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Honestly, my perspective on Falcon has completely changed. Initially, I analyzed it as a leverage protocol, but now I realize that this positioning is far from accurate—it is essentially a risk routing system. This difference may seem subtle, but the impact is significant: leverage is just an optional feature, whereas risk routing is the infrastructure.
The moment that triggered me to rethink was this: if you look at most DeFi systems, risk is concentrated at the edges. Liquidation bots, panicked users, liquidity shortages, transaction delays—these issues usually erupt on the periphery of the system. Falcon does something different; it tries to forcibly pull these chaotic elements inward, forcing them to be handled through core mechanisms…