### Huma Finance (HUMA) In-Depth Research Report

1. Project Introduction and Core Value (PayFi)

Huma Finance is an innovative payment finance (PayFi) protocol aimed at addressing the inefficiencies and high costs of traditional cross-border payments. Its core value lies in putting real-world assets (RWA) such as accounts receivable on the blockchain, providing enterprises with instant stablecoin liquidity. As a Binance Launchpool project, Huma is deeply integrated into the Binance ecosystem, establishing its key position in the market through deployment on the BNB chain and receiving liquidity and promotional support from Binance.

2. Token Economic Model Analysis

The total supply of $HUMA tokens is 10 billion, with a distribution plan focused on ecological incentives (31%) and long-term development. The core highlight of its economic model is the value capture mechanism:

> The protocol uses 50% of borrowing fees to repurchase and permanently destroy $HUMA tokens from the secondary market.

This design creates a strong deflationary model, directly linking the protocol's business growth to the scarcity of the token, thereby creating value for long-term holders.

3. Team and Partner Strength

The project team has a strong background, with core members from top global technology and fintech companies such as Facebook, Google, and Earnin, possessing rich experience in product design and market expansion. The partnership roster is powerful, having received investments and strategic support from well-known institutions such as Circle, Solana Foundation, Galaxy Digital, and Stellar Development Foundation.

4. Market Outlook and Summary of Potential Risks

Huma precisely targets the trillion-dollar cross-border payment and RWA market, with enormous market potential. As a key project in the Binance ecosystem, it enjoys significant first-mover advantages and traffic support. However, the project also faces potential risks:

* Credit Risk: Underlying real-world assets may default.

* Macro Risk: Global economic fluctuations may affect enterprises' repayment abilities.

* Regulatory Risk: Regulatory policies regarding DeFi and RWA in various countries remain unclear, presenting uncertainties.