I noticed an interesting move in the crypto scene. Andre Cronje, known for his work with Sonic, launched a new project called Flying Tulip, and it has already attracted serious investor attention. In the seed round, they raised $200 million — without a leading investor, which in itself shows trust in the project.

The FT token was valued at $1 billion based on a fully diluted valuation. Serious players participated in the round: Brevan Howard Digital, DWF Labs, CoinFund, and Republic Digital. This is not a random group of funds — each has influence in the market.

What’s especially interesting about the deal structure is that Andre Cronje and his team implemented a 'blockchain buyback' mechanism for investors. The idea is simple: any investor can buy back their initial investment at any time using assets like ETH. This reduces risk for round participants and demonstrates the team’s confidence in the project.

The plans are ambitious — after this round, Flying Tulip aims to raise up to an additional $800 million through a public token sale. Considering that Andre Cronje has already proven his ability to create significant projects, it’s worth watching how this development unfolds.