Honestly, I didn't explore Falcon Finance purely out of curiosity. It was more due to a professional instinct developed over the years in the crypto space—an innate vigilance towards all new things.

I've seen too much. Those initially promising protocols often gradually disintegrate within their own assumptions. Especially when it comes to synthetic assets—the white paper always depicts them as neutral and harmless, but in practice, they often become accelerators of risk. A perfect model may be invulnerable in a static environment, but once the market misaligns, the entire system begins to collapse.

So when Falcon appeared, I wasn't looking for a new way to play. What I was observing was: it deliberately didn't do certain things. Because in this industry, a system that intentionally avoids optimization often reveals more about its true nature than its claimed selling points.

This caution isn't baseless. The early DeFi ecosystem followed a very consistent logic: liquidity must be accessible at all times, and the value of collateral depends on its redemption speed. The liquidation mechanism was packaged as a "safety barrier," but under real pressure, it functions more like a pressure valve—during sharp market fluctuations, the system forces all participants to make quick decisions at the worst possible moments.

The result is often not just account losses, but trust being eroded bit by bit. When people finally realize that the so-called stability is actually hanging by a thread—everything must be just right—the outflow of funds can become a matter of seconds.

My first impression of Falcon Finance is that it actively lowers its ambitions. What it does is quite straightforward: enabling you to operate with liquid crypto assets or tokenized real-world assets within a simpler framework. This restraint, in a sense, is more worth pondering than grand promises.