Lyric discussion by T-H Rice fo shiz 

Cover art for Daedalus lyrics by Thrice

I think this song is about finding balance in your life. When you take this "Leap of faith", in terms of a spiritual relationship with god, you have to find a balance between the earth and the heavens. (Yes, I am looking at this from a Christian point of view). You must "Keep a steady wing". Fly too low (or live of this earth), and you will drown. Fly too high (or act like you are above God), and the wax will melt, and you'll drown as well.

I think it's already known that Dustin writes lyrics that can be understood in different aspects of life, so I'm not saying I'm right, it's just my point of view on it.