The creator of Yearn and Keep3r explains collateral, liquidity incentives and the market structure behind his current Flying Tulip project.
Why read Andre Cronje?
Read Cronje to understand how a protocol designer connects collateral, execution and risk across DeFi products. In The Next DeFi Cycle Is Market Structure, he argues that separate venues leave capital idle and duplicate risk checks. His proposal is a shared system for spot trading, credit and settlement. The essay gives you a concrete design thesis to examine alongside the products built around it.
Then open his Flying Tulip put-options guide for the contract-level detail behind the thesis. It distinguishes buying FT from acquiring an ftPUT position with redemption rights, and explains why an order checks the position's state before settlement. This is a useful route from a founder's broad argument to the permissions and failure cases that matter to a user.
Start with the original
Selected work
Essay ·
The Next DeFi Cycle Is Market Structure
Start with the fragmented-collateral problem, then follow his proposed connection between execution, credit and settlement.
Technical guide ·
Put Options Marketplace — Trade Flying Tulip PUT Options (ftPUT)
His guide separates the FT token from an ftPUT position and explains redemption rights and checks against a changed position.
Projects & roles
Flying Tulip
His current DeFi project, identified on his personal site and X profile.
Onchain
Linked wallets
- Ethereum
0x431e81e5dfb5a24541b5ff8762bdef3f32f96354Open in explorer