HumidiFi ($WET) launches today: How Solana's largest dark pool DEX enables token issuance through Jupiter

On December 3, at 10:00 AM EST, Solana ecosystem’s dark pool decentralized exchange HumidiFi officially launched its native token WET through Jupiter’s DTF platform. This launch is not only a milestone for HumidiFi’s own development but also marks the first token issuance project on the Jupiter DTF platform.

According to the latest data from DeFiLlama, HumidiFi’s trading volume reached $1.048 billion in the past 24 hours, solidifying its position as the leading DEX in the Solana ecosystem and accounting for about 30% of the total Solana DEX trading volume. While traditional DEXs generally struggle with slippage and MEV attacks, this dark pool-focused platform has emerged rapidly within just six months.

01 Project Background: How Dark Pool Trading Is Reshaping the DEX Landscape

A longstanding dilemma in crypto trading is the contradiction between transparency and privacy protection. In traditional DEXs, users’ orders are fully exposed on the public ledger, making them vulnerable to MEV attacks and front-running. HumidiFi was created to solve this issue.

As a “dark pool” DEX, HumidiFi operates through a private liquidity mechanism, where users’ large trades are not exposed on-chain but are matched in the background via an aggregator. This model allows institutions or whales to execute orders worth hundreds of millions of dollars without worrying about price impact or having their intentions predicted by other traders.

CZ (Changpeng Zhao) once publicly stated, “I think now might be a good time to launch a dark pool perpetual decentralized trading platform.” He further explained that in perpetual trading platforms with liquidations, order visibility becomes an even more serious problem.

02 Market Position: The Hidden Champion of the Solana Ecosystem

Although HumidiFi has remained relatively low-profile in the public eye, its market performance has been outstanding. According to Gate Square’s data, the platform currently accounts for 35% to 40% of all on-chain spot trading on the Solana network.

Even more impressive, in the proprietary automated market maker (AMM) category, HumidiFi’s market share exceeds 60%, with daily trading volume steady at around $1.1 billion.

These figures indicate that the dark pool trading model has gained broad market recognition. In the Solana ecosystem, the Prop AMM model’s market share has grown from less than 10% to 75% over the past year, creating a favorable environment for HumidiFi’s rise.

03 Tokenomics: Value Support and Distribution Model of WET

HumidiFi’s WET token has a total supply of 1 billion, with distribution as follows:

WET is not only the governance token of the HumidiFi ecosystem but also has practical utility. Holders can stake WET to receive trading fee rebates. The HumidiFi system automatically applies corresponding fee discounts based on users’ on-chain staking tier.

04 ICO Details: A Comprehensive Roadmap for Three-Phase Issuance

HumidiFi’s ICO employs a phased, differentiated pricing strategy, detailed as follows:

The first phase targets Wetlist users (including existing HumidiFi users, active contributors, and Discord community members), beginning at 11:00 PM Beijing time on December 3. 60 million WET is allocated (6% of total supply) at a unit price of 0.05 USDC, giving a fully diluted valuation (FDV) of $50 million.

The second phase is for JUP stakers, starting at 11:00 AM Beijing time on December 4, with 20 million WET allocated (2% of total supply), also at 0.05 USDC per token. Subscription caps are tiered based on time-weighted JUP staking from July this year, ranging from 200 USDC to 10,000 USDC.

The third phase is the public sale, starting at 11:00 PM Beijing time on December 4, with 20 million WET allocated (2% of total supply) at 0.069 USDC per token, raising the FDV to $69 million. The personal purchase limit is 1,000 USDC.

All phases follow a first-come, first-served principle, and each whitelist phase is already oversubscribed, so the sale is expected to sell out quickly.

05 Technical Architecture: How Privacy-Preserving On-Chain Dark Pools Work

The technical core of HumidiFi is its “dark pool” architecture. Unlike traditional constant product AMMs, HumidiFi adopts an active market-making mechanism. It continuously sources data from centralized and decentralized exchanges via an off-chain pricing engine and dynamically adjusts spreads and inventory via proprietary, non-open-source quoting logic.

Orders are privately matched before on-chain settlement, greatly reducing the risk of MEV and front-running. For users executing large trades, this means a near-zero slippage trading experience, free from sandwich attack threats.

HumidiFi is integrated with all major Solana aggregators, including Jupiter, DFlow, Titan, and OKX Router, ensuring broad ecosystem coverage.

06 Market Outlook: Comparative Analysis and Valuation Potential

From a valuation perspective, HumidiFi’s ICO sets a fully diluted valuation between $50 million and $69 million. Compared to similar projects, this valuation is relatively conservative.

For example, the dark pool DEX Aster on BNB Chain has a fully diluted valuation of $8.36 billion. Even within the Solana ecosystem, veteran DEX Raydium has a fully diluted valuation of $600 million, while HumidiFi’s market share has already surpassed Raydium.

Renowned trader 0xSun commented, “After Tokenomics was announced on the 1st, there was a lot of FUD because only 10% of tokens go to the ICO… But then it was revealed that the new FDV is 69M, with a 15.9M circulating market cap, plus the Coinbase listing news, and the cost-effectiveness stands out.”

Notably, HumidiFi’s token issuance is entirely community-oriented, with no traditional VC allocation, which is rare in today’s environment of heavy presales and high-FDV launches.

07 Risk Considerations: Key Aspects Investors Must Understand

Despite HumidiFi’s strong fundamentals, potential investors should be aware of several risks. The tokenomics show that up to 90% of the token supply is controlled by the team, foundation, and ecosystem, with only a small portion unlocked at TGE.

The project relies on a single proprietary system, exposing it to smart contract and counterparty risks. Additionally, all sale phases use an “oversubscription, first-come, first-served” mechanism, which may lead to on-chain gas wars, making it difficult for ordinary users to participate successfully.

The overall volatility of the Solana ecosystem is another factor to consider, though HumidiFi has demonstrated product resilience under various market conditions.

Future Outlook

With the token issuance complete, WET trading will launch on major exchanges. As of December 3, users can check the latest WET price data and trading information on Gate Exchange.

WET’s listing performance will not only test market recognition of HumidiFi as the largest DEX on Solana, but may also set the tone for future project launches on the Jupiter DTF platform.

At a time when the crypto market is searching for new narratives, this project, which solves real trading pain points and has proven product-market fit, is quietly embarking on its journey of value discovery.