A comprehensive analysis of @FalconStable was done with @Surf_Copilot Project Overview Falcon Finance is a "universal collateral infrastructure" platform that transforms various liquid crypto assets and RWAs into two core products: USDf - Overcollateralized synthetic USD stablecoin sUSDf - the yield token obtained by staking USDf Mechanism design USDf stablecoin mechanism Collateral assets: BTC, ETH, ETH-LST, large-cap altcoins, U.S. Treasury funds Dynamic Collateral Ratio: Adjusts OCR buffers based on volatility and liquidity KYC requirements: mandatory identity verification, positioning compliant DeFi Redemption Mechanism: 1 USDf ≈ $1 equivalent of accepted collateral sUSDf yield mechanism Base Yield: 8-12% APY historical range Income source: 44% basis trading + 34% arbitrage + 22% staking Instant withdrawal: No lock-up period limit Re-staking: Lock up for a fixed period to get higher yields Differentiation Overcollateralization + active management: Different from fiat currency support or delta hedging mode Native yield: sUSDf eliminates the need for external staking wrapping Compliance positioning: KYC requirements are easy for institutions to adopt Falcon Finance has established itself as an important player in the stablecoin track with its innovative mechanism design and strong growth momentum The next key test will be: (1) Maintain high yields in an unfavorable basis market (2) Prove anchoring stability in full crypto market declines (3) Execute multi-chain and RWA scaling plans without diluting risk management discipline