PayFi, short for Payment Finance, refers to an innovative technology and application model that combines payment functions with Financial Services in the blockchain and Crypto Assets field. At the core of PayFi is the process of sending, receiving, and Settlement of Crypto Assets, rather than the transaction itself. This model not only covers Crypto Assets payments and transactions but also includes various financial activities such as lending, wealth management, cross-border payments, and more. Through Decentralization technology, PayFi makes financial activities faster, more secure, and reduces frictions and costs in the TradFi system, thereby promoting seamless value transfer and financial inclusion on a global scale. PayFi was first proposed as a new concept by Lily Liu, Chair of the Solana Foundation, at the EthCC conference in July 2024. In her view, PayFi represents a new way of building financial markets, creating financial primitives and product experiences around the Time Value of Money (TVM) of currency. These are difficult or impossible to achieve in traditional or even Web2 finance. The vision of PayFi is to innovate payment systems using blockchain technology, achieve more efficient, low-cost transactions, provide new financial experiences, create more complex financial products and application scenarios, integrate a value chain, and form new financial clusters. The CGV Research team believes that with the development of high-performance blockchain technology, the true value of PayFi will rapidly expand and scale in this environment. This expansion can accelerate the integration of payments and Financial Services, making Crypto Assets more practical and efficient in daily transactions and more complex financial operations. In the future financial ecosystem, PayFi will be a key driving force.