Flying Tulip

Flying Tulip is a decentralized finance application whose FT token operates across multiple blockchain ecosystems, including BNB Chain, Ethereum, Avalanche, Base, and Sonic. The protocol focuses on derivatives and perpetuals trading, aiming to give users access to leveraged financial instruments without relying on a centralized intermediary. It targets traders who want on-chain exposure to derivative products managed by smart contracts rather than a traditional exchange.

Flying Tulip operates as an application-layer protocol, with its core activity recorded under the Flying Tulip Lend component. The FT token exists within this system, and the protocol holds user funds in smart contracts that collectively represent a total value locked of 14,714,311.31 USD at the point this data was captured. Because no consensus algorithm or block time is associated with FT itself, the token relies on the underlying chains it is deployed on for settlement and security.

The protocol generated 149,203.29 USD in fees over the trailing 30 days and 1,500,157.52 USD in fees over the trailing 12 months, paid by users engaging with its trading and lending services. Of those 30-day fees, the protocol retained 132,779.39 USD as revenue, reflecting a take rate of approximately 88.99 percent over that period, with the remaining 16,423.90 USD going to the supply side, meaning liquidity providers or counterparties. Annualizing from the trailing 30 days produces a fee run rate of 1,815,306.70 USD and a revenue run rate of 1,615,482.58 USD. Fee activity grew 32.22 percent and protocol revenue grew 12.23 percent over the trailing 30 days, indicating the two measures moved at different rates during that window.