- HumidiFi, a Solana-based decentralised exchange, will start an initial coin offering (ICO) in November.
- The exchange handled $33.3 billion in trade volume over the last 30 days, about 25% of all Solana trading.
- The ICO will use Jupiter’s Decentralised Token Formation (DTF) launchpad platform.
- DTF offers tiered access to investors and trades tokens immediately on Meteora, a decentralised exchange linked to Jupiter.
- Tokens for insiders will be locked onchain to prevent rule-breaking, and Jupiter stakers get a discounted pre-sale offer.
HumidiFi, a decentralised exchange (DEX) on the Solana blockchain, will hold an initial coin offering in November to launch its token called WET. The sale will happen on a platform called Decentralised Token Formation (DTF), created by another Solana-based DEX, Jupiter.
Over the past 30 days, HumidiFi processed $33.3 billion in trading volume, representing nearly one-quarter of all trade volume on Solana, according to data from DefiLlama. The exchange is classified as a “dark exchange” or dark automated market maker (AMM), meaning it uses liquidity supplied only by its creators, rather than from the public.
Jupiter’s representative, Kash Dhanda, described these prop AMMs as a major change in how on-chain markets work. He said they allow trading onchain at large sizes with prices that sometimes beat centralised exchanges. The ICO date has not been set but will occur in November.
The ICO will be the first to use Jupiter’s DTF platform, which features tiered investor access. Token issuers can whitelist certain groups like employees and investors. A portion of tokens will be reserved for Jupiter stakers. The public can then buy tokens on a first-come, first-served basis at a fixed price.
Jupiter attorney Yu Kheng Pek said this method avoids flaws seen in ICOs that cap individual investments, which can be manipulated by wealthy investors in pro-rata distributions. He stated, “First-come first-served is still the fairest way to do allocations, in my view.”
Tokens sold publicly will automatically start trading on Meteora, a decentralised exchange affiliated with Jupiter, immediately after the ICO closes. Tokens with vesting conditions, like those for insiders, will be locked onchain to prevent issuers from bypassing the rules.
During the ICO, holders who stake Jupiter’s native token, JUP, will get access to a discounted pre-sale. Dhanda added, “If you have your JUP staked, you will be able to get in at a discounted price. Hopefully we’ll be able to do that for all DTF launches going forward.”
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