Flying Tulip ($FT)

{
  "subject_name": "Flying Tulip ($FT)",
  "type": "project",
  "overall_score": 70,
  "research_sources": "Claude, GPT, Grok, Gemini",
  "research_date": "2026-02-22",
  "source_registry": [
    {
      "source_id": "S01",
      "url": "https://www.theblock.co/post/372787/andre-cronje-flying-tulip-funding-crypto-token-valuation",
      "title": "Andre Cronje's Flying Tulip raises $200 million at $1 billion token valuation",
      "publisher": "The Block",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S02",
      "url": "https://unchainedcrypto.com/andre-cronjes-new-crypto-project-raises-200-million-at-1-billion-valuation/",
      "title": "Andre Cronje's New Crypto Project Raises $200 Million at $1 Billion Valuation",
      "publisher": "Unchained Crypto",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S03",
      "url": "https://thedefiant.io/news/defi/andre-cronje-s-flying-tulip-raises-usd200-million-ahead-of-ico",
      "title": "Andre Cronje's Flying Tulip Raises $200 Million Ahead of ICO",
      "publisher": "The Defiant",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S04",
      "url": "https://www.coinspeaker.com/andre-cronjes-flying-tulip-completes-200m-round-reveals-tokenomics-for-public-phase/",
      "title": "Andre Cronje's Flying Tulip Completes $200M Round, Reveals Tokenomics for Public Phase",
      "publisher": "Coinspeaker",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S05",
      "url": "https://iq.wiki/wiki/flying-tulip",
      "title": "Flying Tulip - Decentralized Finance",
      "publisher": "IQ.wiki",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S06",
      "url": "https://blog.coinlist.co/announcing-the-flying-tulip-sale-on-coinlist/",
      "title": "Announcing the Flying Tulip Sale on CoinList",
      "publisher": "CoinList Blog",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S07",
      "url": "https://www.blockhead.co/2025/09/30/andre-cronjes-flying-tulip-raises-200m-with-perpetual-put-protection-for-investors/",
      "title": "Andre Cronje's Flying Tulip Raises $200M with Perpetual Put Protection for Investors",
      "publisher": "Blockhead",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S08",
      "url": "https://www.nftgators.com/andre-cronjes-flying-tulip-secures-25-5m-series-a-from-public-token-sale/",
      "title": "Andre Cronje's Flying Tulip Secures $25.5M Series A from Public Token Sale",
      "publisher": "NFTgators",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S09",
      "url": "https://dropstab.com/coins/flying-tulip",
      "title": "Flying Tulip FT Project Profile & Token Activities",
      "publisher": "DropsTab",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S10",
      "url": "https://www.tekedia.com/flying-tulips-intent-and-supporter-participation-goes-live/",
      "title": "Flying Tulip's Intent and Supporter Participation Goes Live",
      "publisher": "Tekedia",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S11",
      "url": "https://etherscan.io/token/0x5DD1A7A369e8273371d2DBf9d83356057088082c",
      "title": "Flying Tulip (FT) ERC-20 Token Tracker — Etherscan",
      "publisher": "Etherscan",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S12",
      "url": "https://docs.flyingtulip.com/guides/sale-process/",
      "title": "Public Sale | Flying Tulip Docs",
      "publisher": "Flying Tulip",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S13",
      "url": "https://blog.flyingtulip.com/",
      "title": "Flying Tulip Blog",
      "publisher": "Flying Tulip",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S14",
      "url": "https://en.coin-turk.com/andre-cronje-launches-flying-tulip-to-offer-safe-harbor-in-defi-volatility/",
      "title": "Andre Cronje Launches Flying Tulip to Offer Safe Harbor in DeFi Volatility",
      "publisher": "CoinTurk",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S15",
      "url": "https://incrypted.com/en/flying-tulip-announces-1-billion-capped-token-sale-set-to-launch-on-february-16/",
      "title": "Flying Tulip to Hold $1 Billion-Capped Token Sale Starting February 16",
      "publisher": "Incrypted",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S16",
      "url": "https://www.financialcontent.com/article/marketminute-2025-9-30-andre-cronjes-flying-tulip-a-billion-dollar-crypto-project-with-lingering-skepticism",
      "title": "Andre Cronje's Flying Tulip: A Billion-Dollar Crypto Project with Lingering Skepticism",
      "publisher": "FinancialContent / MarketMinute",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S17",
      "url": "https://skynet.certik.com/projects/flying-tulip",
      "title": "Flying Tulip - CertiK Skynet Project Insight",
      "publisher": "CertiK Skynet",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S18",
      "url": "https://icodrops.com/flying-tulip/",
      "title": "Flying Tulip (FT) — ICO Drops",
      "publisher": "ICO Drops",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S19",
      "url": "https://www.kucoin.com/news/articles/andre-cronje-project-flying-tulip-ft-lands-on-coinlist-a-new-era-for-defi-investor-protection",
      "title": "Andre Cronje's Flying Tulip on CoinList",
      "publisher": "KuCoin",
      "accessed_date": "2026-02-22"
    },
    {
      "source_id": "S20",
      "url": "https://sonicscan.org/address/0x65DeC23aC61c6BEcbC0C56E1067B71A91993D8Ac",
      "title": "Flying Tulip FTQ Token — SonicScan",
      "publisher": "SonicScan",
      "accessed_date": "2026-02-22"
    }
  ],
  "third_party_reputation_scores": [],
  "identity": {
    "verified_name": "Flying Tulip",
    "handles": [
      "@flyingtulip_",
      "$FT"
    ],
    "email_addresses": [],
    "locations": [
      "Global (US, Europe, Asia team presence claimed)"
    ],
    "verification_status": "high",
    "source_ids": [
      "S01",
      "S05",
      "S13"
    ]
  },
  "credentials_and_claims": [
    {
      "claim": "Flying Tulip is a full-stack on-chain exchange unifying spot trading, perpetuals, options, lending, a delta-neutral stablecoin (ftUSD), and on-chain insurance into a single cross-margin system.",
      "source": "Project documentation and media interviews",
      "verified": false,
      "verification_evidence": "Only ftUSD and margin lending launched as of report date; other components described as forthcoming.",
      "verification_status": "partially verified",
      "confidence": "medium",
      "found_by": [
        "Claude",
        "GPT",
        "Grok",
        "Gemini"
      ],
      "notes": "Product scope is aspirational; execution incomplete.",
      "source_ids": [
        "S01",
        "S03",
        "S05",
        "S13"
      ]
    },
    {
      "claim": "Primary-sale participants receive a Perpetual PUT redemption right allowing them to burn FT to reclaim original principal from an on-chain reserve.",
      "source": "Flying Tulip sale documentation",
      "verified": true,
      "verification_evidence": "Mechanism described in docs; ftPUT ERC-721 referenced; reserve deployment described.",
      "verification_status": "verified",
      "confidence": "high",
      "found_by": [
        "Claude",
        "GPT",
        "Grok",
        "Gemini"
      ],
      "notes": "Protection is conditional and capped by reserve availability.",
      "source_ids": [
        "S01",
        "S06",
        "S07",
        "S12"
      ]
    },
    {
      "claim": "Total token supply is fixed at 10,000,000,000 FT with zero inflation.",
      "source": "Token documentation and Etherscan",
      "verified": true,
      "verification_evidence": "Supply visible on Etherscan and reiterated in docs.",
      "verification_status": "verified",
      "confidence": "high",
      "found_by": [
        "Claude",
        "GPT",
        "Grok",
        "Gemini"
      ],
      "notes": "Upgradeable contracts introduce indirect risk despite fixed cap.",
      "source_ids": [
        "S09",
        "S11"
      ]
    }
  ],
  "project_history": [
    {
      "name": "Flying Tulip",
      "period": "2025-09 to ongoing",
      "description": "Andre Cronje–led DeFi protocol proposing a unified on-chain exchange with principal-protected financing.",
      "funding": "~$275,500,000+ confirmed; up to $1B cap",
      "outcome": "Ongoing; TGE scheduled week of Feb 23, 2026",
      "tvl_or_metrics": "$126M self-reported pre-TGE TVL; yield ~$85,000",
      "team_members": [
        "Andre Cronje"
      ],
      "controversies": [
        "No published full smart contract audit pre-TGE",
        "Complex system design with elevated attack surface",
        "Marketing narratives perceived as overstating protection"
      ],
      "sources": [
        "Media reports, project docs"
      ],
      "confidence": "high",
      "source_ids": [
        "S01",
        "S08",
        "S13"
      ]
    }
  ],
  "timeline": [
    {
      "date": "2025-09",
      "title": "Private seed round announced",
      "description": "$200M seed round announced at $1B FDV with Perpetual PUT mechanism introduced.",
      "sources": [
        "The Block",
        "Blockhead"
      ],
      "tone": "neutral",
      "verified": true,
      "notes": "Subsequent disclosures indicate large gap between committed and funded capital.",
      "source_ids": [
        "S01",
        "S07"
      ]
    },
    {
      "date": "2026-02-16",
      "title": "Public sale launch",
      "description": "Public token sale launched with $1B cap; FT priced at $0.10.",
      "sources": [
        "Incrypted",
        "Tekedia"
      ],
      "tone": "neutral",
      "verified": true,
      "notes": "Tokens non-transferable until sale completion.",
      "source_ids": [
        "S10",
        "S15"
      ]
    },
    {
      "date": "2026-02-23",
      "title": "Token Generation Event",
      "description": "FT scheduled to become transferable; ftUSD and margin lending live.",
      "sources": [
        "Project announcements"
      ],
      "tone": "neutral",
      "verified": false,
      "notes": "Exact on-chain unlock timing not independently confirmed.",
      "source_ids": [
        "S01",
        "S13"
      ]
    }
  ],
  "red_flags": [
    {
      "title": "Absence of publicly available full smart contract audit",
      "description": "No named audit firm report published for production contracts despite marketing references to audits and hundreds of millions in capital at risk.",
      "severity": "critical",
      "confidence": "high",
      "supporting_evidence": [
        "Searches found no CertiK, Trail of Bits, Spearbit, or similar audit reports.",
        "CertiK Skynet page indicates monitoring, not completed audit."
      ],
      "counter_evidence": [
        "Live Sherlock bug bounty program"
      ],
      "found_by": [
        "Claude",
        "GPT",
        "Grok",
        "Gemini"
      ],
      "sources": [
        "CertiK Skynet",
        "Flying Tulip Docs"
      ],
      "source_ids": [
        "S15",
        "S17"
      ]
    },
    {
      "title": "Cascade risk in redemption reserve via third-party protocols",
      "description": "Perpetual PUT reserve is deployed into Aave, Ethena, and Spark; exploits or depegs in these protocols directly impair redemption guarantees.",
      "severity": "high",
      "confidence": "high",
      "supporting_evidence": [
        "Reserve deployment described as relying on external DeFi protocols.",
        "Ethena funding-rate dependence noted as structural risk."
      ],
      "counter_evidence": [
        "Use of established protocols; rate-limited redemptions"
      ],
      "found_by": [
        "Claude",
        "Grok"
      ],
      "sources": [
        "Blockhead",
        "Tekedia"
      ],
      "source_ids": [
        "S07",
        "S10"
      ]
    },
    {
      "title": "Extreme system complexity pre-hardening",
      "description": "Combining spot, derivatives, lending, stablecoin, and insurance in a unified cross-margin system multiplies attack surface and systemic failure risk.",
      "severity": "high",
      "confidence": "high",
      "supporting_evidence": [
        "No prior DeFi protocol has successfully delivered all components at scale.",
        "Cronje history of deploying unaudited code."
      ],
      "counter_evidence": [
        "Sonic-first phased rollout"
      ],
      "found_by": [
        "Claude",
        "Gemini"
      ],
      "sources": [
        "DropsTab",
        "Unchained Crypto"
      ],
      "source_ids": [
        "S09",
        "S02"
      ]
    }
  ],
  "behavioral_patterns": [
    {
      "title": "Innovative but high-risk DeFi experimentation",
      "description": "Pattern of introducing novel financial primitives with limited precedent, coupled with aggressive timelines and marketing.",
      "examples": [
        "Deriswap concept",
        "Perpetual PUT framing"
      ],
      "frequency": "Repeated across Cronje-led projects",
      "confidence": "high",
      "sources": [
        "Historical Cronje projects",
        "Media analysis"
      ],
      "source_ids": [
        "S02",
        "S16"
      ]
    }
  ],
  "contradictions_and_disputes": [
    {
      "claim_1": "Flying Tulip raised $200M in seed funding.",
      "claim_2": "Only a fraction of the $200M seed was ultimately funded and held due to refunds and exits.",
      "source_1": "Press and syndicated media reports",
      "source_2": "Project sale update disclosures",
      "resolution": "Headline figure reflects commitments, not fully retained capital.",
      "confidence": "high",
      "source_ids": [
        "S01",
        "S13"
      ]
    },
    {
      "claim_1": "Overall project risk score assessed at 62.",
      "claim_2": "Overall project risk score assessed at 78.",
      "source_1": "One LLM assessment",
      "source_2": "Another LLM assessment",
      "resolution": "Median score of 70 used per instructions.",
      "confidence": "high",
      "source_ids": []
    }
  ],
  "evidence_gaps": [
    {
      "question": "Existence and scope of completed third-party audits for all critical contracts",
      "why_uncertain": "No audit reports publicly linked or retrievable.",
      "searched": "Project docs, CertiK Skynet, general web search",
      "source_ids": [
        "S15",
        "S17"
      ]
    },
    {
      "question": "Post-TGE holder distribution and real liquidity depth",
      "why_uncertain": "Token non-transferable at report date.",
      "searched": "Etherscan, DropsTab",
      "source_ids": [
        "S09",
        "S11"
      ]
    }
  ],
  "key_insights": [
    {
      "title": "Perpetual PUT materially reduces classic rug-pull risk",
      "description": "Capital is not spent upfront; redemption option constrains outright theft scenarios for primary buyers.",
      "importance": "high",
      "evidence": [
        "On-chain reserve design",
        "Burn-to-redeem mechanism"
      ],
      "source_ids": [
        "S01",
        "S07"
      ]
    },
    {
      "title": "Financial risk remains high despite protections",
      "description": "High FDV, incomplete product, and dependency on external yield sources expose participants to significant downside beyond narrative guarantees.",
      "importance": "critical",
      "evidence": [
        "$1B FDV at TGE",
        "Reserve deployment risks"
      ],
      "source_ids": [
        "S01",
        "S10"
      ]
    }
  ],
  "risk_assessment": {
    "overall_score": 70,
    "score_reasoning": "Median of divergent LLM assessments reflecting high execution, smart contract, and financial risk offset by novel investor protections and credible founder track record.",
    "criminal_risk": "none found",
    "financial_risk": "high",
    "reputational_risk": "medium-high",
    "verification_risk": "medium",
    "source_ids": [
      "S01",
      "S02",
      "S07",
      "S09"
    ]
  },
  "confidence_notes": {
    "data_completeness": "Moderate; extensive documentation but limited independent verification",
    "source_verification": "High for major media; medium for self-published sources",
    "identity_confidence": "High",
    "timeline_confidence": "Medium-high",
    "conflicting_findings": "Primarily around funding totals, audit status, and risk scoring",
    "limitations": "Pre-TGE status limits on-chain and market validation"
  }
}