Looking deeper into active wallet behavior, measured by Arrakis, AA-FalconX stands out for having the most persistent collateral usage in the group. Peak debt reached 29% of acquired notional, with 25% still outstanding today. That means roughly 86% of peak debt remains open, a strong signal of how durable leverage around AA-FalconX has been. Within the same dataset: + mF-ONE peaked at 42%, but only 8% remains outstanding. + syrupUSDC and syrupUSDT only reached around 3% and 1% at peak. Part of the reason may come from the infrastructure @paretocredit x @FalconXGlobal has built around the asset. + AA-FalconX has a @Morpho with up to 77% LTV, allowing LPs to use their credit position as collateral to borrow or deploy additional strategies. + The leverage also looks more strategy-driven than speculative, with players like @gauntlet_xyz and @3f_xyz improving capital efficiency around the asset. In other words, yield from the underlying credit is only the first layer. For a credit asset to become truly productive onchain, the ecosystem around it needs to create additional utility for holders through collateral, leverage, and composability.