Falcon's TGE is happening today, right after completing its public sale on BuildPad. I checked some data to compare the current yields of a few strategy-based stablecoins. @FalconStable USDf has the highest yield at the moment. For now, the yield on pure treasury-backed stablecoins will definitely keep dropping since we’re in a rate-cutting cycle. Currently, the pre-market price is 0.25, corresponding to a $2.5B FDV. Meanwhile, the leader ENA has an $8.5B FDV, but its circulating supply has reached $39B. The pre-market valuation seems pretty reasonable. USDf’s circulating supply is already second only to USDE. Plus, FF’s circulation ratio is much lower than ENA’s. The only regret is that the witch ratio on BuildPad was pretty high, so I didn’t get much. With FF officially launching, the market is about to enter a new game-theory window. In the short term, there’s room for valuation recovery, and in the mid-term, we’ll see sustained growth in TVL and yields. FF has already been listed on Upbit and Bithumb, two major Korean exchanges. Keep a close eye on this wave!