-mine or inflation. Its core selling point is the ftPUT mechanism: FT holders from the public sale have a permanent, unconditional 100% principal redemption right, allowing them to burn FT at any time to redeem BTC/ETH/SOL/stablecoins at the original investment value, theoretically setting the on-chain floor price at $0.1.