Falcon Finance Enters Its Next Chapter with the Launch of FF Token

Today is a special day. Falcon Finance has launched the FF token, opening a new chapter in the evolution of its universal collateralization infrastructure for liquid assets. FF brings both governance and utility, giving holders a direct voice in key decisions while unlocking new benefits across the ecosystem.

Over the past eight months, Falcon Finance has grown to nearly $2B in total value locked (TVL), with $1.9B USDf in circulation. As of Sep 28, sUSDf earned the highest yield among all yield-bearing stablecoins with at least $500 million in total value locked (TVL), with a 7d APY of 9.64% and a 30d APY of 8.97%, consistently ahead of the others.

The FF token is set to become a central driver of value and participation within the Falcon Finance ecosystem.

• Governance: FF anchors Falcon Finance’s decision-making and incentive framework. Through this mechanism, token holders will play an active role in shaping Falcon Finance’s ecosystem and long-term growth trajectory.
• Staking & Participation: Staking FF (sFF holders) unlocks favorable economic terms, with yields distributed in USDf or FF, along with boosted APY on USDf and sUSDf staking. Stakers also earn additional rewards through the Falcon Miles Program. These benefits strengthen capital efficiency and encourage both active participation and long-term alignment with the ecosystem.
• Community Rewards: A dedicated portion of FF is reserved for community incentives, with eligibility determined by user engagement across the Falcon ecosystem. Minting, staking, and participation in DeFi protocols all contribute to reward qualification, ensuring distribution supports sustainable growth.
• Privileged Access: FF holders gain early access to upcoming products and features, including delta-neutral yield vaults and structured minting pathways.

The tokenomics of FF are designed to balance immediate liquidity with sustainable growth. The maximum supply is capped at 10 billion tokens, with around 2.34 billion (23.4% of the total) circulating at the Token Generation Event (TGE). This allocation provides sufficient liquidity for the market while preserving future value through structured vesting for investors, contributors, and ecosystem reserves. For the full breakdown, see our FF Tokenomics post.

In recognition of the role of early contributors, a portion of the FF supply is dedicated to community rewards. Initiatives like Falcon Miles and Yap2Fly laid the groundwork for USDf adoption, rewarding users who actively engaged across the Falcon ecosystem. These programs, together with upcoming reward initiatives, reflect Falcon’s commitment to sharing growth with its most dedicated participants.

FF Claims and Miles Boosts

FF claims open today and will remain open until 28 December 2025 at 12:00 UTC. Claims not made within this period will be forfeited.

The token claim consists of three categories: Falcon Miles, Kaito Stakers, and the top 200 Yap2Fly rankers. For a detailed guide on token claims distribution, please refer to our GitBook here.

Falcon Miles Season 2 Starts

Falcon Miles Season 2 begins alongside the opening of FF claims. This season introduces new ways for participants to amplify their rewards. 

Immediate Stake Bonus for Token Claims from Falcon Miles

Staking during the claims process is available only for the Falcon Miles category. By doing so, users unlock a boost that applies across all Season 2 Miles tasks, along with enhanced staking multipliers.

• Staking at least 50% of your claimable FF provides a 10% boost (1.1×).
  Example: If you accumulate 10,000 Miles in Season 2, the boost increases the total to 11,000 Miles.
• Staking at least 80% of your claimable FF provides a 25% boost (1.25×).
  Example: If you accumulate 10,000 Miles in Season 2, the boost increases the total to 12,500 Miles.

Claims from Kaito staking and the Yap2Fly category must be claimed separately and cannot be staked during the claim process.

Staking Multipliers

Staking FF converts it into sFF, which earns boosted Miles daily.

• During the first seven days, staked sFF earns a 160× Miles multiplier.
• After the first seven days, the multiplier adjusts to 80× Miles.

Please note that the eligibility for the boosted multipliers requires staking to be executed as part of the claims transaction. The claim and stake must occur together in a single transaction. Any staking performed separately after the claim will not qualify for the 1.1× or 1.25× bonus Miles.

More details on other Miles rewards will be shared at a later date.

Looking Ahead

The launch of FF marks Falcon Finance’s transition from protocol to ecosystem. Next on the roadmap are expanded fiat rails, physical gold redemption, and a broader range of collateral for minting USDf, including tokenized assets such as T-bills and corporate bonds supported by a dedicated RWA engine.

FF holders now join us in guiding this next phase, ensuring that community, contributors, and institutions move forward together. With trust and resilience becoming essential for both users and institutions, Falcon is building a framework where capital efficiency and sustainable growth reinforce one another, securing lasting confidence in USDf and the wider ecosystem.