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.