Falcon Finance deploys deposited collateral into delta-neutral trading strategies (funding rate arbitrage, cross-exchange arbitrage, options, statistical arbitrage) to generate yield for sUSDf holders.

Falcon Finance is a synthetic dollar protocol that issues USDf, an overcollateralized stablecoin backed by collateral managed through delta-neutral hedging strategies. Users stake USDf into sUSDf to earn yield.

Falcon Finance team, founded by Andrei Grachev (co-founder of DWF Labs). Investors include DWF Labs, World Liberty Financial, M2, Monarq.

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Falcon Finance

# Falcon Finance Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that perform revenue-generating transactions with Falcon Finance. This metric focuses on the core protocol activities of issuing and redeeming the Falcon USD stablecoin. By tracking the unique participants involved in minting and burning operations, the metric provides insight into the monthly demand and utility of the protocol's primary asset.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events for Falcon USD on Ethereum

## 3. Step-by-step calculation

### Component A: Falcon USD mint activity tracking

- **Purpose**: Identifies unique addresses depositing assets to the protocol to receive newly issued stablecoins.
- **Logic**: ERC-20 `Transfer` events for Falcon USD are parsed to identify minting operations. These are defined as transfers where the sender is the null address. The recipient addresses from these transactions are classified as active depositors and included in the user set.
- **Key fields**: `to_address` (user identification), `from_address` (null address filter), `token_address` (asset identification).

### Component B: Falcon USD redemption activity tracking

- **Purpose**: Identifies unique addresses returning stablecoins to the protocol for redemption.
- **Logic**: ERC-20 `Transfer` events for Falcon USD are parsed to identify burning operations. These are defined as transfers where the recipient is either the null address or the designated dead address. The sender addresses from these transactions are classified as active withdrawers and included in the user set.
- **Key fields**: `from_address` (user identification), `to_address` (null/dead address filter), `token_address` (asset identification).

### Monthly aggregation

- **Purpose**: Produces the final count of unique monthly participants across all protocol interactions.
- **Logic**: Addresses identified in the minting and redemption components are combined into a unified dataset. Distinct addresses are counted over a 30-day rolling window using UTC day boundaries. This ensures that an address performing multiple transactions or interacting with multiple protocol functions is only counted once per 30-day window.
- **Key fields**: `block_timestamp` (timing), `user_address` (deduplication).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique revenue-generating users over a rolling 30-day window.

Falcon FinanceFF

Active users (monthly)

Active users (monthly)

Competitive landscape

Chain breakdown