Falcon USD (USDF), decentralized finance (DEFI) protocol dropped by Falcon Finance on Tuesday amid growing concerns over a synthetic overcolate stabelcoin, liquidity and increasing concerns over their intended $ 1 PEG amid growing concerns over liquidity and collateral quality.
Coinmarketcap data Show That Falcon fell as $ 0.9783 on the morning of the USD (USDF) TUEDAY. The drop conducted a fresh investigation from the DEFI community, some industry supervisors questioned the support and governance of the tokens.
The founder of Obachevich Research, Alex Obachevich, told Cointeletgraph that he is “concerned about the situation”, saying that rumors of collateral quality issues have reduced investor’s trust.
In contrast to fiat-supported stabecoin like USDC (USDC) Or USDT (USDT), Falcon USD is not underestimated by US dollar deposits in bank accounts and instead it is mined, including unstable cryptocurrency, by locking digital assets.
Blockchain Data Explorer Parasec Informed Onchain liquidity for USDF has declined. Parcech data Indicates This liquidity is $ 5.51 million at the time of writing.
“Blockchain data shows a sharp decline in liquidity, which only adds to nervousness,” Obchekwich said citing parasek data.
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Falcon USD issues responds
Andrei Granchev, both managing partner in Falcon Finance Mentor DWF Labs and StableCoin Issuer released a long x Post Answer the allegations. He claimed that Stabelin and Bitcoin (BTC)) 89% of the collateral (about $ 565 million), which contains altcoins with only 11% (about $ 67.5 million).
Granchev also claimed that the USDF exceeds 116%. To manage the risk, Falcon Finance only employs market-plate strategies for revenue creation, with no directional trade and “every minted USDF must be supported by a stable coin or handed position that represents the dollar value and there is no directional risk,” Grachev claimed.
He said that the PEG of USDF is maintained systematically by traders. If the price of StableCoin exceeds $ 1, traders can mint and sell it, while traders can buy it and roast it if it is below $ 1.
DWF Labs did not respond to cointelegraph’s request to comment by publication.
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Community challenges claims of Falcon
Obchakevich told cointelegraph that the post raises many questions. For example, he disputes claims that “there is no option” as “highly optimistic” and “marketing ploy” for “Falcon Finance”. He said: said:
“Contestants such as DAI or USDC have large reserves and well -established places with a comprehensive user base.”
Others were less diplomat. Pseudo -name developer 0xlaw, which manages the produce farming protocol stream finance, accused Falcon Finance of the holding is called the USDF “A scam” in a post on the “bad date” and a post on X.
According to 0xlaw, the USDF is reportedly supported by Illiquid assets, including large reserves of move tokens of movement network. Coinbase suspended Kadam Trading in MayCiting non -renovation with listing standards.
A separate risk evaluation from Defi Research Group Llalarisk, Published In late May, raised additional red flags. The report states that “the Falcon team has unilateral right over the operation management of the reserved property.” The report also claimed that it is possible:
“Use of Dolo as a collateral, mining up to USD 50,000,000, which exceeds Dolo’s market capitalization.”
The report also had concerns over the missing revelations, including the lack of full reserve asset breakdown and an inaccessible insurance fund.
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