Author: K2 Kai; Source: X, @kaikaibtc. Whether it's the card-drawing economy that swept the world last month or the cryptocurrency and stock stories hyped on Wall Street, they're essentially pursuing the same path: connecting Web3 with the real world and bringing real value "on-chain." Only when crypto assets truly carry real assets can they evolve from a speculative platform to the foundation of finance. At the inflection point where RWAs have become a new industry consensus, Falcon Finance, the first universal overcollateralization protocol, is accelerating its arrival with its synthetic USDf. On September 29th, they launched their governance token, $FF, and simultaneously listed it on major exchanges like Binance, KuCoin, Bitget, and MEXC. A closer look at its mechanisms and strategy reveals many key highlights. 1. Overcollateralized Infrastructure Unlike traditional projects, $FF Falcon Finance is not a single-collateralization protocol, but rather a multi-asset collateralization system: you can use BTC, ETH, stablecoins, and even future RWA assets to mint USDf, which is pegged 1:1 to the US dollar. USDf is a synthetic dollar, and its underlying logic implies long-term value. 2. The Matthew Effect: The Strong Get Stronger In terms of funding volume, Falcon received an exclusive $10 million investment from WLFI. WLFI's compliant stablecoin, USD1, has been incorporated into Falcon's collateral pool for minting USDF. This not only improves the collateral system but, more importantly, allows it to access more mainstream resources. Simply put, it's the Matthew effect: the strong get stronger. 3. A New King in the RWA Sector Arrives Falcon's current circulating market capitalization is only $1.89B/FDV, far lower than similar projects like Resolv (2.07) and Sky (2.5). In other words, $FF's current valuation remains significantly low, with ample room for upward growth. In terms of yield, Falcon offers an annualized return of 9.85% for its synthetic USDF, significantly exceeding the market average. The combination of low market capitalization and high yield makes $FF both growth-oriented and attractive. Finally, regarding token distribution, the total supply of $FF tokens is 10 billion: 35% allocated to the ecosystem, 32.2% to the foundation, 20% to the core team and early contributors, 8.3% for community airdrops and Launchpad sales, and 4.5% to investors. For crypto finance to truly mature, it must move beyond narrative and instead integrate real-world assets onto the blockchain. Falcon Finance's approach is realizing this ideal: making real-world assets like the US dollar, gold, bonds, and Treasury bills the carriers of on-chain liquidity. With $FF now live, it deserves everyone's close attention. It's likely to become the next major catalyst this quarter and even Q4. Meanwhile, Miles Season 2 has launched, and the community still has plenty of opportunities to participate. Completing tasks will continue to earn rewards, and the incentive mechanism remains in place. I just saw the official website's announcement about the lockup, and my first reaction is that it's positive news. Whether it's a burn unlock or a linear release, it will reduce airdrop selling pressure and provide stronger support for the price. Furthermore, $FF has officially announced that it will be listed on two major Korean exchanges, Upbit and Bithumb, so keep an eye on them in the coming days.