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Managing Editor’s Note (May 9, 2025 at 6:30 pm ET):
This report has been retracted for falling short of Blockworks’ editorial standards. The headline and body have been updated to reflect this retraction.
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Flying Tulip's perpetual put option provides real principal protection, but investors must pay a valuation premium today for products that have to be built over the next 24 months. This structure works best as a stablecoin substitute where the put allows continuous monitoring—accept opportunity cost in exchange for asymmetric upside if the team executes on its ambitious cross-collateral architecture.
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