Half Mountain Preview Token Unlock Project | Issue 14 Yesterday, the crypto market saw a rebound, with BTC rising to 114,790 and ETH to 4,246, but the overall sentiment suggests that the rebound's strength is limited, and newly listed tokens on Binance generally fell. At the same time, Andre Cronje's new project, Flying Tulip, officially debuted, with a fundraising target of up to $1 billion, raising concerns about "sky-high financing and project team cashing out." However, its mechanism design is entirely different from traditional token fundraising: funds will be deposited into a project treasury, rather than being directly controlled by the team, and will form a stable cash flow through the allocation of low-risk U.S. Treasury bonds and on-chain yield agreements (like Ethena) to support long-term operations. Investors' principal is protected by a "perpetual put option." If the token price falls below the issuance price, or if investors lose confidence in the outlook, they can redeem at the original price at any time, ensuring that the principal is not lost. More notably, each time a redemption occurs, the tokens will be permanently destroyed, putting $FT into a deflationary mode from the outset, with the total supply gradually decreasing due to redemption activities. In other words, investors only bear the cost of time and opportunity, rather than the risk of principal. As a legendary figure in the DeFi space, Cronje positions Flying Tulip as the "culmination" of his past projects (YFI, KP3R, Solidly). The protocol integrates core functions such as spot trading, lending, perpetual contracts, options, and on-chain insurance, emphasizing the synergy between different modules to enhance capital efficiency. Therefore, Flying Tulip is not only an innovation in technology and mechanisms but also resembles a social experiment regarding token economics, investor confidence, and long-term value. The return of the DeFi king's work raises the question of whether it can once again shake the industry landscape, warranting continued attention. Half Mountain Preview this week's token unlock projects: #SUI #IOTA #ENA #IMX