AC's "Never Break" new project Flying Tulip has been broken, with a current quote of $0.0989 BlockBeats News: On February 24th, according to market data, DeFi architect Andre Cronje's new project Flying Tulip, which claimed to be "never broken", was launched on TGE last night. Shortly after its launch, FT fell below the issue price of $0.1 on the chain, breaking its promotional slogan of "never broken, principal protection". FT's current quote is about $0.0989, with a circulating market value of about $200 million, and FDV is still around $1 billion. Flying Tulip is positioned as an on chain financial system that integrates functions such as spot trading, lending, perpetual contracts, and its own stablecoin ftUSD. It focuses on a "native yield" model and deploys 100% of its fundraising to low-risk strategies such as Aave and Lido. It only uses excess returns to support operations and token repurchases, without team pre mining or inflation. Its core selling point is the ftPUT mechanism: the FT obtained by public fund participants comes with a permanent and unconditional 100% principal redemption right, which can be destroyed at any time and redeemed for BTC/ETH/SOL/stablecoins at the original investment value. The theoretical on chain bottom price is 0.1 US dollars.