Huma Finance has rapidly expanded its market position in the PayFi sector since 2023. Notably, its permissionless lending service “Huma 2.0” based on Solana saw a significant deposit growth of 132.3% in the third quarter, attracting attention. Deposits reached $151.6 million, more than doubling compared to the second quarter.
Huma is a DeFi protocol that connects institutions and borrowers through decentralized smart contracts. It primarily offers lending and payment liquidity around USDC, converting the generated fees into revenue. Currently, it operates two main product lines: the permissioned “Huma Institutional” and the permissionless “Huma 2.0.”
The core of Huma 2.0 lies in two strategic modes. The classic mode offers an annualized 9% USDC yield and Huma Feather rewards, making it the most concentrated area for liquidity providers. The Maxi mode targets users seeking high token rewards rather than yield. Thanks to this clear reward design, deposits in the classic mode increased significantly by 403.9% in the third quarter compared to the previous quarter.
The surge in deposits is also attributed to partnerships. On September 24, Binance Wallet supported deposits in the classic mode, bringing in $30.7 million and setting a record for the highest single-day reward multiplier increase driven by growing demand. Additionally, at the end of September, Huma was selected as a liquidity provider for the cross-border payment network CPN operated by Circle, officially initiating integration with the regulated financial system.
Trading volume also showed remarkable growth. In the third quarter, Huma’s total protocol trading volume reached $1.7 billion, a 24.4% increase from $1.4 billion in the previous quarter. Loan issuance amounted to $860.6 million, also up 25.2% from previous data.
Staking demand is rising as well. As of September 30, approximately $9.1 million worth of 266.6 million HUMA tokens were staked. This accounts for about 16% of the circulating HUMA. The staking reward policies include increased voting rights, LP reward multipliers, and priority Airdrops for ecosystem partners.
According to Alea Research, Huma is evaluated as a user-friendly, regulation-friendly PayFi foundational DeFi platform on the Solana network that quickly builds practical use cases. Its stablecoin yield strategies and integration with multiple partner platforms are highlighted as differentiating features.
Despite strong business growth, its token price declined by 1.4% during the same period. Analysts believe this is due to liquidity expansion and initial market-making volatility. Huma plans to officially publish governance procedures by 2026 and continue improving its reward system for platform contributors.
Huma is simultaneously advancing multiple strategies, including Feather rewards, stablecoin yields, DeFi integration, and real-world payment linkage. Can this project achieve a cumulative trading volume exceeding $10 billion before 2026 and establish itself as a leading participant in the PayFi market?
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