Retweet the original title “Huma Finance lands on Jupiter to start presale: PayFi revolution and the “nuclear explosion point” of Solana ecosystem”

Introduction: When PayFi meets Solana, the prelude of value reconstruction

In May 2025, the Launchpad battlefield of the Solana ecosystem is filled with smoke. In the struggle between Pump.Fun and Raydium over Meme tokens and liquidity mining, Jupiter broke the deadlock with a strategic collaboration—the world’s first PayFi protocol, Huma Finance, announced the launch of its IDO on its new platform TGE (Token Generation Event).

This partnership is not only about the competition for token issuance traffic, but also seen as a milestone for the deep integration of PayFi (Payment Finance) and DeFi. With a cumulative trading volume of $43 billion, an annualized stable income of 14%, and the narrative of “real assets + blockchain,” Huma Finance has injected a long-lost value anchor into the Solana ecosystem. Jupiter, with the community momentum of 400,000 monthly active users, is attempting to push this presale into a “Web3 financial infrastructure” belief war.

One, Huma Finance: The “game changer” and data frenzy of the PayFi track

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 source of income has a more realistic foundation. Its annualized yield of 10%-20% comes from interest rate arbitrage and fund turnover needs in cross-border trade, such as small and medium-sized enterprises obtaining on-chain credit by pledging receivables. This model gives it a first-mover advantage in the $30 trillion PayFi market size mentioned in the Messari report, attracting two rounds of funding totaling $46.3 million from institutions like Distributed Global and Circle Ventures.

Token Economic Model: Pragmatic Design and Circulation Game

The total supply of Huma token (HUMA) is 10 billion, with an initial circulation ratio of 17.33%. Its economic model highlights the dual logic of ‘income sharing + deflation mechanism’.

• Token utility: Holders can share staking rewards (part of the annualized 14% yield distribution), participate in governance voting, and enjoy the protocol’s excess revenue buyback & burn. The team emphasizes that Huma’s profit source is stable, with a single-month profit reaching $9 million in April 2024, providing fundamental support for the token’s value.
• Allocation structure: 5% for initial airdrops (for early deposit users), 31% for ecological incentives, 20.6% for early investors, 19.3% allocated to the team and advisors. It is worth noting that the pre-sale only accounts for 1% of the total supply (100 million tokens) and requires a 3-month lockup. This ‘low circulation + high lock-up’ design not only provides discount opportunities for early participants but also attempts to alleviate the selling pressure in the early stage of token listing.

Compared with the previous round of financing of 171 million US dollars in FDV, the valuation of this pre-sale is 75 million US dollars, with a discount of over 56%. This strategy is clearly aimed at attracting retail investors in the Jupiter community, but the 1% supply has also sparked controversy - a large number of users in the community are calling for an increase in the pre-sale ratio to balance the entry costs of institutions and retail investors.

Three, Jupiter’s Ambition: From Traffic Wars to Ecological Alliance

As the traffic entrance of the Solana ecosystem, Jupiter’s monthly active users have exceeded 400,000, but its Launchpad business has long been suppressed by Pump.Fun (the latter has a daily active address count of over 500,000). This cooperation with Huma marks Jupiter’s transition from being a “trading aggregator” to an “ecosystem incubator”:

• Strategic Synergy: Jupiter and Huma’s $250,000 asset swap (based on a $75 million FDV) is not just a financial investment, but also a declaration of ecological synergy. Huma’s payment settlement capabilities can enhance Jupiter’s stablecoin liquidity, while Jupiter’s user base will accelerate Huma’s adoption.
• Community governance: The pre-sale is only open to JUP stakers, with no minimum threshold but allocation based on the amount staked. This design incentivizes JUP locking while transferring token distribution rights to the community, forming a differentiated competition from Pump.Fun’s ‘indiscriminate new listing’.

In addition, the two parties plan to jointly build the DAO Alliance, expanding their influence through Meme dissemination, joint activities, and other means. Jupiter co-founder meow revealed in a lengthy article that his ten-year friendship with Huma founder Erbil Karaman laid the foundation of trust for their cooperation - from their early acquaintance on Quora, to advocating for Bitcoin within Facebook, to jointly planning the JUP token burn event. Their relationship has transcended commercial interests and become an emotional bond that drives ecological synergy.

Four, PayFi’s opportunities and challenges: between idealism and practical barriers

Despite Huma’s PayFi narrative being imaginative, the challenges it faces cannot be ignored:

Red Ocean Competition: Traditional payment protocols such as Ripple and Stellar have laid out their presence on the chain, while projects within the Solana ecosystem, such as Parcl and Kamino, are also exploring the real asset track. Huma needs to establish barriers based on technological openness (supporting multi-chain asset access) and Solana’s high-performance advantages.

• Compliance risks: Cross-border payments involve regulatory frameworks such as KYC and anti-money laundering. Huma’s ‘partially centralized’ architecture (such as the credit assessment module) may become a regulatory focus. The team claims to achieve zero defaults by 2024, but needs to continuously prove its risk control capabilities.
• Token liquidity game: While the 3-month lock-up period reduces selling pressure, it may weaken short-term speculative enthusiasm. If there is systemic risk in the market at the same time (such as the recurrence of congestion in the Solana network), the price pressure after the token unlock will sharply increase.

V. Presale Strategy and Community Sentiment: A Rational Battle with FOMO

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

• Cost assessment: Based on a $75 million FDV calculation, the initial price of HUMA is approximately $0.0075. If benchmarked against the previous $171 million valuation, the potential increase is about 128%, but the cost of funds locked for 3 months needs to be deducted (assuming an annualized return rate of 15%, the opportunity cost is approximately 3.75%).
• Community Governance: 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 business needs, the governance premium will gradually become evident.
• Ecosystem Bonus: As the first Launchpad project of Jupiter, HUMA may receive additional incentives such as ecosystem airdrops and liquidity mining. Historical data shows that JUP stakers have earned an average return of over 3 times in previous projects such as JTO, WEN, etc.

In community discussions, supporters believe that Huma’s combination of “real benefits + undervaluation” is a scarce target in a bear market; opponents question the lock-up mechanism suppressing liquidity and the need for time to verify the PayFi track. X platform users@DeFiGuruThe comment said, “This is a turning point for Solana DeFi from a casino to a bank, but banks need a hundred years of credit, while the crypto market only gives three months of patience.”

Conclusion: Solana ecosystem’s “coming-of-age ceremony”

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 a Ponzi scheme model; if failed, it means the narrative of “real assets on chain” still needs to be dormant. For Solana, this battle is not only a competition for Launchpad traffic but also a coming-of-age ceremony for the ecosystem to move from “rapid expansion” to “value precipitation.”

As Jupiter founder meow said, “We need to make funds flow on the chain to create employment, not just paper wealth.” Regardless of the outcome, the partnership between Huma and Jupiter has already written a tension-filled opening for the crypto world in 2025.

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