Andre Cronje: FlyingTulip exceeds $10 million in deposits and $941,000 yield generated

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Jose Antonio Gastelum

1 hour ago

Andre Cronje: FlyingTulip exceeds $10 million in deposits and $941,000 yield generated — FlyingTulip hits $10 million in deposits

Andre Cronje, chief technology officer at Sonic Labs (formerly known as Fantom), announced that FlyingTulip has surpassed $10 million in deposits, generating $941,000 in yield.

The protocol has bought back and burned $1.2 million worth of FT tokens, with all buyers reportedly in profit. Cronje also highlighted that the PUT marketplace is exceeding spot volume, with a settled premium of 3–4%.

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Earlier, Cronje attributed only $50,000 in liquidations during FT's first major drawdown to the protocol’s equity account-based lending model, according to a previous report. He has also highlighted that users can earn yields of up to 18.50 percent on USDC or USSD through ftUSD on both Ethereum and Sonic, with BTC and ETH borrow rates below 1 percent, as noted in a separate update. These developments outline the range of products offered by Sonic Labs since its rebranding from Fantom.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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