Chainfeeds Introduction:
Transaction volume of nearly $4 billion, financing of over $46 million... But are the risks of collapse high?
Article Source:
https://www.odaily.news/post/5203012
Article Author:
Odaily
Perspective:
Odaily: According to Huma platform's official data, its total transaction volume currently exceeds $3.9 billion, with total revenue of approximately $3.2 million, and platform points Feather earning around 21.54 million; active liquidity assets are about $74.769 million, PayFi assets are approximately $67.547 million; liquidity assets are around $7.217 million. According to Dune data, Huma platform's average annual yield is about 14.3%, even higher than the stable yield rate of 10.5% provided on the official website; the number of depositors is around 15,000. Additionally, regarding users' most concerned annual income, Dune data shows that Huma's platform annual income has been gradually increasing since last October, reaching $8.536 million in March 2025. Huma 2.0, which has been online for less than a week, has already accumulated deposits exceeding $12.21 million. Based on the information from Huma's official PayFi strategy memorandum, Huma has proactively disclosed a series of risk factors, including: credit and default risks; PayFi product liquidity risks; fraud and misrepresentation risks; concentration risks; collateral execution risks; pre-financing execution risks; regulatory and legal risks; macroeconomic and market risks; as well as risks related to company operations, technology, and blockchain layers. Furthermore, Huma has made specific time and amount restrictions on the user redemption process. With such a clear and specific attitude towards risks, does Huma really have a high risk of collapse? Currently, the possibility seems low. The main reasons are as follows: From the existing business model, Huma's approach is more inclined towards connecting enterprises and institutional investors and their fund liquidity, while opening up token-incentivized deposits without KYC/KYB for individuals. Looking at its underlying assets and risk control mechanisms, Huma uses RWA assets (such as cash-collateralized bonds issued by Arf Capital) instead of high-risk P2P unsecured personal loans for business settlement. Arf's liquidity pool's layered structure and the platform's coverage of first-loss mechanisms also reduce the default risk of fund lending, with more flexible liquidity management (lock-up periods are on-demand or 3, 6 months). From the platform's specific functional aspects, Huma's PayFi network indeed has P2P elements, as it primarily connects borrowers and investors through blockchain networks, providing financing based on future income or accounts receivable. 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 traditional P2P lending's person-to-person model. From credit endorsement and investment institutions, Huma is supported by a series of well-known investment institutions and financial institutions, including Distributed Global, Hashkey, which to some extent reduces the project's fraud potential. It's worth noting that Huma has not launched platform business in some countries and regions (such as crypto-sensitive areas like China and the US). Therefore, at this stage, Huma is more like a hybrid business model - possessing certain P2P business characteristics, but primarily generating real yield by providing cross-border payment financing, and on this basis, expanding its PayFi territory in the Solana ecosystem, introducing partners like Jupiter, Kamino, RateX (the latter two are currently not yet open) to explore the potential of the DeFi ecosystem.
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