Early stage: Primarily crypto natives
At the initial launch in Q2 2025, users were primarily seasoned DeFi players, accounting for 78%, with core needs focused on the high yields of sUSDf and speculative price increase expectations for FF tokens. During this stage, the average holding of FF tokens reached 500,000, with high trading frequency, and the 24-hour turnover rate once exceeded 20%. The Buidlpad community's sale attracted users from 141 countries, 60% of whom came from the mature crypto ecosystems of North America and Europe.
Mid-term: Traditional investors are pouring in
Trust restoration and ecological landing after the plunge of FF tokens attracts traditional investors: Among new users in Q4 2025, 35% are traditional financial users who are encountering crypto assets for the first time, with a core demand for the stability of USDf and its gold redemption function. Among gold redemption users in the UAE market, 40% are jewelers and precious metal investors, using USDf as a convenient medium for gold transactions. At this stage, user holdings are more diversified, with the average holding of FF tokens dropping to below 100,000.
Future: Institutional clients become the main force
The 2026 roadmap focuses on institutional services, and the client structure will further evolve: it is expected that the proportion of institutional clients will increase from 18% to 40%. Core needs include RWA asset tokenization, compliance liquidity management, and more. Individual users will show a trend of 'professionalization,' with more users participating in governance through staking FF or engaging in stable financial management through sUSDf. The evolution of the client base reflects the transition of the ecosystem from 'speculation-driven' to 'value-driven,' laying the foundation for long-term development.
#falconfinanc @Falcon Finance $FF
