Users deposit single assets into wrapper contracts. Flying Tulip deploys these deposits into automated yield strategies (e.g., Aave V3) across Ethereum, Sonic, BNB Chain, Avalanche, and Base, maximizing capital efficiency.

Flying Tulip is a multi-chain yield aggregation protocol that pools user deposits into wrapper contracts and deploys them into automated yield strategies. The protocol supports assets including USDC, wETH, USDT, USDS, USDTb, and USDe, and uses an omnichain FT token to align incentives across its five supported networks.

FT tokenholders own and govern the Flying Tulip protocol. Flying Tulip is a yield aggregation protocol backed by partnerships with major DeFi protocols.

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# Flying Tulip Buybacks Methodology

## 1. Overview

Buybacks measures the value of FT assets permanently removed from circulation through Flying Tulip's buyback-and-burn program. Protocol revenue routed to the treasury is used to acquire FT on the open market, after which the acquired assets are burned by transferring them to the zero address. Buybacks are attributed to Flying Tulip Yield, the primary revenue stream funding the program. The metric is denominated in USD to enable consistent comparison over time.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events where the sender is the Dumper multisig (`0x6661...`) and the recipient is the zero address, filtered to the FT asset contract, covering Ethereum
- **External data**: End-of-day price feeds for the FT asset

## 3. Step-by-step calculation

### Component A: Burn event identification

- **Purpose**: Isolate genuine protocol buyback-and-burn transfers from other zero-address transfers
- **Logic**: ERC-20 `Transfer` events are filtered to those where the sending address matches the Dumper multisig (`0x6661...`) and the receiving address is the zero address. An additional filter on the FT asset contract address ensures that only FT burns are captured. This exclusion is necessary because FT is a LayerZero OFT, and bridge-related cross-chain burns also produce `Transfer` events to the zero address from non-Dumper addresses — those are excluded. Only events occurring on or after the FT launch date are retained.
- **Key fields**: `from_address` (Dumper multisig identification), `to_address` (zero address confirmation), `token_address` (FT asset filter), `value` (burn quantity)

### Component B: Daily aggregation

- **Purpose**: Aggregate individual burn events to daily totals per product
- **Logic**: Burn amounts are summed by UTC day, chain, and product. The product is attributed to Flying Tulip Yield for all burn events.

### Component C: USD conversion

- **Purpose**: Normalize burned quantities to USD for consistent reporting
- **Logic**: Raw burn amounts are normalized by decimal precision using asset metadata. Normalized amounts are then multiplied by end-of-day FT asset prices. Days with no burn activity are zero-filled to ensure a continuous time series.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Daily USD value of tokens repurchased from the open market.

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Buybacks

Buybacks

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