Original | Odaily Planet Daily (@OdailyChina)
Tonight, the Solana ecosystem dark pool DEX project HumidiFi will officially launch its public offering on the new fundraising platform by Jupiter. The public offering will be conducted in three rounds: the first two rounds are for HumidiFi community whitelist addresses and JUP staking addresses, with an FDV valuation of 50 million USD; the final round will be open to the public, with an FDV valuation of 69 million USD.
HumidiFi Positioning
HumidiFi's self-positioning is as a liquidity engine in the internet capital market (i.e., Solana's self-positioning).
Unlike traditional automated market makers (AMM), HumidiFi is a "professional market maker AMM" (prop AMM) that combines on-chain execution with institutional-level market-making logic to achieve narrower spreads, deeper liquidity, and execution quality that surpasses both DEX and CEX competitors.
Specifically, HumidiFi addresses several persistent issues that traditional AMM models face by introducing an active liquidity framework:
- Predictive Pricing: Quotes are generated based on real-time market data and internal risk indicators, rather than solely relying on formulaic curves;
- Dynamic Inventory Management: Continuously adjusts risk exposure to avoid over-reporting errors and mispricing risks, maximizing capital efficiency;
- On-chain Settlement, Off-chain Intelligence: Complex calculations are performed off-chain, while asset custody, settlement, and accounting remain entirely on the Solana chain;
- Retail/User Priority: Distinguishes retail users from arbitrage or information-advantaged bots, thereby providing the former with better spreads and lower congestion.
Currently, HumidiFi has become the largest decentralized exchange (DEX) by actual trading volume on the Solana chain, processing over 1 billion USD in daily trading volume — accounting for about 35% of all spot DEX trading activity on Solana, with approximately 4% of Solana's daily revenue coming from these trades.
Blockworks data analyst Sharples provided an even more striking statistic — HumidiFi has settled around 30-40% of the global SOL-USD spot trading volume, and recently, the weekly SOL-USD spot trading volume has even surpassed Binance. Currently, about 95% of HumidiFi's spot trading volume comes from SOL-USD, but it has recently begun to expand to BTC, ETH, and ZEC.
Token Economic Model
Yesterday, HumidiFi officially announced the economic model for its token WET. The total supply of WET is 1 billion tokens, with the following specific allocations:
- 10% allocated to the presale event on the Jupiter DFT platform, with no lock-up restrictions;
- 40% allocated to the foundation, of which 8% will be unlocked at TGE, and the remaining portion will be unlocked in installments over 24 months, with unlocks every 6 months;
- 25% allocated to the ecosystem, of which 5% will be unlocked at TGE, and the remaining portion will be unlocked in installments over 24 months, with unlocks every 6 months;
- 25% allocated to the team (Labs), with no token unlock at TGE, and the remaining portion will be unlocked in installments over 24 months, with unlocks every 6 months.
In the highly anticipated 10% presale share, 6% will be allocated to the whitelist of the HumidiFi ecosystem (including HumidiFi users, active and contributing HumidiFi participants, and HumidiFi Discord community members), 2% will be allocated to JUP staking users, and 2% will be allocated to the public sale.
New Listing Rules and Benefit Assessment
As early as the end of October, Jupiter confirmed that the first project on its newly launched DTF platform would be HumidiFi. Data shows that HumidiFi is deeply tied to Jupiter — over 90% of HumidiFi's order flow comes from Jupiter, making the former the latter's most relied-upon order execution path.
This morning, Jupiter opened a dedicated interface for this public offering (https://dtf.jup.ag/launch/wet). As shown in the image, the public offering will be conducted in three rounds, and users can connect their addresses to check if they meet the qualifications for each round.
- Whitelist Round (opens tonight at 11:00): FDV valuation of 50 million USD (1 WET = 0.05 USDC), aiming to raise 3 million USD, first come, first served.
- JUP Staking User Round (opens tomorrow at 11:00): FDV valuation of 50 million USD (1 WET = 0.05 USDC), aiming to raise 1 million USD, first come, first served.
- Public Round (opens tomorrow night at 11:00): FDV valuation of 69 million USD (1 WET = 0.069 USDC), aiming to raise 1.4 million USD, first come, first served.
This morning, Coinbase announced that it will list HumidiFi (WET) on its coin listing roadmap, which may positively impact WET's price trend after its launch.
Overall, compared to the current data performance and discussion heat of the project, the valuation of HumidiFi's public offering is not considered high, and there should be room for appreciation. Additionally, this public offering does not have lock-up restrictions, eliminating concerns about capital occupation, thus it is relatively inclined to participate. However, the overall quota for this public offering is not very high, and due to the first-come, first-served mechanism, competition is expected to be significant — the real question may not be whether it is worth participating, but whether one can actually grab it.
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