Andre Cronje
@AndreCronjeTech
Systems architect. Founder @flyingtulip_
2.4K Following 434.2K Followers
Over $1m in active loans milestone reached on @flyingtulip_
New asset listed on Sonic Lend: USSD
Sonic’s native stablecoin is now available in Flying Tulip’s Margin Lending market.
Should really call it "margin accounts" more than "lending" since it feeds into lending, spot, leverage, total return swaps, perps, options, insurance, the works.
Margin based trading directly onchain coming to all blockchains (as we slowly rollout).
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Margin Lending is now LIVE on Ethereum
This is a key building block for Flying Tulip, extending the capital-efficiency layer by allowing users to supply assets to earn yield or borrow against collateral on Ethereum.
It also enables delta-neutral strategies needed to scale ftUSD, while establishing the margin infrastructure for Spot, leveraged trading, and TRS.
➡️Deposit and Earn:
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5.11% on USDC on Sonic
5.27% on USDT and USDT on Ethereum
- No token incentives
- No subsidies
- No "points"
- No looping
- No leverage
- No "unstaking period"
- No "exit queue"
- Instant redemptions & liquidity
Defi hasn't reached its peak yet, there is so much more to explore and build onchain.
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And this is with deposit caps, system caps, circuit breakers, throttled DN lev, no spot, lev, or trs. Fun.
Still personally most exited about Total Return Swaps coming out, but so incredibly happy and proud of the team for shipping all this in under 60 days.
The PUT system is working even in these stressed environments, exactly what it was built for, great to see it align long term supporters and provide easy exit for short term flippers without impacting the secondary.
Secondary NAV system managed to absorb all exits as well, making sure there isn't a dragging tail, already bought and burned $1.22m worth of tokens.
PUT marketplace trading has generated over $1m in trade volume with over 200 active sales, all without impacting the secondary market while trading PUTs at premium.
Flying Tulip USD I believe is the only pure activity based stablecoin yield system, and even in these markets has outperformed base lending and even "managed vaults", and that's with only 14.5% allocation to the delta neutral staking yield positions.
Our Lending is the first onchain margin based (not LTV) system, and has already shown higher capital efficiency (we needed to build it to facilitate onchain delta neutral staking trade [not possible elsewhere]).
All this in 71 days, for only $475.77k spent to date. Still an exciting road ahead with spot, leverage, TRS, perps, options, binary options, and insurance, but already massive milestones accomplished.
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05.05.2026 stats
PUT
Revenue: $778.77k
ftUSD
Minted: $1.49m
USDC/USDT APY: 5.91%
Margin Lending
Deposits: $2.02m
Borrows: $251.46k
Earnings: $921.16
USDC APY: 2.86%
$FT
FT bought & burned: 12.185m ($1.22m)
Collateral NAV price: $0.10366
Secondary NAV price: $0.07031
FDV: $63.63m
PUT Volume: $1.21m
Community
Dashboard: @DoctorDeFi
Analytics: @couchdicks
Revenue:
Marketplace Volume:
Resources
ftPUT:
ftUSD:
Margin:
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Flying Tulip USD
$1.5m earning 5.9% APY on USDC & USDT
- No incentives.
- No subsidies.
- No looping.
- No leverage.
- No gimmicks.
- Caps increased from $1m to $5m.
Dashboard:
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April metrics update:
• ftUSD supply +38% vs March to $1.49M
• Sonic ftUSD +113% vs March
• All-time revenue +64% vs March to $750k
• Lend launched to $1.76M supply with no active incentives
• $1.4M FT bought back/burned
Products live. Metrics compounding.
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