As many investors are still following the annualized returns of various DeFi projects, a direction that may become an important narrative in the next cycle is quietly emerging - transferring real-world cash flows to the blockchain.

One representative of this innovative model is the Huma project. Unlike traditional on-chain casinos or those relying on issuing air coins to attract liquidity providers (LP), Huma directly connects to stable cash flows such as payroll, invoices, and cross-border settlements, providing on-chain liquidity for early redemption. This means that the earnings obtained by LP are real interest, rather than virtual digits.

This model is known as "collateralized warehouse" in the traditional finance sector, but Huma has brought it onto the Blockchain. Combined with stablecoins and cross-border settlement technology, this system is faster and more economical than traditional outdated systems like SWIFT.

Huma's partner lineup is also quite strong, including well-known institutions such as Solana, Circle, Stellar, and Galaxy Digital. The project has achieved a trading volume of $38 billion, providing LPs with tangible double-digit annual returns.

Recently, Huma announced its first token airdrop plan, with a total of 5%, of which 65% is allocated to LP, 25% to ecological partners, and 10% to the community. The snapshot date is set for May 18, and the distribution will begin on May 26, lasting for one month. The second round of airdrops is also planned, accounting for 2.1%, expected to take place about three months after the Token Generation Event (TGE).

The investment logic of this type of project is relatively simple: once the flow of funds begins, first-mover advantage becomes a key competitive edge. Investors need to consider whether they are willing to become early liquidity providers or wait until others have taken their share of the cake before reacting.

The on-chain collateralized warehouse model may become one of the most understated yet valuable businesses in this bull market. It not only provides investors with new opportunities but also opens up new possibilities for the integration of the real economy and blockchain technology. With the development of such projects, we may see more traditional financial businesses being transformed and migrated to the Blockchain, further driving the expansion and maturation of the Decentralized Finance ecosystem.