First, I need to clarify my stance: I never buy into those "real returns" promotional tricks. In this field, too many projects package token inflation as a grand story, only for the truth to be exposed once the market cools down.

Recently, I looked into Falcon Finance mainly because it doesn't boast astronomical numbers or hype up a big story. Instead, it hits on a very critical, often overlooked point: who is actually paying for your profits?

The DeFi ecosystem isn't afraid of market fluctuations or technical difficulties; what it fears most is the source of the yields being unclear. Many projects dress up their operational logic with flashy terms like "market-neutral strategies" or "multi-asset portfolios," but when you ask who ultimately bears the cost, the answers are often vague: "We have a professional team, and our strategies are diverse..."

I've heard this kind of rhetoric many times. When the bear market hits and all assets decline together, and the original arbitrage opportunities vanish completely, you'll start to genuinely ask: where does this money come from? Who is backing it? Your entire scheme is just riding the market’s dividend, after all.

What Falcon is doing is somewhat like "dissecting" yields. Its sUSDf isn't just showing a series of APY figures; it aims to explain the source of the yields—specific market phenomena like funding rates and basis, which can be cross-verified. At the same time, it claims to distribute 100% to users, without mixing funds into pools or similar schemes.

Ultimately, my understanding is that its selling point isn't about "creating yields," but about "revealing yields." It may sound less flashy, but think about it from another angle—what do traditional big investors value most? Not the size of the number, but how clear the logic is. If you can clearly explain the source of your yields, that’s true competitiveness.