DWF's sub-project Falcon Finance has secured a strategic investment of $10 million from the Trump family @worldlibertyfi. @FalconStable is also in the stablecoin space, but focuses on synthetic dollars. Synthetic dollar ≠ stablecoin. 📌 The USDf issued by Falcon is not a traditional stablecoin. Instead, it is a synthetic dollar generated by user asset collateral, with the ability to distribute yields. This constitutes its essential difference from USDT, DAI, and even Ethena: 🔸 Unlike traditional stablecoins: USDf does not promise to peg to off-chain dollars and does not use bonds, notes, or other off-chain structures for collateral. 🔸 Unlike non-pegged stablecoins: USDf does not use a floating liquidation mechanism and stabilizes system risks through over-collateralization. 🔸 Falcon's design goal is to make USDf a universal intermediate state that can convert all on-chain assets into yield certificates. @FalconStable core structure USDf / sUSDf / strategy custody path: 1. USDf: Asset mapping layer Users obtain USDf by depositing different types of assets: Stablecoins (USDT/USDC/DAI): 1:1 minting, no lock-up. Mainstream assets (ETH, BTC, SOL): use OCR (over-collateralization ratio), supporting custom liquidation lines and lock-up periods. Altcoins: only supports a limited list of assets, with higher minting discount rates and more Miles points incentives. 2. sUSDf: Yield-bearing layer Users holding USDf can choose to stake it to generate sUSDf, automatically connecting to the yield strategy system managed by DWF Labs. The current annualized yield (APY) is about 14.3%, with higher multiples available through lock-up. 3. Strategy execution path This part is entirely managed by @DWFLabs: 🔸 Basis arbitrage: Hedging price differences to obtain interest income. 🔸 Funding rate arbitrage: Capturing interest rate fluctuations in the futures market during high volatility. 🔸 Structured portfolio strategies: Multi-currency, cross-platform strategy scheduling, dynamically adjusting positions. 🔸 Centralized liquidity management: Using part of the assets for deep LP configuration, earning fees + voting incentives. @FalconStable does not make these strategies visible on-chain but follows a professional custody path, forming a yield output relationship between the strategy manager and users. 📌 Falcon will enter closed testing in February 2024 and open public testing in April. So far, it has achieved significant data performance: 🔸 TVL: $650 million (data from August 2025). 🔸 Total market cap of USDf: over $1.1 billion, consistently ranking among the top 15 stable assets on Ethereum. 🔸 sUSDf minting volume: over $220 million, mainly used for yield participation. Miles points system: still in the early stages, points have not been redeemed, and potential airdrop windows remain. Among these, the growth rate of TVL mainly comes from three paths: Stablecoin collateral users continuously increase their holdings of USDf, directly pushing up the base supply. LP arbitrageurs use USDf as a yield tool in Curve/Uniswap. High-net-worth users execute large minting and lock-up strategies through the Falcon platform account. These funds entering #Falcon do not rotate in the short term but continue to reside in the system to generate yields, which is extremely rare for long-term capital stickiness in DeFi.