Tonight, Binance and OKX will simultaneously launch Huma Finance ($HUMA), a deep analysis of the token model and the opening price game.

Written by: Lawrence

On the evening of May 26, 2025, the cryptocurrency market witnessed the most关注的 token issuance event of the year—Huma Finance (HUMA) officially launched on the two major exchanges, Binance and OKX, and simultaneously opened liquidity mining for BNB, FDUSD, and USDC. As the first Solana ecosystem protocol to bridge real-world assets (RWA) with cross-border payment scenarios, HUMA set a new record for the RWA track with an on-chain TVL (Total Value Locked) of $104 million, and its token model design has sparked deep strategic games among institutional investors.

Data shows that HUMA has achieved three key indicators prior to its listing:

Financing Scale: A total of $46.3 million has been completed over two rounds of financing, with participants including Distributed Global, Circle Ventures, and other compliant capital.

On-chain verification: Forming a technical stack linkage with protocols like Jupiter and Arf, handling over $67 million in accounts receivable financing with zero defaults;

Market expectations: The futures OTC market quotes a premium of 270% over the private placement round (0.0075U → 0.028U), and a liquidity battle is about to break out.

Against the backdrop of the traditional SWIFT system processing an average of $60 trillion in cross-border payments daily and DeFi protocols having an average bad debt rate of over 5%, HUMA attempts to restructure the efficiency of global capital flow through blockchain technology. This article will analyze the capital logic behind this "PayFi chain reform experiment" from three dimensions: token release curve, value capture model, and multi-exchange game strategy.

1. Token Economics: Precise Design of High Lockup and Dynamic Release

As the 70th project on Binance Launchpool, Huma Finance ($HUMA) features a token model that presents a dual-track characteristic of "high initial circulation + long unlocking period," aiming to alleviate selling pressure upon listing while reserving ammunition for the long-term development of the ecosystem.

1. Allocation Structure and Initial Circulation

According to official disclosures, the total supply of $HUMA is 10 billion pieces, with an initial circulation of 17.33% (approximately 1.733 billion pieces), with specific distribution as follows.

Initial Airdrop (5%): Targeting early users and ecosystem contributors, of which 65% is allocated to liquidity providers (LP), 25% to partners, and 10% for community incentives.

Binance Launchpool (2.5%): Mining release through staking BNB, FDUSD, and USDC, accounting for 14.4% of the initial circulation.

Market makers and on-chain liquidity (4%): Ensuring trading depth, part of which is used for building liquidity pools on platforms such as OKX and Binance.

Treasury (1%): Unlocked at TGE, used as an emergency reserve.

Compared to other recent new coins on Binance, Huma's initial circulation ratio is significantly higher than NXPC (16.9%) and SIGN (12%), but the core chips are still long-term locked — the team and advisors (19.3%), and investors (20.6%) need to undergo a 12-month lock-up before being released linearly over 36 months.

This design compresses the actual circulation during the initial market launch to about 1 billion pieces (including airdrops, exchange liquidity, and market maker portions), and in the short term, the supply and demand relationship may lean towards a seller's market.

2. Unlocking Rhythm and Predicting Selling Pressure

The dynamic release mechanism of the project reflects three key strategies:

Ecological Incentive Quarterly Decrease: 31% of the tokens for LPs and partners adopt a quarterly decreasing model, with 40% of this portion released in the first year, and a subsequent decrease of 7% each quarter, creating deflationary expectations.

Pre-sale investor lock-up buffer: 200 million pre-sale tokens (accounting for 2% of the total) need to be locked for 3 months, with the first large-scale unlock window opening in August 2025, which may trigger a short-term price correction.

Protocol Treasury Long-Term Reserve: The remaining 10.1% of treasury tokens will be released over 8 quarters to ensure a continuous flow of funds for ecological construction.

From the timeline perspective, Q2 2026 will be a key juncture — tokens for the team and institutional investors will begin to unlock, with an expected monthly increase in circulation of about 120 million tokens (accounting for 1.2% of the total), necessitating caution against liquidity shocks.

2. Value Capture: The Three Major Revenue Engines of the PayFi Ecosystem

Huma Finance has transformed from a lending protocol to a PayFi (Payment Finance) infrastructure, with its token value anchored to the efficiency improvement and revenue-sharing mechanism of real-world assets on-chain (RWA).

1. On-chain conversion of real asset liquidity

As a leading protocol with over 40% of the TVL in the Solana ecosystem.

Huma has been realized:

Accounts Receivable Financing: Tokenizing corporate accounts receivable through an SPV structure, with over $67 million in on-chain financing processed, and a default rate of 0%.

Cross-border payment network: Launched the T-0 real-time settlement solution after merging with Arf, supporting multi-currency exchanges such as USD and EUR, with a daily processing volume exceeding 50 million USD.

This ability to connect the $30 trillion PayFi market to the blockchain makes it a key hub in the RWA sector.

2. Diversified Design of Revenue Sources

The value capture of $HUMA is reflected in three aspects:

Protocol Fee: A trading fee of 0.15%-0.3% is charged, with a monthly revenue of 4.09 million USD in April 2024.

Interest Rate Arbitrage: In cross-border trade scenarios, match the supply and demand of funds to earn an interest rate spread of 3%-8%, with an annual return of approximately 14 million USD.

Staking Derivatives: Plans to launch Profit Sharing Tokens (PST), allowing users to re-securitize staking rewards for trading, expanding capital efficiency.

3. Ecological Synergy Effect

Jupiter Traffic Boost: Leveraging Jupiter's 400,000 monthly active users, Huma can quickly acquire B-end and C-end users for on-chain payment scenarios.

Multi-chain compatibility: High-performance chains such as Solana and Stellar have been deployed, and plans for future compatibility with Ethereum and Polygon will enhance asset interoperability.

3. Valuation deduction: from fundraising cost to track benchmarking

4. Cost Anchoring and Discount Space

According to the financing history, the valuation of $HUMA shows a stepwise increase:

Seed Round: Completed $8.3 million financing in February 2023, valuation undisclosed, but based on similar Solana ecosystem projects during the same period, estimated to be around $50 million.

Round A: Financing of 38 million dollars at a unit price of 0.025 dollars in September 2024, corresponding to an FDV of 250 million dollars.

Pre-sale round: 200 million tokens will be sold at a unit price of $0.0075 in 2025, with a valuation of $75 million, at a 70% discount compared to Series A.

This "step discount" reflects the risk premium of early investors and also implies the project team's expectations for valuation recovery after listing.

2. Track Benchmarking and Price Range

Horizontal comparison of RWA and payment protocol tracks:

RWA Sector: MakerDAO (MKR FDV $3.2 billion), Centrifuge (CFG FDV $870 million), if Huma captures 1% market share, FDV could reach $500 million (corresponding unit price $0.05).

Payment Agreement: Ripple (XRP FDV $28 billion), Stellar (XLM FDV $7.5 billion), Huma's T-0 settlement efficiency and compliance framework may support a price range of $0.03 to $0.08.

Based on the historical performance of new coins on Binance, a conservative estimate for the opening circulating market value of $HUMA is approximately $35 million to $60 million (price per unit $0.02-$0.035), with a fully diluted valuation (FDV) of $200 million to $350 million. If the market speculates on the RWA narrative, it may briefly surge to the range of $0.05 to $0.08.

4. Opening Strategy: Price Game and Risk Hedge

5. Volume and price signals during the call auction phase

The synchronized launch of OKX and Binance creates a liquidity siphoning effect, and investors need to pay attention to two indicators:

Opening Premium Rate: If the price during the collective bidding phase exceeds $0.03 (an increase of 300% from the pre-sale price), it reflects an overheated market sentiment, and one should be cautious of a high opening followed by a decline.

First-hour trading volume: If the trading volume exceeds 50 million USD and the retracement is less than 20%, it indicates that the main funds are entering the market to support, and you may consider accumulating positions in batches.

2. Timing for Buying and Selling and Position Management

Radical Strategy: Place orders at $0.025-$0.03 during the auction stage to seek liquidity premium from the exchange, but set a stop-loss line of 5%-10%.

Steady Strategy: Wait for the first-day turnover rate to exceed 50%, then place buy orders in the range of $0.018-$0.022 to capture value rebound after market sentiment cools down.

Long-term layout: If the price retraces to the presale cost line (around $0.0075), it can be seen as a safe margin area, but one must bear the opportunity cost of a 3-month lock-up period.

3. Risk Warning

Unlock Impact: The unlocking of 200 million pre-sale tokens in August 2025 may trigger a drop of 20%-30%, and short-term investors should exit in advance.

Ecological progress lagging: If multi-chain expansion or yield token implementation is not achieved in Q3, the valuation may retrace to below $150 million FDV.

V. Conclusion: The On-Chain Experiment of the PayFi Revolution

The listing of Huma Finance marks the transition of the RWA track from proof of concept to the stage of large-scale implementation. Its token model, while suppressing short-term selling pressure through a high lock-up mechanism, still relies on the penetration rate of real assets on-chain and the growth of protocol revenue for true value support. For investors, maintaining rationality between euphoria and panic is essential to capture long-term dividends in the vast ocean of PayFi.