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Falcon USD (USDF), synthetic excessively modest stablecoin issued by decentralized financing financing (defi) Falcon Finance, fell on Tuesday for the intended Peg of $ 1 at growing concerns about liquidity and collateral quality.
Data Coinmarketcap show This Falcon USD (USDF) dropped to teday in the morning up to $ 0.9783. The drop caused fresh control from the Defi community, with some industrial observers questioning the token mat and management.
The founder of the company Alex Obchakevich said Caintelegraph that he was “concerned about the situation”, adding that rumors about the quality of the quality of the collateral undercut the confidence of investors.
Unlike stablekoin supported by Fiat, such as USDC (USDCor USDT (USDT);
Blockchain Data Explorer PARSEC reported to X that onchain liquidity for USDF has dropped. PARSEC data indicates This liquidity at the time of writing is $ 5.51 million.
“Blockchain data shows a sharp decline in liquidity, which only increases panic,” said the shopping, quoting data Parsec.
Related: How and why Stablecoins Depeg?
USD issuer Falcon matches
Andrei Grachev, Managing Partner at Falcon Finance supporter DWF laboratories and the Imiter of Stablecoin published a lengthy x post React to accusations. He claimed that Stablecoins and Bitcoin (BTC) include 89% (about $ 565 million) collateral, with only about 11% (about $ 67.5 million) are altcoins.
Grachev also claimed that the USDF was excessively hidden at 116%. For risk management, Falcon funds use only market strategies to generate income without directional trading and “Each mined USDF must be supported by a stable coin or a secured position that represents the value of the dollar and has no directional risks,” Grachev said.
He added that the USDF Peg is organically maintained by traders. If the price of stablecoin exceeds $ 1, traders can coin and sell it if traders are below $ 1, they can buy and apply it.
DWF Labs did not respond to the request of Caintelegraph by a comment by publishing.
Related: What happened to Susd? How crypto-alatected Stablecoin Degged
Community challenges the claims of Falcon
The municipality told Cointlegraph that the post raises many questions. For example, it challenges that “there is no alternative” for Falcon Finance as “too optimistic” and “marketing trick”. He said:
“Competitors like Dai or USDC have established positions with larger reserves and a wider user base.”
Others were less diplomatic. Pseudonymous developer 0xlaw, which manages funds for a farmer’s protocol, defendant Falcon Finance to hold “tens of millions of dollars in bad debt” and call the USDF “fraud” in the post on X.
According to 0xlaw, USDF is reportedly supported by non -visible assets, including large reserves of Movement Network. Coinbase suspended trading in Mayciting mismatch with statement standards.
A separate assessment of risks from the Defi Research LlamiRask Group, Published At the end of May he increased other red flags. The report stated that “Falcon team has a unilateral power over the operational proceedings of reserve assets.” The message also demanded possible excessive release:
“The use of a minimum as a collateral can be advised up to 50,000,000 USDF, which exceeds the market capitalization of Dolo.”
The report also indicated concerns about the missing publication, including a lack of assets of assets full of reserve and inaccessible insurance fund.
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