As traditional government bond yields continue to decline, a battle over "secure returns" is unfolding in the crypto world.

The numbers are straightforward: tokenized US Treasuries on the chain can offer an annualized yield of 3-4%, while DeFi protocols like Falcon Finance can achieve 8.48% or even over 20% through portfolio strategies. The gap is significant, but behind this lies a clash between two completely different financial logics.

One side aims to bring the safe haven of traditional finance onto the blockchain, while the other tries to redefine what "stable returns" mean on-chain.

In traditional finance, the "risk-free rate" is essentially the US Treasury — government-backed, as stable as an old dog. But when this concept moves into the decentralized world, its meaning begins to blur.

Market data from January shows that yields on 10-year and 30-year US Treasuries have been steadily declining, prompting funds to look elsewhere. Platforms like Ondo tokenize US Treasuries, offering annual yields of 3-4%, attracting conservative investors seeking stability.

But fundamentally, this is still the digitization of traditional financial products.

DeFi natives have different ideas: since blockchain has built a brand new financial system, why replicate traditional definitions? In the world of smart contracts and on-chain protocols, shouldn't "risk-free" have a new standard of measurement?

The answer to this question determines the value logic of protocols like Falcon — they are not copying traditional finance but creating a new species. Behind the yield gap lies a rethinking of "risk" and "safety."