KiloEx aims to meet the growing demand in the DeFi derivatives space while prioritizing user experience. It gained significant attention in the crypto market through a Token Generation Event (TGE) on Binance Wallet.

Project Concept & Features

KiloEx brings the advantages of transparency, non-custodial trading, and decentralization to the leveraged derivatives market, traditionally dominated by centralized exchanges (CEX).

Key Features:

• Perpetual Futures: Open long or short positions with leverage.

• High Leverage: Up to 100x trading.

• Non-Custodial Trading: Users retain control of their funds.

• Risk Management: Uses Oracle Mechanisms for accurate, transparent pricing.

• User-Friendly Interface (UI): Similar experience to CEX platforms.

Team

• Joey Ni – CEO (Co-Founder): Experienced with OKX & Phemex; 6+ years in crypto investment.
• Charles Gong – COO (Co-Founder): Formerly Bitget & OKX; manages operations and user growth.
• Young Yang – CTO: 13 years engineering, 9 years management; previously Meituan & HBTC VP.

How It Works

KiloEx revolves around $KILO and $xKILO tokens:

• $KILO: Utility token used for staking, liquidity, and rewards.

• $xKILO: 1:1 mintable from $KILO, non-transferable, staking rewards, VIP privileges, and governance rights.

Liquidity Pool Model:

• Users provide liquidity with stablecoins or main cryptocurrencies.

• Liquidity Pools serve as the counterparty for perpetual trades.

• Profits and losses are settled via the LP, with LPs earning fees and rewards.

• Price data is verified using decentralized oracles like Chainlink.

Investors & Key Partners

• Binance Labs: Strategic investment providing credibility.

• BNB Chain: KiloEx plays a central role in the ecosystem.

• Other Partners: opBNB, Manta Network (ZK proofs), and LSTfi integration.

Governance

• DAO Transition: KiloEx aims for full community governance over time.

• KILO Token Holders: Vote on fees, features, token usage, and ecosystem funds.

Roadmap

• 2023: Mainnet launch, smart contract audits, multi-language support, mobile app.

• 2024: Taiko & B2 Mainnets, 1-click trading, TPSL system, staking, API SDK, hybrid vault.

• 2025: KiloEx TGE, $KILO listing on Binance, Bybit, Bitget, Gate, Spot DEX launch, Solana & BNB support, AI trading signals, smart money monitoring.

Token Use Cases

• Trader & liquidity provider incentives

• Staking rewards

• xKILO stakers share platform fees

• DAO governance

• Liquidity provision & VIP perks

Token & Market Data

• TVL: $4.89M

• Market Cap / TVL: 0.4727

• Total Supply: 1B KILO

• Max Supply: 1B KILO

• Circulating Supply: 211.7M KILO

Kiloex Token Distribution

• Ecosystem: 27% (4 years vesting, 6 months cliff)

• Airdrop: 10% (85% TGE, 15% 180 days)

• Staking Rewards: 8%

• Team: 20% (3 years vesting, 1-year cliff)

• Private Sale: 8% (3 years vesting, 1-year cliff)

• Strategic Investment: 10% (3 years vesting, 1-year cliff)

• Advisors: 5% (3 years vesting, 1-year cliff)

• Liquidity Providers: 5% (100% TGE)

• Binance Wallet Public Sale: 5%

• Marketing: 2%

Features & Ecosystem

• Trader & LP-friendly DEX

• Fast, secure trading experience

• xKILO staking & rewards

• DAO-based governance

• Multi-chain support & AI trading analytics

Ecosystem Components:

• DEX platform

• Liquidity Providers

• Traders

• Partner networks (opBNB, Manta, etc.)

• DAO governance

Official Link

• Website
• Twitter
• Telegram
• Medium

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In this article, we’ll dive into Flying Tulip’s architecture, products, tokenomics, and roadmap. Ready to explore the new benchmark for capital efficiency?

What is Flying Tulip (FT)?

Flying Tulip is an on-chain financial ecosystem that standardizes pricing, credit, and risk. It includes Spot (AMM + CLOB), lending, perpetual futures, insurance, and ftUSD settlement rail. Core principle: One collateral serves multiple roles. Revenues drive FT token buybacks and burns—a “token-first” model.

Better Yield: Collateral earns base yield while backing lending, CLOB orders, or futures margin. Revenues fuel buybacks. Better UX: Mechanics are contract-encoded; the same depth-aware prices power trading, LTVs, funding, and liquidations.

Problems and Solutions

Capital Isolation: Traditional DeFi silos collateral per product. Flying Tulip’s permissioned credit layer enables cross-collateral—one deposit secures multiple activities while continuing to earn yield.

Fragmented Liquidity & Static Pricing: x·y=k AMMs are reliable but produce wide spreads and volatility losses. Flying Tulip Spot uses a hybrid curve: constant-sum in calm markets (tight spreads), constant-product in stress (LP protection). Pricing comes from real executable liquidity.

USD-Centric Debt Assumptions: Lending risks are often USD-denominated. Flying Tulip supports asset-consistent borrowing and portfolio cross-margining—permissionless markets stay pair-scoped.

Centralized Dependencies: Perpetuals depend on external oracles. FT Futures uses internal trading (AMM + CLOB) for sub-second updates and depth-aware limits—eliminating oracle lag/manipulation risks.

System Design

Trading Engine: Spot (AMM + CLOB) – Pricing Backbone

• AMM: Transitions between constant-sum constant-product via volatility signals (EMAs). Pre-trade simulation, bounded impact, minimum reserves.
• CLOB: Price-time-priority limit orders.
• Router: Sweeps CLOB liquidity first, crosses remainder on AMM.
• Windows: TWAP (time-weighted), RWAP (reserve-weighted)—executable price and depth source for downstream systems (LTV, funding, liquidation).

Lending: Permissionless + Permissioned Cross-Collateral

• Permissionless: Every Spot pair auto-creates a lending market. Borrowing power is depth-aware from Spot windows. Snapshot LTV (locked at position open). Soft liquidation (time-sliced, depth-aware, CLOB-aware).
• Permissioned: Curated assets in one pool with cross-collateral. Debt-netting for delta-neutral structures (ftUSD)—near-zero liquidation paths within configured bounds. Single deposit earns yield while backing orders and futures margin.

Perpetual Futures: Oracleless, Depth-Aware

Internal trading serves as oracle. Leverage limits, liquidation sizing, slippage guards from TWAR windows (“How much X for Y clears in this interval without breaching reserves?”). Funding tied to Lend borrowing costs. Settlement in ftUSD; opt-in settlement LPs earn fees.

Settlement Rail: ftUSD / sftUSD

• ftUSD: Non-yielding (default), $1 peg. Protocol revenues from unstaked ftUSD.
• sftUSD: Staked ftUSD—earns yield (variable, not guaranteed).
• Structure: Delta-neutral, conservative sizing—balanced long/short.

Risk & Operations

• Policy: Conservative allocation (no leverage/bridge for treasury), per-asset/venue caps, circuit breakers, staged parameter changes.
• Execution: Pre-trade simulation, bounded fees (low in calm, high in stress), soft liquidation (time-sliced on Spot).
• Transparency: Addresses, parameters, windows (TWAP/RWAP/TWAR), utilization, fee schedules published. Audits and incident processes documented.

Programmatic Value Flow

All revenues (trading, lending, futures, insurance, settlement) feed FT buyback pipeline. FT distributed or burned per policy. Revenue-funded burns govern unlocks (Foundation/Team/Ecosystem/Incentives 40:20:20:20, 1:1). Interest-only burns directly reduce supply.

Insurance: Pay-as-You-Go Protection

• Model: Lending-like—premium paid only while active.
• LP: Supplies pool → earns premiums.
• Buyer: “Borrows” protection capacity, scales up/down.

Flying Tulip Roadmap

Development Cycle: Internal → Freeze → 3+ audits → GTM → Release.

Milestones (Dependency waterfall):

1. PCA: On-chain raise + Perpetual PUT.
2. Core Permissioned Stack: Lend, ftUSD, Leveraged Spot, Spot, Perpetual Futures.
3. Core Permissionless Stack: Adaptive AMM, Dynamic Lend, Permissionless Futures/Options.
4. Oracles & Apps: Witnessnet, Binary Prediction Markets, Launchpad, Insurance.

Estimated Timeline: 36-54 months (2-3 months per phase).

Flying Tulip Investors: $200M Raised, $1B Valuation

Flying Tulip, with its focus on capital preservation and sustainable value via yield-funded buybacks, raised $200 million at a $1 billion valuation. Backing spans leading VCs like CoinFund and Hypersphere to institutional players like DWF Labs and Brevan Howard Digital.

• Tier 2
  • CoinFund
  • Hypersphere Ventures
  • DWF Labs
  • Republic
  • Nascent
• Tier 3
  • Lemniscap
  • Selini Capital
  • Brevan Howard Digital
  • FalconX
• Tier 4
  • Tioga Capital Partners
  • Sigil Fund
• Others
  • Susquehanna International Group
  • Virtuals Protocol

Flying Tulip Team

Flying Tulip was founded by Andre Cronje. The architect of Yearn Finance and Fantom, Cronje leads in DeFi capital efficiency and risk management. The team builds Flying Tulip from scratch with adaptive curves, oracleless futures, and token-first models—ending collateral isolation.

Official Links

• Website
• X (Twitter)
• Whitepaper

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Who is Brett Harrison?

Brett Harrison became President of FTX US in May 2021. During his tenure at FTX US, he established the company’s regulated business operations and opened its headquarters in Chicago. In 2022, he led the launch of the company’s US retail stock brokerage and trading platform.

What Will the AX Platform Look Like?

Architect Financial Technologies has received approval from the Bermuda Monetary Authority for this initiative. The project is expected to launch under the name “AX.” The known features of the platform so far include:

• Acceptance of Real Money
• USD Stablecoins
• Margin Trading
• 24/7 Trading Availability
• Stocks
• FX Trading

This will bring the perpetual futures model, popular in crypto markets, to traditional assets.

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Regarding the platform, Brett Harrison stated: “AX will operate 24/7. Traders will be able to use USD stablecoins or fiat currencies as collateral. Initially, the platform will focus on stocks and forex. Gradually, it will expand to interest rates, commodities, and other asset classes. In the future, we may even explore AI-powered assets for perpetual contracts. AX aims to be a bridge not only for professional investors but also for entrepreneurs and tech communities.”

The project’s core slogan is: “The margin trading dynamics of crypto should also be possible in traditional markets.”

For the latest crypto news, click here

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Binance Alpha Listing Details 

• Asset: KGeN (KGEN) 
• Start Time: October 7, 2025, 14:00 (UTC) 
• Platform: Binance Alpha 

Special Event: Eligible users can claim a special airdrop by redeeming Alpha Points via the Binance Alpha Events Page between October 7, 2025, 14:00 (UTC) and October 8, 2025, 14:00 (UTC). 

Binance Futures KGENUSDT Perpetual Contract Details 

• Contract Type: USDⓈ-M Perpetual Futures 
• Trading Pair: KGENUSDT 
• Start Time: October 7, 2025, 14:30 (UTC) 
• Underlying Asset: KGeN (KGEN) 
• Settlement Asset: USDT 
• Max Funding Rate: +2.00% / -2.00% 
• Funding Interval: Every 4 hours 
• Max Leverage: 50x 
• Trading Hours: 24/7 
• Multi-Asset Mode: Supported 

The KGENUSDT perpetual contract will also be compatible with Binance Futures Copy Trading within 24 hours of launch. Binance may adjust leverage, funding rates, or margin requirements based on market conditions. 

Click to Trade with 10% Discount on Binance Futures!

What Is KGeN (KGEN)? 

KGeN is a verified distribution protocol designed to help applications reach and validate real users. The system ensures that projects interact with authentic participants rather than bots or fake accounts. 

Note: Trading pairs and futures contracts are not directly connected to Binance Spot listings. 

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Robinhood’s Stock Token Initiative Raises Questions

Launched on June 30, Robinhood offered European users blockchain-based stock tokens tied to SpaceX and OpenAI as part of a limited-time promotion. The reaction from OpenAI was swift, with the company warning that “any transfer of OpenAI equity requires our approval” and urging caution from investors.

The Bank of Lithuania reportedly requested detailed information from Robinhood to determine whether the tokens function as regulated securities or unapproved derivatives.

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CEO Vlad Tenev responded by emphasizing that the tokens are derivative products offering retail exposure—not actual equity.

Live Testing Continues on Arbitrum

Despite growing scrutiny, on-chain data shows that Robinhood has issued over 215 stock tokens on the Arbitrum Layer 2 network. One SpaceX token has been renamed “Demo 1,” signaling that the offering remains in a testing phase.

Looking forward, Robinhood aims to introduce perpetual futures trading and even launch its own Layer 2 blockchain built on Arbitrum, indicating a broader push into crypto-native infrastructure.

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What Are Perpetual Futures And Why Do They Matter?

Perpetual futures allow traders to speculate on crypto prices without an expiry date, offering flexibility and leverage for more advanced strategies.

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Coinbase previously introduced 24/7 Bitcoin and Ethereum futures trading. Now, it plans to expand access to XRP and other altcoins, marking a broader push into the derivatives sector.

Rivals Respond: Binance Steps In

Coinbase isn’t alone in this race. Binance founder Changpeng Zhao recently proposed a dark pool DEX for perpetual futures, aiming to reduce market manipulation by increasing privacy.

At the same time, COTI announced plans for a similar DEX with a privacy-focused infrastructure. These moves indicate growing momentum for decentralized perpetual futures solutions.

With this launch, Coinbase could be taking the first significant step toward regulated crypto derivatives in the U.S. market.

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US Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger announced that crypto perpetual futures could soon be approved in the US. In an interview with Bloomberg TV on May 22, 2025, Mersinger stated that applications for these products have been received. Responding to a question about the proposals, she indicated that the United States is progressing in the approval process. She did not provide a specific timeline but highlighted perpetual futures as part of upcoming regulatory steps. 

“It would be great to get that trading back onshore in the United States,” said Mersinger. “I think it’s unfortunate that it has been driven offshore for so long.”.

Crypto futures allow traders to speculate on a cryptocurrency’s price without an expiration date. In April 2025, the global crypto futures trading volume reached approximately $3.7 trillion. However, these transactions have not yet been approved in the U.S. Mersinger emphasized that the evolving regulatory environment could bring these products to the USA. She also noted that the CFTC, as an independent agency, will continue to function regardless of political leadership, with the regulatory framework benefiting the industry. 

Mersinger’s New Role and Crypto Policies 

Mersinger will leave the CFTC on May 30, 2025, to become CEO of the Blockchain Association, a significant move for one of the crypto industry’s leading advocacy groups. In her new role, she will continue to support the sector. Mersinger’s comments come at a time when the United States is making progress in crypto regulations. Coinbase launched 24/7 perpetual futures trading for Bitcoin and Ethereum in March 2025, under CFTC oversight. Additionally, the SEC’s delay in decisions on Bitcoin and Ethereum ETFs has created market uncertainty. However, Mersinger’s optimistic remarks are raising expectations for crypto futures. 

When crypto perpetual futures are approved in the United States, they will directly boost market liquidity. Investors will be able to conduct transactions more flexibly using these products. This development would draw the derivatives market, which accounts for 85% of global crypto trading, to the US, increasing trading volume in the country. 

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The newly listed trading pairs include:

• NIL-PERP (Nillion Perpetual Futures)
• VINE-PERP (Vine Perpetual Futures)
• GUN-PERP (GUNZ Perpetual Futures)
• EDGE-PERP (Definitive Perpetual Futures)

This listing is expected to boost market activity on Coinbase, providing traders with new opportunities for perpetual contracts.

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Impact on the Market

The addition of these perpetual futures allows traders to take both long and short positions, increasing liquidity and volatility for Nillion, Vine, GUNZ, and Definitive. As a result, these assets may experience a surge in interest leading up to the listing.

With this expansion, Coinbase continues to strengthen its position as a leading derivatives platform, catering to institutional and retail investors.

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In response to the incident, Hyperliquid will implement new measures starting March 15, requiring traders to maintain a minimum collateral margin of 20% on certain open positions. This new regulation aims to reduce the systemic risks posed by large positions and their potential market impact during closure events.

Measures to Prevent Systemic Risk

Hyperliquid clarified that the loss was not due to an exploit or security breach but was instead a predictable outcome under extreme market conditions. The platform stated, “Yesterday’s event highlighted the need to strengthen the margining framework to more robustly address extreme conditions.”

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The newly adjusted margin requirements will apply only under specific circumstances, such as when traders withdraw collateral from open positions. Hyperliquid also confirmed that users can still open new positions with up to 40x leverage.

Liquidity Pool and Platform Statistics

According to DeFiLlama, Hyperliquid’s HLP liquidity pool currently holds approximately $340 million in total value locked (TVL). Launched in 2024, Hyperliquid’s flagship perpetual futures (perps) exchange has rapidly captured 70% of the market share, surpassing competitors like GMX and dYdX, as noted in a VanEck report from January.

While Hyperliquid promotes a trading experience similar to centralized exchanges, offering fast settlement times and low transaction fees, it is considered less decentralized compared to other platforms.

As of March 12, Hyperliquid recorded an estimated $180 million in daily transaction volume. The platform’s HLP liquidity pool has surpassed $350 million in total value locked, making it a key player in the leveraged trading space.

Industry analysts suggest that the recent liquidation event highlights the importance of carefully managing systemic risks and maintaining robust margin strategies for traders engaging in highly leveraged positions.

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This strategic move by Coinbase aims to increase market liquidity and provide opportunities for diversified investments in different digital assets. As Venice Token (VVV), Cookie DAO (COOKIE), and Bio Protocol (BIO) continue to gain popularity in the crypto world, this new perpetual futures market will offer investors more options and strategies.

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The perpetual futures markets will allow investors to take long and short positions, providing flexibility to create investment strategies based on market conditions. The launch of these new markets aims to further boost Coinbase‘s global trading volume and attract a variety of investor groups.

With this move, Coinbase is strengthening its position in the market and offering more opportunities for traders. Additionally, the new perpetual futures market will enhance the trading experience in the highly volatile cryptocurrency market.

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