Decentralized Finance veteran Andre Cronje's on-chain Binance: one-stop on-chain exchange Flying Tulip completes private sale with a valuation of 1 billion.

DeFi veteran Andre Cronje (, founder of Yearn and Sonic ), is back at it again, launching a new DeFi protocol Flying Tulip, and recently completed a $200 million PE Round financing, with a valuation reaching $1 billion ( FDV ). The platform aims to create a one-stop on-chain exchange covering Spot, derivation, lending, stablecoin, and insurance.

Flying Tulip plans to publicly raise 800 million dollars at a valuation of 1 billion dollars on its own platform.

Flying Tulip's PE Round did not establish a lead investor. The investor lineup includes well-known institutions such as Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.

The Flying Tulip project plans to launch a public sale soon with a valuation of 1 billion USD, raising 800 million USD on its own platform instead of relying on traditional ICO issuance platforms.

On-chain redemption rights alleviate token pressure and avoid short-term decision-making dilemmas.

A major highlight of this financing is the design of the "on-chain redemption right" (, which is also described by Cronje as a type of "perpetual put" ). Investors can destroy their FT tokens at any time to retrieve the initially invested assets ( such as ETH ), ensuring the safety of the principal.

Cronje emphasized that the mechanism provides downside protection for investors while retaining unlimited upside potential. He stated that this design stems from his past experiences: "In the past, when participating in Yearn and Sonic, the pressure on token prices often forced the team to make short-term decisions, which were detrimental to the long-term development of the protocol. Providing a mechanism that allows investors to recover their principal in the worst-case scenario can effectively alleviate pressure and mental burden."

This also means that the so-called "fundraising amount" is not actually freely available for use. The Flying Tulip project plans to deploy up to $1 billion in potential funds to protocols such as Aave, Ethena, and Spark, in pursuit of an annual yield of about 4%, which could generate approximately $40 million per year for operational promotion, rewards, and token buybacks.

DeFi veteran Andre Cronje creates an all-in-one on-chain exchange Flying Tulip

Flying Tulip is positioned as a one-stop on-chain exchange, integrating:

Spot trading and derivation

Lending and Money Market

native stablecoin (ftUSD)

on-chain insurance

cross-margin system

Cronje emphasized that Flying Tulip is not just a simple DEX, but a complete architecture for reconstructing trading, lending, AMM, automated market makers (CLOB), insurance, and stablecoins. Its potential competitors span multiple levels: on the overall ecological level, it benchmarks against Coinbase and Binance. At the product level, it competes directly with projects like Ethena, Hyperliquid, Aave, and Uniswap.

This article DeFi veteran Andre Cronje's on-chain Binance: the one-stop on-chain exchange Flying Tulip completed a private sale with a valuation of 1 billion, first appearing in Chain News ABMedia.