Author: Wenser, Odaily Planet Daily

Recently, Huma.Finance, which focuses on the concept of "PayFi network protocol," has attracted significant market attention due to disputes between team members and KOLs, reigniting the heated discussion on "the importance of education in the crypto space." Combined with the launch of its Huma 2.0 system on the Solana network on April 10 and the tariff trade war initiated by the Trump administration, the PayFi sector is gaining renewed interest.

In light of this, Odaily Planet Daily will provide a brief introduction to Huma and discuss whether it carries the risk of a blow-up similar to past P2P projects.

Exploring Huma: A New Star in the Solana Ecosystem PayFi

It is worth mentioning that Huma is not a "native project" of the Solana ecosystem but expanded from the Ethereum ecosystem to the Solana network last November.

In February 2023, Huma completed a $8.3 million financing round led by Race Capital and Distributed Global, with participation from ParaFi, Circle Ventures, Robot Ventures, and others. At that time, the project was positioned as a DeFi lending protocol.

In September 2024, following its merger with the cross-border payment platform Arf in April, Huma announced the completion of a $38 million financing round (including $10 million in equity investment and $28 million in revenue-generating RWA), led by initial investor Distributed Global, with participation from Hashkey Capital, Folius Ventures, Stellar Development Foundation, and TIBAS Ventures, the venture capital arm of Turkey's largest private bank, İşbank. At that time, the project was positioned as an RWA platform.

It was not until the completion of its ecosystem expansion in November that Huma officially positioned itself as the "first PayFi network."

Huma official website interface

According to official data from the Huma platform, its total trading volume currently exceeds $3.9 billion, total revenue is approximately $3.2 million, and the number of platform points earned (Feather) is around 21.54 million; active liquidity assets are approximately $74.769 million, PayFi assets are about $67.547 million; liquidity assets are around $7.217 million. Additionally, according to Dune data, the average annualized return on the Huma platform is about 14.3%, even higher than the stable return rate of 10.5% provided on the official website; the number of depositors is around 15,000.

https://app.huma.finance/dataRoom

Moreover, regarding the annualized income that users are most concerned about, Dune data shows that Huma's platform annualized income has been gradually increasing since October last year, reaching as high as $8.536 million in March 2025. The total deposits for Huma 2.0, which has been online for less than a week, have already exceeded $12.21 million.

Dune data

According to previous media reports, Huma uses blockchain technology to provide payment financing (or "on-demand liquidity") for use cases such as remittances, credit cards supported by digital assets, trade financing, global payments T+0 solutions, and DePIN financing, aiming to address inefficiencies in the traditional financial system. This aspect of the business is mainly conducted through Arf, which, as of April 15, has accumulated a credit limit of $1.992 billion; the total repayment amount is approximately $1.95 billion; and the capital turnover multiple is about 4.31 times.

According to institutional information provided by the official, Huma currently has three liquidity pools for cross-border payment financing activities, all of which are fully subscribed, with yields above 11.5%.

In terms of DePIN financing, Huma previously launched a Roam router loan purchase plan in collaboration with Roam, where users pay a 30% down payment, and the remaining funds are provided as a loan by Huma. Users will repay the loan through subsequent airdrops and mining rewards, and once the loan is settled, the device's earnings belong to the user.

In January 2025, according to third-party information, Huma will launch the HUMA token on the Jupiter LFG Launchpad, with the expected voting time in May.

Tentative voting time is in May

After introducing the project, the current participation method for ordinary users mainly involves earning platform yield returns and Feather point rewards through deposits. If users want to maximize the latter, they can choose the Maxi mode in Huma 2.0; if they want to balance both, they can opt for the Classic mode. The invitation link can be found here.

A more pressing question for many is—does Huma carry the risk of a blow-up similar to traditional internet P2P projects?

Does Huma Have P2P Blow-Up Risk? Yes, but Not Completely

According to the PayFi strategy memorandum provided by Huma, the platform actively discloses a series of risk factors, including:

• Credit and default risk;
• PayFi product liquidity risk;
• Fraud and misrepresentation risk;
• Concentration risk;
• Guarantee execution risk;
• Pre-financing execution risk;
• Regulatory and legal risk;
• Macroeconomic and market risk;
• And risks related to company operations, technology, and blockchain.

Huma official document information

Additionally, Huma has provided relevant time and amount restrictions for the user redemption process.

With such a clear and specific attitude towards risk, does Huma really face the risk of a blow-up? Currently, the likelihood seems low. The main reasons are as follows:

• From the existing business model, Huma's commercial model leans more towards connecting enterprises and institutional investors and their liquidity, opening up a token incentive deposit function that does not require KYC/KYB for individuals.
• In terms of its underlying assets and risk control mechanisms, Huma uses RWA assets (such as cash-collateralized bonds issued by Arf Capital) rather than high-risk P2P unsecured personal loans for business settlement. The layered structure of Arf's liquidity pool and the platform's coverage of first-loss mechanisms also reduce the default risk of lending funds, making liquidity management more flexible (with lock-up periods of either on-demand or 3 months, 6 months).
• From the specific functional aspect of the platform, Huma's PayFi network does have P2P elements, as it primarily connects borrowers and investors through the blockchain network, providing financing based on future income or receivables; however, its focus is on payment financing and RWA tokenization, involving institutional capital and complex financial structures (such as SPV tokenization, structured financing), which differ significantly from the individual-to-individual model in traditional P2P lending.
• In terms of credit endorsement and investment institutions, Huma has received support from a series of well-known investment and financial institutions, including Distributed Global and Hashkey, which also somewhat reduces the possibility of fraud in the project. It is worth mentioning that Huma has not launched platform operations in certain countries and regions (such as the crypto-sensitive areas of China and the United States).

Therefore, at this stage, Huma resembles a hybrid business model—it possesses certain P2P business characteristics but primarily relies on providing cross-border payment financing to generate real income, and on this basis, it expands the PayFi landscape within the Solana ecosystem, bringing in partners like Jupiter, Kamino, and RateX (the latter two are currently not open) to explore the potential of the DeFi ecosystem.

https://app.huma.finance/PST

In the future, users should focus on the following key points:

• Monitor the operational status of the Arf liquidity pool: https://institutional.huma.finance/
• Keep an eye on Huma's Dune data dashboard for related liquidity changes: https://dune.com/huma-finance/huma-overview
• Pay attention to Huma's official further clarifications on the transparency of income sources—Huma co-founder Richard Liu: https://x.com/DrPayFi

In the short term, Huma has achieved high annualized returns and protocol income through short turnover cycles and efficient liquidity, and it aims to reach a transaction volume of $10 billion this year through the Arf cross-border payment platform; in the long term, it still depends on Huma's ability to achieve stable returns in stablecoin settlement cards, trade financing, DePIN project financing, and RWA asset tokenization.

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