【In-Depth Analysis】Falcon Finance (@falcon_finance): Opportunities and Challenges Under Highlighted Data
Falcon Finance (FF) has recently attracted market attention with its positioning as a "Universal Collateral Infrastructure." Its core logic allows users to use diverse assets (such as BTC, ETH, stablecoins, and future RWAs) as collateral to over-collateralize and mint synthetic dollars USDf. Users can automatically earn yields by holding the interest-bearing version sUSDf (current APY approximately 9.24%). With the founding team’s background from DWF Labs and a strategic investment of $10 million from World Liberty Financial, the protocol has quickly pushed the circulation of USDf close to $19 billion, demonstrating strong cold start capability.
However, high growth must be examined for its sustainability. The FF token ($FF), as a governance token, does not directly capture protocol income dividends, and its value highly depends on ecological expansion and governance utility. Moreover, the protocol's revenue comes from market-neutral arbitrage strategies, and a decrease in market volatility may lead to reduced returns. More concerning is that USDf once depegged to $0.9783 in July 2025, exposing potential risks in liquidity and collateral management.
Overall, Falcon Finance's innovative architecture and resource support lay a competitive foundation, but the governance token value model, yield sustainability, and historical risk events remain key variables that investors must continuously track.
