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Author: Top.one Article reference: Huma Finance PayfFi Ecosystem Map   First, the concept of PayFi was born In April 2024, Lily Liu, Chairman of the Solana Foundation, first proposed the concept of "PayFi" at the Web3 Carnival in Hong Kong. Although this new term is new, it accurately hits a key pain point of blockchain finance: After DeFi and RWA (real world assets), the on-chain world is still one core component away from truly realizing "daily-grade financial instruments" - payment financing. The core of PayFi is not the payment itself, but the deep integration of payment and financial functions: through on-chain technology, the underlying financial logic such as credit, cash flow, and settlement is reconstructed, and stablecoins, contracts, identity, compliance, custody, and payment systems are packaged into an efficient and programmable financial network. This narrative not only makes up for the lack of DeFi application scenarios, but also opens up the "capital circulation path" that is most in demand in the real world. 2. The six-layer PayFi ecological structure proposed by Huma Finance: reconstructing the on-chain financial engine According to the PayFi Ecological Map recently released by Huma Finance, the PayFi Stack consists of six core modules, from the underlying protocol to the application scenarios, constituting a complete on-chain financial operating system: 1) Financing Layer: Turn income streams into assets Core projects: Huma, Pyth, Chainlink, Credora, S&P Global Feature Highlights: Huma uses future cash flow as collateral to create an on-chain "Huabei" Credora builds an on-chain credit rating system Chainlink provides verification of asset authenticity Pyth and S&P build on-chain price bridges with traditional marketplaces 2) Compliance Layer: The "financial firewall" on the chain Core projects: Chainalysis, TRMLabs, Polyflow Feature Highlights: TRMLabs and Chainalysis provide on-chain risk control and anti-money laundering services Emerging projects such as Polyflow explore a new paradigm of "compliance as code". 3) Custody Layer: Balance the security and flexibility of funds Core projects: Fireblocks, Ledger, Phantom, Cobo, Squads Feature Highlights: Fireblocks, Ledger offer institutional-grade custody solutions Phantom and Squads focus on the user-side custodial wallet experience 4) Currency Layer: Stablecoins are the main axis of the payment ecosystem Stablecoin issuers: PayPal, Circle, Agora, Tether, Mountain, RD Stablecoin infrastructure projects: Bridge, Paxos, Portal, Perena 5) Transaction Layer: High-performance chain supports real-time payment Core infrastructure: Solana, Stellar and other high-throughput chains Application scenarios: micropayment, cross-border large-value real-time settlement, etc 6) Application Layer: From payment cards to DePIN Sub-areas and representative projects include: Cross-border payments: Arf, Felix, Mural, Opera Mini, XOOM, Bitso, Coins.ph Crypto payment cards: Rain, RedotPay, Reap, Visa, Kulipa, DCS DePIN networks: Arkreen, DeCharge, DePHY, Roam Payment infrastructure: Request Network, Coinflow Labs, Helio, Stripe, Mansa Trade Finance: Jia, Trad.fi, ZOTH, Isle Finance, On.fund, BSOS Foreign Exchange FX: SureFX, Shifts Markets OTC OTC: Yellow Card, BANXA, Fonbnk, Hashkey, etc 3. PayFi is not an "on-chain payment", its potential is much more than that 1) RWA's liquidity engine RWA enables assets to be on-chain, and PayFi brings these assets to life. For example, invoice assets issued based on accounts receivable can be directly pledged in the PayFi system, such as borrowing, secondary transactions, or streaming payments, which significantly accelerates the flow of funds. 2) Accelerator of the on-chain credit system PayFi projects generally combine on-chain identity and payment behavior data to build credit scoring models. In the future, an enterprise's payment cycle, salary flow, customer collection, etc., can be used as credit data input to provide customized financing services. 3) Finance is embedded in the key entrance to everything From taxi-hailing, food delivery to logistics nodes, PayFi can realize embedded financial services of "payment as credit", and become the underlying financial facility in ecosystems such as DePIN and AI Agent. 4. Future outlook: Will PayFi become the next "national narrative"? Compared with the high threshold of DeFi and the institutional attributes of RWA, PayFi has a truly applicable scenario for ordinary users: Payroll loan and payroll card Cross-border settlements and API payments Payment incentives in the DePIN network The long-tail financial needs of small and micro entrepreneurs and developing countries In addition, PayFi is also a natural fit for today's compliance trends: It establishes an auditable and risk-controlled payment financial system through on-chain, so that regulators can see the direction of funds, credit evolution and compliance data, and provide a landing path for "compliant on-chain finance". It can be said that PayFi is gradually moving towards a new hub of composite narrative combining Stablecoin + RWA + Compliance. 5. Conclusion: From PayFi, look at the real landing path of the on-chain economy We are in the midst of a structural "decentralized reorganization", and PayFi is one of the most fundamental and critical pieces of the puzzle: It marks the evolution of on-chain finance from "capital market" to "daily finance"; It is a key inflection point for Web3 from "coin speculation" to "real-life scenarios"; It is the financial foundation that should not be ignored in the construction of an on-chain economy. Mastering PayFi is to understand the core direction of the Web3 financial ecosystem in the next decade.

As a next-generation payment infrastructure provider, PolyFlow is leveraging cutting-edge decentralised technology to drive the expansion of on-chain finance. PolyFlow today announced the deepening of its partnership with Pelago Labs, an innovative payment solutions and leading fintech company. Last month, two vendors successfully secured an on-chain loan of 1 million USDC from Trusta Labs on the Pelago Supply Chain Finance (SCF) platform, powered by PolyFlow's PayFi protocol, in a transaction that was completed through the Stellar network. The transaction marks a significant advance in blockchain technology in real-world business applications such as supply chain finance. PolyFlow's deep integration of the PayFi protocol with the Pelago SCF platform provides small and medium-sized enterprises (SMEs) with liquidity to access financing before receiving payment from the buyer without relying on traditional banks. This breakthrough is a significant boost to financial inclusion, helping companies facing cash flow challenges overcome cash flow challenges and ensure that their business operations are not affected by payment cycle delays. PolyFlow co-founder Raymond Qu shares his thoughts on the results of the collaboration: "This achievement is a testament to the transformative power of blockchain technology in the field of supply chain finance. Through our partnership with Pelago, we provide SMEs with decentralised financial solutions that remove liquidity constraints and enable them to access working capital more smoothly. This is just the beginning of the global trade finance revolution, and we expect blockchain-powered solutions to play an important role in businesses of all sizes. " The impact of blockchain finance on traditional industries is rapidly expanding. Cryptocurrency-backed financing solutions provide new avenues for businesses to access the working capital they need without relying on traditional banks or financial intermediaries. This emerging financial model is bridging the SME financing gap and providing more flexible and accessible financial instruments. The successful transaction between Pelago Labs, Trusta Labs, and the vendor shows that blockchain-based financing is more than just a proof of concept, but a truly viable business solution. With PolyFlow's PayFi protocol, the Pelago SCF platform is pioneering a new credit issuance model that leverages digital assets to enhance liquidity and power business growth. Going forward, PolyFlow's partnership with Pelago Labs will continue to expand funding opportunities for SMEs around the world. The two companies will focus on driving decentralised finance innovation to ensure that businesses of all sizes have access to efficient and reliable financing. This partnership underscores PolyFlow's commitment to reinventing global trade finance and making financial services accessible to more businesses that were previously limited to large corporations or traditional banking systems. About PolyFlow PolyFlow is a pioneer in the PayFi infrastructure space, dedicated to driving the mainstream adoption of blockchain payments. PolyFlow has processed more than $200 million in transactions and has partnerships with industry giants such as Ripple, Stellar, and Solana. With advanced technology, PolyFlow helps businesses adopt decentralised finance solutions, streamline payment processes, and improve financial accessibility. Learn more: X| Telegram| Medium About Pelago Headquartered in Vancouver, Canada, Pelago Labs is a leading fintech company focused on innovative payment solutions. The company has a strong compliance foundation and works with licensed financial institutions to ensure payment security and regulatory compliance. Pelago has deep expertise in both traditional finance (Web2) and blockchain finance (Web3), helping companies optimise their payment processes and achieve a seamless integration of traditional finance and blockchain technology.