For those who have been in the crypto space for a few years, they've definitely experienced this moment—suddenly feeling scared and thinking, "What if something goes wrong, who will cover the losses?"

A market crash isn't the scariest part. The scariest part is realizing that within the entire system, no one is actually bearing the risk.

How do most DeFi projects respond to this question? Either they dodge it or throw out a phrase like "code is law." It sounds hardcore, but in reality, it just means: if something goes wrong, it's your own bad luck.

This year, one project did something quite "heretical" in the crypto world—Falcon Finance directly took out $10 million, published it on-chain, and clearly stated: this is not just a slogan, this is real insurance.

Many people's first reaction is "another marketing stunt." But upon closer reflection, it doesn't add up.

Falcon's insurance fund isn't meant to protect your returns, nor is it meant to cover all risks. It is doing something more fundamental: shifting systemic risk from the users back onto the protocol itself. This is almost unheard of in DeFi.

Now, let's look at the normal state of DeFi: when smart contracts explode, users bear the losses. When liquidation mechanisms fail, users bear the losses. When liquidity suddenly dries up, users bear the losses. When a black swan event occurs, users still bear the losses. The project team at most just issues an apology.

During a bull market, this logic can still be tolerated. But once we enter a phase of stockpiling and competition, users' patience will grow thinner and thinner. That's also why more people are starting to pay attention to who truly dares to make commitments regarding risk.