Recently, I’ve noticed a rather interesting phenomenon: the money on-chain is getting smarter.

Everyone used to play by the same rules—chasing hot trends, rushing for high APYs, hunting airdrops, and following narratives. But now, it feels like the entire market is moving in a different direction, and users are starting to ask the most fundamental question: Is my asset actually safe here?

This shift sounds simple, but its real impact is quite significant. Many protocols that relied on campaigns and incentives are seeing a noticeable drop in user retention. On the other hand, those infrastructure projects that don’t make a lot of noise but focus on building solid products are quietly seeing their metrics rise.

Falcon Finance is a typical case.

It hasn’t made any big moves lately—no new tasks, no new stories to tell. But on-chain data shows that capital inflows have actually become more stable than before. Why? Because as the market enters this “deep water zone,” users are proactively filtering out protocols that look flashy but feel unreliable, and moving their money to places that can actually handle complex situations.

Falcon happens to be right in that spot.

It’s not winning through marketing—it’s being “voted in” by users with their feet. This growth logic is completely different from before—it’s not about explosive campaigns to attract new users, but about sustained product strength driving retention.

To put it bluntly, the current on-chain environment no longer rewards “loud” projects, but is starting to reward foundational infrastructure that can actually deliver. When the noise dies down, prices fluctuate, and the market cools off, the protocols that have truly solved those three core issues—security, efficiency, and controllability—end up looking more solid.

Falcon’s current state is almost like winning by default—not because it did something particularly right, but because the entire market’s selection mechanism is helping it filter users. This kind of growth isn’t linear—it’s stepwise, moving up a level with each cycle.