One of FT's risk consideration is "token velocity" (which is really just a fancy mix of volume and depth), while researching this the data was semi interesting, so sharing for fun. Ethereum: 1. USDT · 2. USDC · 3. ETH · 4. USDS · 5. WBTC · 6. PYUSD · 7. RLUSD · 8. USDe · 9. USDG · 10. USDAT Sonic: 1. S · 2. USDC · 3. ETH · 4. USSD · 5. SHADOW · 6. WBTC · 7. stS/STS · 8. X33 · 9. JEFE · 10. scUSD BNB Smart Chain: 1. USDT/BSC-USD · 2. BNB · 3. QUQ · 4. USDC · 5. BTR · 6. BTCB · 7. QQQB · 8. DEBIT · 9. ETH · 10. UP Base: 1. ETH · 2. USDC · 3. cbBTC · 4. SOL · 5. EURC · 6. VIRTUAL · 7. NVDAC · 8. AERO · 9. cbETH · 10. USDT Robinhood Chain: 1. USDG · 2. ETH/WETH · 3. NVDA · 4. CASHCAT · 5. SPY · 6. PONS · 7. SPCX · 8. STONKBROKER · 9. NET · 10. DOGO Avalanche: 1. USDC · 2. AVAX · 3. ETH · 4. USDT · 5. BTC.b · 6. BTC · 7. WBTC · 8. EURC · 9. BUSDC · 10. BAUSD Monad 1. USDC · 2. MON · 3. ETH · 4. cbBTC · 5. WBTC · 6. USDT0/WNUSDT0 · 7. WNAUSD · 8. AUSD · 9. XAUT0 · 10. MUSD HyperEVM: 1. HYPE · 2. USDC · 3. USDT0 · 4. UBTC · 5. kHYPE · 6. EGG · 7. UETH · 8. UPUMP · 9. USDV · 10. CHAMELEON

DeFi isn’t dying. It is evolving into onchain finance. @AntonNellCrypto joins @morethanspecpod to discuss how Flying Tulip is building a connected financial system built around better capital efficiency and a unified user experience.

"People think that DeFi is dying, instead, I think that the early version of DeFi is slowly dying" Anton, co-founder of @flyingtulip_ shared his view on the problem of DeFi and where is DeFi going. Timestamps 00:26 Intro & Anton Nell's background — Andre Cronje's right-hand man 00:54 Flying Tulip explained: solving DeFi's capital efficiency problem 06:26 FTUSD stablecoin & lending market — products live now 08:43 Why Anton left DeFi in 2022 & why he's back 13:06 Roadmap: TRS, leverage trading & the one-stop shop vision 19:17 The unique put model raise & how it shapes how they build 23:41 DeFi is dead, long live on-chain finance — Anton's closing take 🎥 @AntonNellCrypto

After many years, Anton (@AntonNellCrypto) finally discovered the camera. For those tired of hearing me talk about defi, onchain finance, FT and everything in between, here is another perspective. Anton has seen a lot of the industry from the builder side, long before Flying Tulip existed.

Deposits are an input. Credit activity and cash flow are the output. Flying Tulip as of August 26, using DefiLlama’s standardized methodology: • $12.12m TVL, up 19.1% over 30 days • $3.86m in active loans • $149k in 30-day fees • $143k in 30-day protocol revenue • 10.31% average tracked supply APY • 3 tracked products across 2 chains Active loans equal 31.8% of standardized TVL. The objective is not a collection of isolated pools. ftUSD provides liquidity and settlement. Lend converts collateral into credit and margin capacity. The execution and derivatives layers reuse the same balance sheet rather than fragmenting capital across separate applications. The system is beginning to show utilization, revenue and compounding. Not just farming. Data source: DefiLlama, August 26, 2026. FT dashboard and DefiLlama methodologies differ, so these figures intentionally use one consistent external methodology.

FT/ftUSD liquidity on @CurveFinance is currently earning 16.03% APY, with up to 44.65% max boost. Add liquidity to the pool and stake to earn CRV emissions based on gauge weight. Curve LPs will also be eligible for Flying Tulip points. ▸ Add liquidity:

ftUSD yield 3 months stable 9%-10%. New stable invariant version will allow looping. At current Lend rates would be +9% per loop. TRS, long 100 BTC 10x 0.69% in funding. No ADL. New things are happening onhain.

The Flying Tulip community is open to everyone. Join us for product updates and discussion, share feedback, earn community roles, and test new products before they go live. Need technical support? Open a ticket in Discord. ▸ Discord: ▸ Telegram chat: ▸ Announcements:

The first phase of DeFi proved that financial logic could live onchain. The next phase is integrated market structure: shared collateral, transparent settlement, explicit risk, and products designed to operate as one system. Good conversation with The Block on Flying Tulip, total return swaps, ftUSD, and why we are scaling slowly and safely.

ftUSD earning 10% stable now for 3 months @ $5m. DN scaling up, still only 1x, safe up to 8x. ftUSD fully liquid against USDC/USDT, but even if you don't want the risk, can borrow for 1.09% from Margin lending and still earn the delta. Using BTC as collateral even earns 0.72% (will keep increasing thanks to @yieldbasis).

Flying Tulip Weekly Update: August 21 This week, Flying Tulip live-product TVL crossed $21.8M, with $4.72M in ftUSD and $17.08M in Lend. All without points or other incentives. Protocol buybacks also hit new highs this week, with two record days reaching more than 24K FT and 25K FT in buybacks. Current APYs: — Lend USDC: 3.14% on Ethereum / 5.59% on Sonic — ftUSD: 9.96% on Ethereum / 9.18% on Sonic Andre Cronje joined The Block to speak about the evolution from immutable DeFi to capital-efficient on-chain finance, and what Flying Tulip is building. More stats and links in reply 👇

DeFi was envisioned as decentralized, immutable and without intermediaries. But the world is not immutable, and crypto needs to work for people without a technical background. Flying Tulip is building for on-chain finance, combining better user support with transparent rules and open participation while recognizing the role of curators and risk analysts.