King of Solana Dark Pools HumidiFi Launches ICO—Can It Replicate Jupiter's Wealth Creation Legend?

Solana’s largest dark pool decentralized exchange (DEX) by trading volume, HumidiFi, has officially launched the first community sale (ICO) of its governance token, WET. The sale will begin on December 3 on Jupiter’s decentralized token launch platform DTF, and will be conducted in three rounds on a first-come, first-served basis. The total sale accounts for 10% of the token’s total supply (100 million WET), with an initial fully diluted valuation (FDV) ranging from $50 million to $69 million.

As background, HumidiFi’s 24-hour trading volume has reached as high as $1.048 billion, accounting for about 30% of the total DEX trading volume on the Solana chain. Its unique “dark pool” mechanism offers MEV protection and a trading experience with lower slippage. This ICO is not only a major milestone in HumidiFi’s own development, but is also seen as the next barometer for gauging the heat of the Solana DeFi ecosystem.

What is HumidiFi? Explaining the “King of Trading Volume” and Its Dark Pool Mechanism in the Solana Ecosystem

Before we dive into the token sale details, it’s important to understand why HumidiFi has quickly become the “king of trading volume” in the Solana ecosystem. According to the latest data from Defillama, HumidiFi processed as much as $1.048 billion in trading volume over the past 24 hours, not only ranking first among Solana ecosystem DEXs but also accounting for about 30% of the entire Solana DEX market’s $3.456 billion in trading volume. Such market dominance is remarkable for a relatively new project.

Its core advantage comes from its “dark pool” positioning. Unlike traditional automated market makers (AMMs) like Uniswap and Raydium, which have open liquidity pools, HumidiFi does not allow external liquidity providers (LPs) to inject funds. Instead, it relies entirely on internal liquidity provided by trade initiators themselves. This design brings two key benefits: First, better trade pricing and lower slippage. Because order books and liquidity conditions are not public, large traders can execute transactions without revealing their intentions or triggering market copycats, resulting in tighter spreads than on public markets. Second, strong MEV protection. Trades remain hidden until matched, greatly reducing the risk of front-running and sandwich attacks, thereby protecting traders’ interests.

Currently, HumidiFi is deeply integrated into Jupiter’s routing system—the largest aggregator on Solana—and accounts for nearly a third of Jupiter’s professional AMM activity. This means a large number of high-volume or price-sensitive trades routed through Jupiter ultimately execute on HumidiFi. This substantial real trading demand forms the strongest fundamental support for the value of its token.

Full Breakdown of the ICO: Three Rounds, First-Come, First-Served

According to official information from Jupiter, HumidiFi’s WET token ICO will follow a strictly phased, first-come-first-served format. The total token supply is 1 billion, with 10% (100 million) released in this ICO, fully unlocked at the token generation event (TGE). The specific sale arrangements are as follows; participants should pay close attention to the timing and rules for each phase:

Round 1: Whitelist Round

This round is for HumidiFi’s early users, community contributors, and Discord members (collectively called the Wetlist). The allocation is 60 million WET, 6% of the total supply, at a price of 0.05 USDC, corresponding to a $50 million FDV. There are tiered purchase caps. It starts at 11:00 PM Beijing time on December 4 and lasts for 12 hours.

Round 2: JUP Stakers Round

This round is for stakers of Jupiter’s governance token, JUP. Eligibility is tiered based on time-weighted staking amount since July this year, with purchase limits ranging from 200 to 10,000 USDC. The allocation is 20 million WET (2%), also at 0.05 USDC. It begins immediately after the first round ends, at 11:00 AM Beijing time on December 4, and also lasts 12 hours.

Round 3: Public Sale Round

The final round is open to the public. The allocation is 20 million WET (2%), but the price is raised to 0.069 USDC, bringing the FDV up to $69 million. The personal purchase cap is set at 1,000 USDC. It begins at 11:00 PM Beijing time on December 4.

The official team emphasized that all phases are oversubscribed and will strictly enforce the first-come, first-served rule—sales will end when sold out. The token and liquidity pool will launch soon after the sale concludes, with the exact time to be announced.

Why the Hype? Three Core Points of Interest

HumidiFi’s ICO has garnered strong market attention even before it begins, due to several factors. First, solid business data is the foundation of confidence. A project with over $1 billion in daily trading volume and a leading position in its niche has far greater potential than many concept-only projects without a product. Trading volume means potential fee income, which is the most direct reflection of a token’s value capture ability.

Second, Jupiter DTF platform’s “wealth effect” is highly anticipated. The success of Jupiter’s own JUP token launch and subsequent performance, along with the DTF platform’s reputation for fair launches, brings enormous initial attention and credibility to projects launched there. The community widely expects HumidiFi to replicate this success.

Third, the tokenomics design is relatively restrained. Apart from the 10% released in this ICO, the remaining allocations are: Foundation 40% (8% unlocked at TGE, remainder linearly vested over 24 months), Ecosystem 25% (5% unlocked at TGE, remainder linearly vested over 24 months), Labs 25% (fully locked at TGE, linearly vested over 24 months). This relatively long-term vesting schedule helps reduce short-term sell pressure and gives the project space for long-term development.

(Source: X)

HumidiFi (WET) ICO and Key Data Overview

Total Token Supply: 1 billion

Proportion Released in This ICO: 10% (100 million, fully unlocked at TGE)

ICO Price Range: 0.05 - 0.069 USDC

Corresponding FDV Range: $50 million - $69 million

Recent 24-Hour Trading Volume: $1.048 billion

Solana DEX Market Share: Approximately 30%

Other Main Token Allocations: Foundation 40% (linear vesting), Ecosystem 25% (linear vesting), Labs 25% (linear vesting)

Opportunities and Risks: Practical Advice for Participants

With an upcoming scramble for tokens, potential participants need to remain clear-headed. From an opportunity perspective, the initial FDV of $50 million to $69 million, compared to its astonishing trading volume, may be attractive among current Solana blue-chip DeFi projects. If the project can maintain its market position and convert trading volume to protocol revenue, the token has appreciation potential.

However, risks should not be ignored. First, market volatility risk. The overall crypto market is still in a post-adjustment recovery phase, sentiment is fragile, and new tokens may face significant volatility after listing. Second, technical risks with the “first-come, first-served” model. This can cause network congestion and gas fee spikes, raising participation costs and even causing failed transactions and missed opportunities. Third, business sustainability risk. Despite the huge current trading volume, competition among dark pool DEXs is intensifying, and whether HumidiFi can maintain its technical advantage and market share is unknown. Fourth, token utility risk. Details regarding the specific utility of the WET token (such as fee buybacks, governance rights, etc.) are not yet fully disclosed, and its value capture model requires further observation.

For investors who decide to participate, it is essential to plan your capital, only invest what you can afford to lose, and familiarize yourself with the Jupiter Launchpad process in advance. Given the different prices for each round, assess rationally whether the public round price of 0.069 USDC still offers a favorable risk-reward ratio.

HumidiFi’s ICO brings the Solana ecosystem’s most powerful “undercurrent”—massive but hidden real trading demand—into the spotlight of the capital markets. It’s not just the birth of a new token, but also an important test of the differentiated value of DEX competition. With the halo of Jupiter and its own stellar trading data, WET’s launch is highly anticipated. However, amid the frenzy of first-come, first-served sales, investors should ask: As the dark pool goes public, can the tokenomics truly support a vision of daily billion-level trading volume? The answer won’t be revealed at the TGE, but will be written in every real trading block and every key community governance vote in the future. This experiment is about how the king of a niche sector will continue its legend under a new identity.