fullfromlunch 💣💥

Few niche milestones this month; 1. $1m in funding officially reached. 🥳 2. TVL over $15m (ex Options, incl Options $70m), with 0 incentives in 4 months (for context yearn took 2 years to reach $8m). 3. ftUSD has maintained its > 7% APY target / anchor for 3 consecutive months 4. $20k in pure revenue generated (over and above the $150k from Options). If TVL reached $75m we would already meet the 95% token burn target (correctly reflecting our FDV to $2-$50m), and this is pre-Spot&TRS. 5. Spot and TRS in private Beta, have received some nice comments already "why hasn't this existed onchain before, seems so obvious now?". 6. RWA atomic settlement system activated. 7. LST atomic settlement system activated. 8. 2 Large curator poc's with launching their own vault infra on FT stack. 9. Listed FT assets onto Curve, Morpho, and working to expand liquidity. Also added a few new items to our roadmap; - RWA atomic settlement - LST atomic settlement - Tokenized perps - Tokenized leverage Alpha testing going well on; - Orderbook - Onchain derivate primitive - Permissionless endogenous lending & derivatives

ftUSD holding steady at ~13% on USDC&USDT on Ethereum. All onchain. No external exposure. No queues, no timelock, instant liquidity. All risk criteria cleared, will move to removing caps and expanding to new networks. Earn 13% on USDC&USDT on @flyingtulip_

ftUSD & Margin TVL up. 13.94% USDC/USDT yield on Ethereum. 7.08% USDC/USSD yield on Sonic. PUT's stable. Secondary stable. Caps will be increased again. Scaling.

Still personally most exited about Total Return Swaps coming out, but so incredibly happy and proud of the team for shipping all this in under 60 days. The PUT system is working even in these stressed environments, exactly what it was built for, great to see it align long term supporters and provide easy exit for short term flippers without impacting the secondary. Secondary NAV system managed to absorb all exits as well, making sure there isn't a dragging tail, already bought and burned $1.22m worth of tokens. PUT marketplace trading has generated over $1m in trade volume with over 200 active sales, all without impacting the secondary market while trading PUTs at premium. Flying Tulip USD I believe is the only pure activity based stablecoin yield system, and even in these markets has outperformed base lending and even "managed vaults", and that's with only 14.5% allocation to the delta neutral staking yield positions. Our Lending is the first onchain margin based (not LTV) system, and has already shown higher capital efficiency (we needed to build it to facilitate onchain delta neutral staking trade [not possible elsewhere]). All this in 71 days, for only $475.77k spent to date. Still an exciting road ahead with spot, leverage, TRS, perps, options, binary options, and insurance, but already massive milestones accomplished.

Crypto can be very noisy, and innovation moves slow, but just reflecting on how much even simple things like stablecoins have come from back when Tether started from just tokenizing USD deposits on bitfinex to make trades a bit simpler, to where we are today with CDP's thanks to Maker, fixed yield with Spark, peg mechanisms thanks to Frax, and Curve, and yield opportunities from delta neutral plays thanks to Ethena. It is really crazy what you can accomplish onchain today. You can combine the peg mechanisms, with defi's equivalent of "risk free rate" in Aave, while leveraging that to take advantage of onchain staking / delta plays. It might not seem like much, but the industry has truly evolved a ton since the first promises of defi were just ideas back in 2016-2017. Really love seeing it all come together, but completely onchain flyingtulip.com/ftusd/dashbo…

$200m for a brand new model. Very appreciative. Looking forward to finally getting the product out the door and seeing the real world impact of a "token first" design.