First of all, @Huma Finance 🟣 has two different products. One for liquidity providers and the other for payment financing.
To access PayFi, you need:
🌐 Huma.finance
Huma institutional (Request permission)
And yes, you are limited there...
It's not for nothing that it is written below 'permissioned'.
The permission equates to making a KYC and KYB verification request.
To replace the provision of collateral before accessing payment when using the PayFi service, they require these verifications. Don't take it the wrong way; it's for risk management reasons.
How to verify?
According to my research, the process being reserved for businesses and institutions is done in a personalized manner. This does not mean that individuals are excluded; quite the opposite. If a freelancer wishes to use Huma institutional, they must comply with the required regulations (personal info, info about your activity, documents proving your income streams, NIF ...). So to do this, you will need to contact the Huma Finance support team and submit the information. After verifying your profile, you will have access to the PayFi private portal.
How does HUMA 2.0 work?
It's simple, the money that Huma institutional uses to pay subscribers in advance is only the assets locked by liquidity providers in HUMA 2.0.
So to participate, you have 2 possible locking types: one for 3 months and the other for 6 months, with APYs that vary monthly. For this month of August, the APY is 10%. For example, if a person locks 1000 $USDC on Huma 2.0 currently, it would equate to $25 in earnings after the locking period.
In the end, everyone finds their benefit, whether it's 'HUMA 2.0' or 'Huma institutional', the products are very interesting.
