Flying Tulip

Flying Tulip is a decentralized finance application whose token is FT, operating across several blockchain ecosystems including BNB Chain, Avalanche, Base, and Sonic. The protocol focuses on derivatives and perpetuals trading alongside a lending product called Flying Tulip Lend. It aims to give users access to leveraged financial instruments and lending without relying on a traditional, centralized intermediary.

Flying Tulip is an application-layer protocol rather than a blockchain itself, so it has no consensus algorithm or block time of its own — it settles on the underlying chains where it is deployed. The FT token functions within the protocol ecosystem, and the project's fundamental basis is anchored to its lending product, Flying Tulip Lend, which contributes to the total value locked of 13,367,892.31 USD at the time this data was recorded. The protocol captures fees from trading and lending activity conducted through its smart contracts.

Over the trailing 30 days the protocol collected 153,773.86 USD in total fees, of which 6,535.21 USD went to the supply side — meaning liquidity providers or lenders — while the protocol itself retained the remainder, reflecting a take rate of 95.75% over that same period. Annualizing from the trailing 30 days produces fee and revenue figures of 1,870,915.30 USD and 1,791,403.57 USD respectively, giving a market-cap-to-annualized-fees ratio of 28.67 and a market-cap-to-annualized-revenue ratio of 29.94. Fees over the trailing 30 days grew 79.9% compared with the prior period, while the revenue growth figure for the same window is recorded as negative 100%, indicating a sharp divergence worth noting in context. In the most recent 24-hour window, fees reached 5,460.83 USD and revenue reached 5,111.83 USD.