Among various RWA protocols, @Huma Finance 🟣 has charted a unique path: they are not simply mapping off-chain assets, but are natively constructing an on-chain 'income credit model', which is a completely different technical paradigm.
The core logic of Huma Protocol is:
1⃣ Tokenize income streams (such as salaries, gig economy income, stable cash flow) into 'Income-Based NFTs'.
2⃣ Use this income stream as composable collateral to generate loan limits in the protocol.
3⃣ Use smart contracts for dynamic income verification and repayment tracking, ensuring the entire process does not require centralized institutions.
What does this represent?
📌 Workers do not need to collateralize physical assets or tokens; they can secure credit financing solely based on their income capacity.
📌 The DeFi ecosystem will be able to construct a triad financial model of 'income proof + credit assessment + credit issuance', just like TradFi.
Currently, the protocol has partnered with Request, Circle, Superfluid, etc., to expand real income sources, verifying off-chain work and repayment records on-chain. This is exactly the missing piece of 'scalable and sustainable RWA'.
After the L2 narrative cools down and the tide of short-term speculation recedes, projects that genuinely encode credit logic through contracts deserve long-term attention.
What do you think of the on-chain credit network based on income certificates? Can the future of DeFi really be without collateral?