Many people call @ humafinance PayFi PayFi Including the airdrop share promised by Huma in collaboration with Kaito in recent days, it has greatly ignited everyone's attention to the PayFi track. But please first understand the differences between different types of projects on the PayFi track, and even I feel that these projects are not theoretically the same track. 👇 one ⃣ Payment projects that integrate encrypted assets with real consumption This is easy to understand, which means supporting users to complete traditional consumption in the real world through encrypted assets. For example, all U-card projects @ 0xinfini, bybit U-cards, bitget/morph U-cards, and so on The core of such projects still relies on attracting deposits, asset management, and transaction fees to make money, and the expectation of issuing coins is generally not strong. The core difficulty of such projects lies in the settlement and compliance issues of on chain assets and off chain banking systems in the payment process. two ⃣ Pure cryptocurrency payment Many people also use this, in fact, all CEX internal transfers binance Pay、OKX Pay。 Even all on chain stablecoin projects can be considered as part of this track. Because everyone's cryptocurrency transfer for the purpose of trading/payment is still mainly based on stablecoins. The core of such projects lies in the convenience of transferring funds between both parties and the construction of social scenarios based on this payment relationship. three ⃣@ Projects such as humility that profit from cross-border payment settlements In theory, it has nothing to do with ordinary payments and should be considered as part of the ceDeFi race. It relies on on on chain project fundraising, centralized operation, and even most of the funds need to be used for profit in off chain scenarios. This type of project should actually be considered on the same track as @ ethena_1abs, but their means of making profits after receiving funding are different. It really has nothing to do with Payfi itself.