<Huma Finance Delisting>No.19 preface: The greatest invention of Crypto is that it allows various institutions/entities involved in the complicated procedures of web2 to be represented in a token economy model in web3, which is more direct and without intermediaries. Recently, the Huma Payfi black box was criticized, which sparked my interest. I took a look at their economic model, which is very similar to the layered bond token economy model I designed for DeFi in 2022. However, their real yield source is payment finance, not the layered bond token model of my multi-layer DAO. I have previously discussed that although Payfi's core is cross-border payments, forfeiting/supply chain finance is also a part of Payfi. Ring, and it's quite important. The core must be to make revenue transparent and profits transparent Huma 2.0 Release: Real World Payfi Dividend Plate TL;DR *Users → Provide liquidity → Huma 2.0: Deposit funds to exchange for PST, enjoy stable USDC returns+Feathers rewards *Huma 2.0 → Payment Financing → Enterprise: User Funds Support Global Payment Settlement, Enterprise Payments Transaction Fees, Revenue Return *Enterprise → Revenue → User: Accumulated transaction fees generate double-digit annualized revenue, which feeds back to LP *User → Mode Selection (Classic/Maxi) → Revenue Strategy: Classic earns USDC, Maxi charges Feathers *User → Lock up duration → Feathers multiplier: The longer the lock up period, the higher the reward, up to a maximum of 25 times *User → PST → DeFi ecosystem: PST cyclically increases value on Jupiter/Kamino, amplifying profits *Release mode: Dividend disk core, left hand C-end users, right hand B-end users, transfer yield through DeFi flow pool+platform building, and use coin incentives to lock in hardworking retail investors ———— Project Core: What is Huma 2.0? Huma 2.0 is the core of PayFi, which uses stablecoins to provide liquidity for real-world payment scenarios such as cross-border transfers, credit card settlements, and trade financing, replacing the inefficient systems of traditional finance. A castle in the air that does not rely on issuing coins to pull market demand, but instead feeds back real transaction fees to liquidity providers (LPs) through on chain financing and off chain investment Technology nesting *Viewing from the perspective of liquidation: A simple dividend sharing perspective. However, excessive dividends do not come from the agreement, and more yield is obtained from paying the company's txn fees. Users invest funds in the pool at once and receive USDC returns on a periodic basis (10%+annualized), which is similar to morpho *Flywheel effect: Users save money → Enterprises use money → Generate expenses → Revenue flows back → Attract more users *Highlights Processed $3.7 billion in transactions, with an annualized revenue of $7.75 million, expected to exceed $10 billion in transaction volume and $30 million in revenue by 2025. Real name team in Silicon Valley, luxurious investment lineup (Circle, ParaFi, Solana Foundation) ———— Best participation posture 1. Mode selection: *Classic mode: preferred by the conservative faction, with 10%+USDC annualized returns (updated monthly)+basic Feathers, similar in age to morpho's USDC, but with an additional guaranteed airdrop *Maxi mode: Abandon USDC and focus on building Feathers (starting at 5x), with the option to airdrop towards HUMA 2. Lock up and increase: *No lock up: Run away at any time, with the lowest multiplier (Classic 1x, Maxi 5x). *3 months: Classic 3x，Maxi 15x， a middle course. *6 months: Classic 5x，Maxi 25x， Double kill of profits and points. 3. PST cycle: Deposit funds to obtain PST, exchange it for USDC or Kamino collateral loan on Jupiter, and then borrow on a revolving basis, but the risk is high There have been discussions before about similar Payfi logic, which essentially aims to reduce costs and increase efficiency. Payfi's payment finance financing mainly focuses on two points. One is the tokenization of orders, such as using USDT to obtain credit limits by mortgaging USDT, which can provide enterprises with more flexible financing solutions The second is the tokenization of financing, for example, one of Tether's businesses is to provide cross-border payments for bulk commodity transactions, reducing costs. Of course, this can also be utilized to improve traditional letters of credit/bank guarantees, and so on In addition to financing, it is the combination of the real yield of various DeFi finance and payfi, because payment finance essentially plays with the inflow and outflow of cash Summary of Sichuan peppercorn digestion Huma 2.0 is a realistic version of the red chip game, relying on real money from payment financing to support profits, not relying on buying and selling to deceive people. At present, it has generated a high revenue (over 7 million US dollars annually), and 100% of the stablecoin revenue given to users comes from the project's own business income. It is one of the few sustainable projects, and the logic of solving the problem is not difficult. I estimate that it will be difficult to integrate the real-world business expansion of the 2B end (Web2) with the on chain (Web3), and no one has thought about it before, so not many people can achieve the combination of payfi and defi Dov suddenly deposited 170000 yuan and fully used up the 20M credit limit for others, but it seems like I got some more today. I saved a few thousand u and played with it, so I took a quick dip