Comparison Analysis of On-Chain Credit and PayFi Infrastructure @humafinance is evaluated as the only PayFi protocol among the three projects that has implemented a real on-chain credit system. This project has recorded a total transaction volume of $7.1 billion and provides a structured financial infrastructure centered around payment finance. @multiplifi is a yield optimization platform utilizing a delta-neutral strategy, focusing on generating profits through market-neutral hedging rather than lending functions. @turtledotxyz operates an off-chain liquidity incentive distribution system, which does not have its own credit function and adopts a model that tracks the liquidity of partner protocols and only distributes rewards. As a result, Huma is building a substantial financial infrastructure, while Multipli and Turtle Club are responsible for auxiliary profit generation structures. The Huma Finance system consists of six modular layers, divided into high-speed chains, stablecoins, custody, regulatory compliance, finance, and applications. Each layer combines Solana-based on-chain payments with off-chain credit assessments, where the evaluation agent (EA) assesses creditworthiness based on over 300 data indicators. Risk management is conducted through a tranche system with senior and junior structures, collateralized future bonds, and real asset-backed collateral models. Huma's base default rate is less than 1%, and a rapid restructuring process and liquidation mechanism are in place. Multipli uses a strategy that minimizes market risk through delta-neutral positions without a traditional credit assessment structure. The main risk factors are exchange failures or hedge migration risks, and to mitigate these risks, collateral delegation and stress test-based risk models are applied. It aims for an annual return of 8% to 35% and conducts strategic operations through institutional partnerships with firms like Nomura and Pasaranara. Turtle Club operates an off-chain structure with no lending functions, providing participants with reward-based liquidity incentives while avoiding smart contract risks. Users can earn additional profits on existing positions without separately depositing their assets. In terms of payments and settlements, Huma Finance supports real-time payments based on USDC and implements T+0 or T+1 settlements on the Solana and Stellar networks. Through collaboration with Arf, it processes payments amounting to $197 million monthly and shows high efficiency in remittances and trade finance. Multipli adopts a profit distribution structure based on the timing of strategy termination rather than payments, with liquidity being realized within 7 to 14 days. Turtle Club has no payment function and provides incentives in the form of off-chain campaigns. In terms of capital efficiency, Huma processes transactions worth $500 to $700 million monthly with approximately $140 million in deposits, achieving a transaction ratio of 0.20 to 0.28 relative to TVL. Depositors earn a real yield of about 9 to 10%, with profits generated from payment finance fees. Multipli's total deposits are limited to around $50,000, but institutional investment sizes are expected to be higher. Turtle Club maintains a TVL of $6.5 million to $12.4 million centered around campaigns, offering liquidity providers reward-based returns of 5% to 50%. Huma Finance is building a substantial payment finance ecosystem in collaboration with Circle, Visa, and Fireblocks, and the Solana-based HUMA token is listed on major exchanges. Multipli has received $21.5 million in investments from Pantera and Sequoia and is expanding with a focus on institutions. Turtle Club has attracted investments from ConsenSys and Nomura, operating a no-deposit liquidity reward system through integration with over 45 protocols and APIs. The differences among the three projects are clear. Huma Finance has successfully implemented on-chain credit and payment finance infrastructure, while Multipli focuses on maximizing institutional profits through market-neutral strategies, and Turtle Club emphasizes enhancing liquidity incentives. As a result, only Huma functions as a PayFi protocol that has established a substantial lending and credit system, while the other two projects play auxiliary roles in profit optimization and liquidity reinforcement.