If you’re deep in the Solana DeFi ecosystem, you’ve probably interacted with this stealth protocol without even realizing it. Humidifi, a Prop AMM or “Dark AMM” dominating Solana’s DEX Landscape since its launch barely 6 months ago, has announced the introduction of its $WET token on December 3 through Jupiter Exchange’s new Decentralized Token Formation (DTF) platform.
Jupiter’s Chief Operating Officer, Kash Dhanda, initially announced $WET as the inaugural token to launch on Jupiter’s new ICO platform during Jupiter’s Planetary Call #59, with the official confirmation of the launch date coming via a Monday post from the exchange.
Details such as tokenomics and eligible participants are yet to be released.
Jupiter Positions DTF as a New Standard for Onchain Funding
While MetaDAO and Metaplex have led the recent growth in Solana ICOs, Jupiter plans to enter the sector with the launch of their new ICO platform. Jupiter outlined its goals for its new ICO platform in the announcement.
The protocol aims for the platform to be a return to open token raises that rely on full onchain transparency. The new ICO platform is set to use Jup Lock for supply management and allocation escrow, and the team guarantees liquidity at launch through a collaboration with Meteora. Jupiter stated that the platform will host only high-quality projects and framed $WET as the first example of that standard.
The team describes the platform as an effort to give users the benefits of the ICO format while removing many of the hazards that emerged in earlier cycles. In that sense, the $WET launch serves as both a test case and an entry point for Jupiter’s broader strategy.
HumidiFi’s Rise as Solana’s Leading Trading Venue
HumidiFi has grown rapidly since launching earlier this year. According to SolanaFloor Data Analytics, the exchange has generated $133 billion in trading volume in less than 6 months. It currently leads Solana’s DEX ecosystem after surpassing both Meteora and Raydium in monthly volumes during early November.
Over the past 30 days, HumidiFi has processed over $37 billion in trades.
Blockworks data shows that HumidiFi dominates SOL/USD spot trading compared to leading centralized exchanges. Across the majority of recorded dates, HumidiFi held the largest daily share of volume. On November 23, 2025, the exchange recorded $853m in SOL/USD volume. Binance ranked second with $717m. Total volume across major CEXs reached $2.37 billion that day, with HumidiFi accounting for roughly 35.9% of that total.
HumidiFi’s dominance appears even stronger when compared with other Solana DEXs. On the same date, Tessera generated $258m in volume, and Orca placed third with $117m. Combined volume across all Solana DEXs reached $1.44 billion. HumidiFi represented about 57.9% of that amount.
Taken together, the data shows that HumidiFi plays a central role in the broader Solana trading ecosystem. Its liquidity footprint extends across both centralized and decentralized markets and sets the backdrop for its upcoming token launch.
ICO Activity Rebounds Across Solana
The $WET launch comes amid heightened interest in onchain token raises. MetaDAO and Metaplex have already established momentum in the space.
MetaDAO has generated more than $1.1m in protocol revenue since October 11 through AMM fees and LP positions. Its $UMBRA ICO drew $154m in commitments and returned $151m to contributors while keeping $3m to fund the project. Solomon Labs also recently closed its $USDv ICO on MetaDAO, raising $102m against a minimum target of $2m.
Meanwhile, Metaplex continues to expand its presence through Genesis, which generated $370,000 in revenue in October (18% of Metaplex’s total revenue) after powering token launches such as Play Solana’s $PLAY.
With strong trading activity, a commanding market position, and growing investor attention across the Solana ecosystem, HumidiFi’s token generation event arrives at a moment when interest in onchain funding continues to build. The launch on December 3 is likely to draw significant attention as traders evaluate how Jupiter’s new platform fits into the evolving landscape of Solana’s “Internet Capital Markets”.
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