After watching for a long time, here's a report on $huma: 1. This protocol is very similar to early P2P systems, where both retail and institutional investors can put in money, and then the protocol lends that money to those in greater need, with the interest received being the APY for your deposits. 2. From the perspective of empowering Circle, it’s like a budget version of Anchor for UST, with targeted deposits of USTC earning interest, which is one of the few business products that can expand the USTC channels. 3. Theoretically, it can benefit from the growth of stablecoins in the cross-border payment sector, and the current growth rate is quite close to that of USDC in payments. 4. The team seems quite approachable, and they have been delivering after launching the token; the business appears to be profitable, and they seem to be planning buybacks and dividends. 5. According to the publicly available data on Dune, it looks good, with a steep business growth curve, and annual revenue could reach 10M+, but I haven't clarified whether this is net or includes the entire LP. Based on GPT's analysis, I tend to believe it refers to projected annual revenue. However, there are a few points of doubt: 1. The idea of stablecoins doing B-end cross-border payments might be a false proposition; for instance, USTC's payment business accounts for less than 1% of revenue, and Tether is even less. 2. The issue with P2P is that the initial idea is beautiful, but as it progresses, there are fewer people who need to borrow at high interest rates, while many want to deposit at high interest, leading to a situation where all that’s left are fake businesses, using new deposits to pay old interest. So I worry about whether Huma will have enough asset packages to issue later, after all, who wouldn't like a 10.5% APY? In summary, a more prudent approach is to monitor the data and the sources of new asset packages, investing based on fundamentals. Alternatively, one could just wait; in the future, there may be speculation on the payment functions of stablecoins, which would bring Huma its own opportunities.