DeFiPunk'd

Flying Tulip

3 deployments · $98.2M aggregate TVL · Services

Deployments

Each deployment is rated independently. Pick one to see its rating, risk analysis, and stage.

TVL $92.2M
Type Services
Chains
View on DeFiLlama ↗
Control criteria
Upgradeability Upgradeable Bug bounty Governance forum Docs docs.flyingtulip.com
About

Flying Tulip is a multi-product DeFi yield platform where users mint ftPUT positions (cash-secured perpetual PUT options backed by USDC/USDT/wETH/other collateral deployed to yield strategies on Aave and Spark), mint and redeem ftUSD (a delta-neutral yield-bearing stablecoin targeting $1), and lend/borrow assets via isolated lending pools (ftDNMM). The protocol uses a proxy-upgradeability pattern across all core contracts, with role-separated multisig governance (Configurator, Treasury, Strategy Manager, Yield Claimer) and on-chain circuit breakers for withdrawal rate limiting. The native FT token is a LayerZero OFT deployed across Ethereum, Sonic, Avalanche, Base, and BNB Chain.

Risk analysis

One card per dimension, sorted by severity. Only Verifiability and Autonomy carry automated signals in Phase 0. See methodology for scope.

Audit a dimension yourself · DEFI@home Contribute an LLM-run assessment — any model, any dimension. Three agreeing runs merge automatically into the public record.

DEFI@home is a distributed audit network modeled on SETI@home: instead of CPU cycles, it crowdsources LLM reasoning. Paste a slice prompt into Claude, ChatGPT, Gemini, or any browsing-capable model, and submit the JSON output as a pull request. The quorum bot merges it once ≥3 independent runs (from different models) reach the same grade — no single model, and no single contributor, can move the needle alone. How it works →

  • Address discovery 101 addresses on file · 1 run Submit run ↗
  • Verifiability Unverified Submit run ↗
  • Control Unverified Submit run ↗
  • Ability to exit Unverified Submit run ↗
  • Autonomy Unverified Submit run ↗
  • Open Access Unverified Submit run ↗
  • Audit all 5 dimensions · one prompt Submit run ↗
  1. Verifiability tentative
    Open source + 4 audits

    Protocol publishes a GitHub repository and has at least one audit on record. This is a coarse Phase-0 signal only: auditor reputation, scope, and post-audit review coverage are not yet weighted.

    Run your own prompt Submit run ↗
4 dimensions not yet assessed (Control, Ability to exit, Autonomy, Open Access)
  1. Control unknown Unverified
    Not yet assessed

    Who holds admin privileges, how contracts can be upgraded, and how quickly. No automated heuristic grades this at Phase 0; a real assessment arrives when onchain discovery reads roles, owners, and timelocks.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  2. Ability to exit unknown Unverified
    Not yet assessed

    Whether users can exit on their own terms if the team disappears or acts adversarially. Requires per-protocol review; not available at Phase 0.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  3. Autonomy unknown Unverified
    No Phase-0 autonomy signal

    Neither the category heuristic nor the forkedFrom signal fires for this protocol. A real autonomy graph (oracles, bridges, fallbacks, governance-mutable dependencies) arrives with Phase-2 onchain discovery.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  4. Open Access unknown Unverified
    Not yet assessed

    Whether the protocol depends on privileged operators, whitelists, geo-restrictions, or off-chain infrastructure. This is not a signal DeFiLlama carries in a usable form; crawler-based detection lands in a later phase.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗

Stage

Preview of the Phase-3 maturity framework. DeFiPunk'd will adopt DeFiScan v2's stages verbatim; the section is rendered below in its intended shape so the structure is visible today.

Flying Tulip Yield has not yet been assessed under the DeFiScan v2 stage framework.
The walkaway test is the central criterion. Once stages land, protocols reach Stage 1 only if users can exit in the presence of malicious operators even when the emergency council disappears.
Scope of assessment
Stages are assessed per-protocol against DeFiScan v2's criteria: governance structure, upgradeability path, timelock durations, emergency-council scope, and the walkaway test. The analysis depends on onchain discovery (roles, owners, timelocks) and deeper review of deployed contracts — neither of which DeFiPunk'd automates at Phase 0.
Stage 0 requirements pending
Governance is largely off-chain, contracts are upgradeable with short or no timelock, and the protocol depends on a multisig or team with full discretion. At Phase 0 DeFiPunk'd does not automatically evaluate these; the assessment lands with crawler-based onchain discovery.
Stage 1 requirements pending
Users can exit or opt out on their own terms even if the team disappears. Upgrades run through a meaningful timelock with an emergency security council clearly scoped. The walkaway test is the headline criterion.
Stage 2 requirements pending
Protocol is fully permissionless and immutable, or upgrades require a supermajority of token holders with a long timelock and no emergency override. This is the terminal stage of the DeFiScan v2 framework.
Learn more about DeFiScan v2 stages →
Stages are an opinionated assessment of maturity, not a rating of security or safety. A protocol can sit at Stage 2 and still carry substantial technical or economic risk; the framework exists to incentivize decentralization, not to rank protocols.

Contract surface

Every contract in scope for this protocol — pooled from DeFiLlama's TVL adapter (mechanical) and DEFI@home discovery submissions (LLM-curated). Verified-source flags come from Etherscan + Sourcify; owner / multisig metadata is read on-chain when available. Reviewer audit context, not a slice score. A lending protocol's adapter set will list third-party collateral tokens alongside its own contracts; attribution is the grader's job.

  • 101addresses
  • 0verified source
  • 0proxies

TVL adapter pinned at 683d369. Sourcecode fetched 2026-05-06. Control fetched 2026-05-28.

Avalanchetoken — FT Token (OFT) Avalanche0x5dd1…082cdiscoverytoken
Avalanchevault — ftPUT USDT Wrapper0x267d…cb36discoveryvault
Basetoken — FT Token (OFT) Base0x5dd1…082cdiscoverytoken
BNB Chaintoken — FT Token (OFT) BNB Chain0x5dd1…082cdiscoverytoken
Ethereumadmin — ACL contract0xa09d…59ebdiscovery
Ethereumadmin — ConfigRegistry (Proxy)0xa877…a33ediscovery
Ethereumguardian — ftPUT Circuit Breaker0xcb17…90dediscoveryguardian
Ethereumguardian — ftUSD Circuit Breaker Guardian0xdc86…c7eadiscoveryguardian
Ethereumguardian — ftUSD Circuit Breaker Operator0x7652…994ddiscoveryguardian
Ethereumguardian — ftUSD Circuit Breaker V2 (Proxy) Ethereum0xcb21…7355discoveryguardian
Ethereumguardian — Lend CircuitBreaker0x9676…18e0discoveryguardian
Ethereummultisig (configurator) — 3/4 Safe; controls PutManager parameters and pausing0x2224…017cdiscoverymultisig
Ethereummultisig (strategy manager) — 3/5 Safe; controls ftYieldWrapper strategy management0x5557…48f6discoverymultisig
Ethereummultisig (treasury) — 3/5 Safe; controls PutManager and Marketplace0x1118…70cbdiscoverymultisig
Ethereummultisig (yield claimer) — 2/5 Safe; controls ftYieldWrapper yield claiming0x333a…293cdiscoverymultisig
Ethereumoracle — FT Oracle0xc8c8…6793discoveryoracle
Ethereumoracle — USD Oracle / OracleRouterChainlink (Proxy)0xe437…674adiscoveryoracle
Ethereumother — AccountValuesRouter (Implementation)0x5a5e…a4fbdiscovery
Ethereumother — AccountValuesRouter (Proxy)0x7ad7…2ef7discovery
Ethereumother — ConfigRegistry (Implementation)0xd25f…47e5discovery
Ethereumother — ftPUT (Implementation)0xc552…7c5ediscovery
Ethereumother — ftPUT (Proxy)0xa421…04f2discovery
Ethereumother — ftPUT USDC AAVE Strategy0x0987…ba7ddiscoveryvault
Ethereumother — ftPUT USDC Spark Strategy0xcfb9…ff2cdiscoveryvault
Ethereumother — ftPUT USDe AAVE Strategy0x638a…2307discoveryvault
Ethereumother — ftPUT USDS AAVE Strategy0x061d…eadbdiscoveryvault
Ethereumother — ftPUT USDT AAVE Strategy0x51e8…db03discoveryvault
Ethereumother — ftPUT USDT Spark Strategy0xf201…99a8discoveryvault
Ethereumother — ftPUT USDTb AAVE Strategy0x3e60…1f4bdiscoveryvault
Ethereumother — ftPUT wETH AAVE Strategy0x2e43…04aediscoveryvault
Ethereumother — ftPUT wETH Spark Strategy0x3f53…0aebdiscoveryvault
Ethereumother — ftUSD (Implementation)0xf47b…1885discovery
Ethereumother — ftUSD Core (Implementation)0x9868…5440discovery
Ethereumother — ftUSD Core (Proxy)0x56c5…8ca9discovery
Ethereumother — ftUSD SessionManager Ethereum0x2daf…5dc9discovery
Ethereumother — ftUSD USDC Aave Strategy Ethereum0xb804…cb4ediscoveryvault
Ethereumother — ftUSD USDC Spark Strategy0xeb5c…0302discoveryvault
Ethereumother — ftUSD USDT Aave Strategy0xbe96…d2dadiscoveryvault
Ethereumother — ftUSD USDT Spark Strategy0x4f47…7af5discoveryvault
Ethereumother — Lend SessionManager Ethereum0xf9f3…60f8discovery
Ethereumother — Lend USDC Spark Strategy Ethereum0xfbe0…b0e5discoveryvault
Ethereumother — Lend USDT Spark Strategy0x852d…6a42discoveryvault
Ethereumother — Lend WETH Spark Strategy0x4df6…f2a7discoveryvault
Ethereumother — LendingLens (Implementation)0x054c…9795discovery
Ethereumother — LendingLens (Proxy)0x3682…a43ediscovery
Ethereumother — LongTailIRM0x09cd…ef69discovery
Ethereumother — MajorIRM0x07ec…d12fdiscovery
Ethereumother — MetaActions0x3633…29f2discovery
Ethereumother — MetaSessionActions0x4f83…3497discovery
Ethereumother — Mint and Redeem (Implementation)0x8852…c3c6discovery
Ethereumother — Permit2 helper for PUT Marketplace0xeb45…c8ecdiscovery
Ethereumother — PMWrapper (Implementation)0x5c5a…4d32discovery
Ethereumother — PMWrapper (Proxy)0xbdd8…c68bdiscovery
Ethereumother — PositionsManager (Implementation)0xaa3d…a23bdiscovery
Ethereumother — PositionsManager (Proxy)0xbe40…0055discovery
Ethereumother — Put Manager (Implementation)0x90ae…922adiscovery
Ethereumother — Put Manager (Proxy)0xba49…ebaadiscovery
Ethereumother — PUT Options Marketplace0x3124…570cdiscovery
Ethereumother — RelayerAuth0x823a…53f4discovery
Ethereumother — StableIRM0x3253…710ddiscovery
Ethereumrouter — LeverageRfqEngine0x8263…40e2discoveryrouter
Ethereumrouter — Mint and Redeem (Proxy) Ethereum0xaa48…d23cdiscoveryrouter
Ethereumrouter — RfqEngine0xeb00…dc32discoveryrouter
Ethereumtimelock — ftPUT Timelock0x3518…4707discoverytimelock
Ethereumtoken — FT Token (OFT) Ethereum0x5dd1…082cdiscoverytoken
Ethereumtoken — ftUSD (Proxy)0xf7d8…9c9cdiscoverytoken
Ethereumvault — Epoch Rewards Vault (Proxy) Ethereum0xeb48…7625discoveryvault
Ethereumvault — ftPUT USDC Wrapper0x095d…bf59discoveryvault
Ethereumvault — ftPUT USDe Wrapper0xe688…5625discoveryvault
Ethereumvault — ftPUT USDS Wrapper0xa143…7573discoveryvault
Ethereumvault — ftPUT USDT Wrapper0x267d…cb36discoveryvault
Ethereumvault — ftPUT USDTb Wrapper0xe527…97b6discoveryvault
Ethereumvault — ftPUT wETH Wrapper0x9d96…e305discoveryvault
Ethereumvault — ftUSD ftUSD Wrapper Ethereum0xb44a…b87fdiscoveryvault
Ethereumvault — ftUSD USDC Wrapper Ethereum0x6aaf…837ddiscoveryvault
Ethereumvault — ftUSD USDT Wrapper0x28cc…47d6discoveryvault
Ethereumvault — Lend FT Wrapper0x7127…840ediscoveryvault
Ethereumvault — Lend ftUSD Wrapper0xc67d…53d9discoveryvault
Ethereumvault — Lend stakedNative Wrapper Ethereum0x0198…3db7discoveryvault
Ethereumvault — Lend USDC Wrapper Ethereum0xd2e4…39e2discoveryvault
Ethereumvault — Lend USDT Wrapper Ethereum0x28b0…123bdiscoveryvault
Ethereumvault — Lend wBTC Wrapper Ethereum0x1a57…e042discoveryvault
Ethereumvault — Lend wNative Wrapper Ethereum0x4604…2da2discoveryvault
Sonicguardian — ftUSD Circuit Breaker V2 (Proxy) Sonic0xcb2c…7edcdiscoveryguardian
Sonicother — ftUSD USDC Aave Strategy Sonic0xf09b…4ddadiscoveryvault
Sonicother — Lend SessionManager Sonic0x109a…bdffdiscovery
Sonicother — Lend USDC Aave Strategy Sonic0x974b…f8eediscoveryvault
Sonicother — Lend wS Aave Strategy Sonic0x216e…df28discoveryvault
Sonicother — OracleRouterChainlink (Implementation) Sonic0xefd7…05e9discovery
Sonicother — WrapperUSDC Delta Neutral Strategy wS-stS Sonic0x6ec2…55aediscoveryvault
Sonicrouter — Mint and Redeem (Proxy) Sonic0x0c6f…ee31discoveryrouter
Sonictoken — FT Token (OFT) Sonic0x5dd1…082cdiscoverytoken
Sonictoken — ftUSD (Proxy)0xf7d8…9c9cdiscoverytoken
Sonicvault — Epoch Rewards Vault (Proxy) Sonic0xd1e5…aeb1discoveryvault
Sonicvault — ftUSD ftUSD Wrapper Sonic0x9acd…cd0bdiscoveryvault
Sonicvault — ftUSD USDC Wrapper Sonic0x0237…ab6adiscoveryvault
Sonicvault — Lend stakedNative Wrapper Sonic0x8b98…147bdiscoveryvault
Sonicvault — Lend USDC Wrapper Sonic0x7a2f…8b47discoveryvault
Sonicvault — Lend wBTC Wrapper Sonic0xd658…c553discoveryvault
Sonicvault — Lend wETH Wrapper Sonic0x727b…1837discoveryvault
Sonicvault — Lend wNative Wrapper Sonic0xbb15…c18ediscoveryvault

Protocol Info

Security

[:] Source: DEFI@home quorum
Audits
3 audits
Bug bounty
unknown
Security contact
unknown

Technical

[:] Source: DEFI@home quorum
Voting token
FT Ethereum: 0x5DD1A7A369e8273371d2DBf9d83356057088082c
Upgradeability
Upgradeable

Provenance

[defillama] Source: DeFiLlama
Review status
listed
Updated
2026-06-01 11:27 UTC