Huma Finance log in to Jupiter to start the pre-sale: The "nuclear explosion point" of the PayFi revolution and the Solana ecosystem.

Written by: Lawrence

Introduction: When PayFi Meets Solana, the Prelude to Value Reconstruction

In May 2025, the battlefield of Launchpad in the Solana ecosystem will be filled with gunsmoke. Amid Pump.Fun battle with Raydium over meme tokens and liquidity mining, Jupiter broke the ice with a strategic collaboration – Huma Finance, the world's first PayFi protocol, announced the launch of an IDO on its new platform, TGE (Token Generation Event).

This cooperation is not only about the competition for the flow of token issuance, but also regarded as a milestone in the deep integration of PayFi (payment finance) and DeFi. With a cumulative trading volume of $4.3 billion, a stable income of 14% annualized, and a narrative of "real assets + blockchain", Huma Finance has injected a long-lost value anchor into the Solana ecosystem. And Jupiter, with the community potential of 400,000 monthly active users, is trying to push this pre-sale to the battle of faith of "Web3 financial infrastructure".

1. Huma Finance: The "Breaker" of the PayFi Track and Data Surge

Founded in 2023, Huma Finance is positioned as a blockchain solution provider for cross-border payment and capital turnover. Its core logic is to on-chain trade finance, credit card clearing, cross-border remittance and other scenarios in traditional finance through stablecoin and smart contract technology, so as to realize real-time settlement and income distribution of capital flow. According to the latest disclosure, Huma has achieved a total trading volume of $4.3 billion, a total platform income of $4.09 million, active liquidity assets exceeded $104 million, and the number of deposit users was nearly 49,000 (an increase of 9 times from the previous month). This data can be called "dominant" in the Solana ecosystem - its trading volume accounts for more than 40% of the total TVL of Solana DeFi, even surpassing established protocols such as Jupiter and Raydium.

Compared to DeFi protocols that rely on speculative liquidity, Huma's revenue sources are more grounded in reality. Its annualized return of 10%-20% comes from interest rate arbitrage and capital turnover demands in cross-border trade, such as small and medium-sized enterprises obtaining on-chain credit by pledging accounts receivable. This model gives it a first-mover advantage in the "$30 trillion PayFi market size" reported by Messari and attracts institutions like Distributed Global and Circle Ventures, which have cumulatively invested $46.3 million over two rounds.

2. Token Economic Model: Pragmatic Design and Circulation Game

The total supply of Huma Token (HUMA) is 10 billion pieces, with an initial circulation ratio of 17.33%. Its economic model highlights the dual logic of "revenue sharing + deflationary mechanism":

Token Utility: Holders can share staking rewards (a portion of the annualized 14% yield distribution), participate in governance voting, and enjoy the buyback and burn of excess protocol income. The team emphasizes that Huma's profit sources are stable, with a single-month profit reaching 9 million USD in April 2024, which provides fundamental support for the token's value.

Distribution structure: 5% for the initial airdrop (for early depositors), 31% for ecological incentives, 20.6% for early investors, and 19.3% for teams and advisors. It is worth noting that the pre-sale only accounts for 1% of the total supply (100 million) and needs to be locked for 3 months. This design of "low circulation + high lock-up" not only provides discount opportunities for early participants, but also tries to alleviate the selling pressure in the early stage of token listing.

Compared with the previous round of FDV, which raised $171 million, the presale is valued at $75 million, a discount of more than 56%. This strategy is clearly intended to appeal to retail investors in the Jupiter community, but its 1% supply has also sparked controversy, with a large number of users in the community proposal calling for an increase in the presale ratio to balance the cost of entry for institutions and retail investors.

3. The Ambition of Jupiter: From Traffic Wars to Ecological Alliances

As the traffic entry point of the Solana ecosystem, Jupiter's monthly active users have surpassed 400,000, but its Launchpad business has long faced suppression from Pump.Fun (the latter has over 500,000 daily active addresses). This collaboration with Huma marks Jupiter's transformation from a "trading aggregator" to an "ecosystem incubator":

Strategic synergy: The $250,000 asset swap between Jupiter and Huma (based on $75 million in FDV) is not only a financial investment, but also a declaration of ecological synergy. Huma's payment clearing capabilities enhance Jupiter's stablecoin liquidity, and Jupiter's user base will accelerate Huma's adoption.

Community Co-Governance: The pre-sale is open only to JUP stakers, with no minimum threshold but allocation based on the amount staked. This design not only incentivizes JUP locking but also hands over the token allocation rights to the community, creating a differentiated competition compared to Pump.Fun's "indiscriminate new token offering."

In addition, the two parties plan to jointly build a DAO alliance to expand their influence through meme communication and joint activities. Jupiter co-founder meow revealed in a long article that his ten-year personal relationship with Huma founder Erbil Karaman has laid the foundation of trust for the cooperation - from the early acquaintance of Quora, to the Bitcoin evangelism within Facebook, to the joint planning of the JUP token burn incident, the relationship between the two has gone beyond commercial interests and has become an "emotional bond" of ecological linkage.

4. Opportunities and Challenges of PayFi: Between Idealism and Real-World Barriers

Despite the imaginative narrative of Huma's PayFi, the challenges it faces cannot be ignored:

Competing in the Red Ocean: Traditional payment protocols such as Ripple and Stellar have been deployed on-chain, while Parcl and Kamino in the Solana ecosystem are also exploring the real asset track. Huma needs to build barriers with the openness of the technology (which supports multi-chain asset access) and the high performance of Solana.

Compliance risks: Cross-border payments involve regulatory frameworks such as KYC and anti-money laundering. Huma's "partially decentralized" architecture (such as the credit assessment module) may become a regulatory focal point. The team claims to achieve zero defaults by 2024 but needs to continuously prove its risk control capabilities.

Token Liquidity Game: A 3-month lock-up period may reduce sell pressure, but it could weaken short-term speculative enthusiasm. If systemic risks arise in the market during the same period (such as a recurrence of congestion in the Solana network), the price pressure after the token unlock will increase sharply.

5. Presale Strategies and Community Sentiment: A Tug of War Between Rationality and FOMO

For ordinary investors, participating in the Huma presale requires weighing three key factors:

Cost assessment: Based on $75 million FDV, the initial price of HUMA is approximately $0.0075. If the previous round of valuation of $171 million is benchmarked, the potential increase is about 128%, but after deducting the capital cost of the 3-month lock-up (assuming an annualized return of 15%, the opportunity cost is about 3.75%).

Community Governance Rights: HUMA holders can participate in key decisions such as protocol fee distribution, which has strategic value for long-term investors. If Huma can continue to attract real commercial demand, the premium on governance rights will gradually become apparent.

Ecological dividends: As the first Launchpad project of Jupiter, HUMA may receive additional incentives such as ecological airdrops and liquidity mining. Historical data shows that JUP stakers have averaged over 3 times returns in previous projects like JTO and WEN.

In the community discussion, proponents believe that Huma's "real return + low valuation" combination is a scarce target in a bear market; Opponents questioned the lock-up mechanism to suppress liquidity, and the PayFi track still needs time to verify. @DeFiGuru, a user of Platform X, commented: "This is the turning point of Solana DeFi from a casino to a bank, but banks need a hundred years of credit, and the crypto market only gives 3 months of patience." ”

Conclusion: The "Rite of Passage" for the Solana Ecosystem

The Jupiter presale of Huma Finance is essentially an experiment about the future form of DeFi. If successful, PayFi will prove that blockchain can create real value without relying on Ponzi models; if it fails, it means that the narrative of "real assets on-chain" still needs to lie dormant. For Solana, this battle is not only a competition for traffic on the Launchpad but also a rite of passage for the ecosystem to move from "rapid expansion" to "value accumulation."

As the founder of Jupiter, Meow, said: "We need to let the flow of funds on the chain create jobs, not just paper wealth." Regardless of the outcome, the collaboration between Huma and Jupiter has already penned a tense prologue for the crypto world of 2025.