Both parties, co-founders, have been close friends for many years. In the early days, meow once stayed at Erbil's home in Erbil, but was "kicked out" because Erbil's girlfriend found him too annoying…

Written by: Azuma (@azuma_eth)

On May 18, the Jupiter community launched a new governance vote. The proposal content of this vote is: Huma Finance proposes to jointly build a DAO alliance with Jupiter, and Huma Finance will become the first project to be launched on Jupiter's new presale platform.

Huma Finance Overview

As a hot project that has been widely discussed in the market recently, Huma Finance is positioned as a PayFi protocol focused on cross-border payment fund turnover scenarios.

In February 2023 and September 2024, Huma Finance completed two rounds of financing, raising $8.3 million and $38 million respectively, with participation from several institutions including Distributed Global, ParaFi, Circle Ventures, Robot Ventures, Hashkey Capital, and Folius Ventures.

According to official data from the Huma Finance platform, the current total transaction volume on the platform exceeds $4.3 billion, with total revenue of approximately $4.09 million, and the distribution of platform points (Feather) is around 550 million; active liquidity assets are approximately $104 million, with PayFi assets around $64.083 million; liquidity assets are about $39.908 million.

Odaily Note: For more details on the business logic of Huma Finance, please refer to "Is Huma, the 'PayFi Sensation', Really P2P?"

Token Information and Presale Details

As part of the information disclosure for this collaboration, Huma Finance has revealed some details about its token for the first time.

Although the final token name has not been confirmed, it is certain that Huma Finance's total token supply will be 10 billion, and the token utility will include:

• Sharing staking rewards;
• Buyback/burn through excess revenue;
• Participation in governance for incentives and fee distribution;
• Priority access to protocol features.

Including the presale, this collaboration covers three specific aspects.

The first is a presale aimed at JUP stakers: the presale FDV is $75 million (significantly discounted from the previous round of financing valuation); the presale quota is 1% of the total supply; the larger the staking scale, the higher the presale allocation; after TGE, the presale allocation will be locked for 3 months.

The second is the treasury reserve swap between Huma Finance and Jupiter: the swap scale is $250,000, with the valuation still using the $75 million FDV; after the swap, both parties will adhere to a 1-year lock-up restriction.

The third is community collaboration: Huma Finance hopes the Jupiter community will provide strategies for its token release process, accelerating dissemination through various memes and content, injecting Jupiter's energy into Huma Finance's token launch.

Team Relationship

On the day the vote was launched, Jupiter co-founder meow published a long article on X, disclosing his personal relationship with Huma Finance co-founder Erbil Karaman.

In summary, meow and Erbil have known each other for over 10 years, having first met on the American Q&A platform Quora, and later became friends in the Web2 tech circle. Meow once stayed at Erbil's apartment in the Bay Area, and the two worked together in a small co-working space called Dogpatch Labs, occasionally hanging out at AngelList… This living arrangement abruptly ended because Erbil's girlfriend (now wife) found meow too annoying. Meow stated that he still doesn't know what he specifically did wrong, only remembering Erbil's slightly awkward expression at the time…

Years later, when Erbil was leading growth at Facebook, meow even organized the first Bitcoin seminar internally with Erbil.

In the following years, as meow immersed himself in the Web3 space, their direct communication gradually decreased until Erbil also entered the scene through Huma Finance. To support Erbil, meow participated in Huma Finance's Series A financing, which was valued at $171 million — nearly half the discount compared to this round.

During the previous Jupiter Catstanbul event, Erbil helped Jupiter plan a large event — burning a giant cat-themed sculpture to commemorate the destruction of 3 billion JUP tokens. Erbil took the lead in contacting artists, engineers, laser and flame effect specialists, and also handled details such as hotels, transportation, and music.

In summary, meow and Erbil have a long-standing personal friendship, so their deep collaboration is not surprising.

Presale Expectations

Returning to the presale itself, the first thing that can be confirmed is that, based on historical financing valuations and current market enthusiasm, the $75 million FDV is undoubtedly an attractive price. However, the 1% of the total supply is indeed relatively small — many members of the Jupiter community have also commented below the proposal, hoping to increase this ratio.

The current uncertainty lies in whether the snapshot of the JUP staking status has been completed — this directly affects who can participate in the presale and what the specific allocation amounts will be. As a reference, the total amount of JUP currently in staking is 658,013,762 tokens, approximately 22.7% of the current circulating supply, and users who have staked can roughly assess their potential presale allocation based on this data.

There are about 2 days and 6 hours left until the voting deadline for the relevant proposal, and the results are expected to be announced on Thursday evening, at which point more related information may be disclosed.

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