刚听了新一期 @bidclubio 采访 @humafinance 两位联创的播客，顺手记了一些核心数据：
1/ Huma 目前的 TAL (Total Active Liquidity) 在 100M；
2/ 业务收益端年化约 11%；
3/ 融资成本端年化约 4%，因为目前 Classic Mode 存款占比约 40%，APY 10.5%，而 Maxi Mode 存款没有利息成本；
4/ 综上息差收入年化约 7%，故目前 Huma 协议年收入为 7M；
5/ 目前 Burn Rate 在考虑了上币费用等一次性支出后，每个月在 250-300K，可以粗略估计 7M 收入一半烧掉，一半进入国库；
6/ 以上 7M 收入仅为 Huma Protocol 的价值捕获，不包括 @arf_one 的收入;
7/ 团队计划在26年底之前将 TAL 扩展至 500M;
8/ 随着 TAL 规模扩大，息差收入预计从 7% 降低至 5%，协议净收入届时预估为 20M 每年。这部分收入进一步用于业务增长或 $HUMA 代币回购.
这期播客质量很高，推荐朋友们收听。 注意力是最稀缺的资源，坚持深度学习，总会有所收获。
cc: @DrPayFi @MapleLeafCap @humafinance_zh
🔈BidCast - New Interview with @DrPayFi and @0xErbil from @humafinance on $HUMA
We discuss:
📌 How Huma’s ~100 mm TAL bridges to ~4 Bn of lending and 7 mm of net interest profit
📌 How it ramps TAL from $100 mm to $500 mm by '26
📌 How new logos and new credit card PayFi can bring big upside optionality beyond 500 mm
📌 At target, how its 20 mm+ PnL can accrue value to $HUMA holders
Timestamps 👇
00:00 Opening
01:12 Introduction to Huma Protocol and Its Founders
02:00 Understanding Total Active Liquidity (TAL) and Capital Efficiency
05:20 Exploring Payment Financing and Transaction Volume
08:21 Revenue Generation and Interest Margins
12:16 Scaling Strategies and Growth Projections
16:04 Liability Composition and Risk Management
19:09 Current Business Volume and Future Opportunities
22:09 Self-Sufficiency and Future Growth Plans
26:02 Partnerships and Market Positioning
31:21 Business Development Landscape and Acceleration Factors
35:48 Strategic Partnerships and Collaborations
38:12 Credit Card Settlement Innovations
50:18 Future of Payment Systems and Adoption
54:12 Integrating Existing Players into the Ecosystem
01:01:18 Long-term Vision and Market Disruption
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