Solana’s dominant decentralized exchange, HumidiFi, will soon debut its long-anticipated token, $WET, through Jupiter’s Decentralized Token Formation (DTF) platform. The announcement came during Jupiter’s Planetary Call #59, where Chief Operating Officer Kash Dhanda confirmed that $WET will launch as the inaugural token on DTF. The launch marks the first instance of a prop AMM conducting its token generation event through Jupiter’s ecosystem.
According to Dhanda, $JUP stakers will receive early access to the $WET presale at a discounted rate. The move also represents a milestone for Jupiter, whose DTF platform aims to revive the original spirit of ICOs while mitigating the risks that previously plagued them.
Jupiter officially confirmed the partnership in a Wednesday post.
Yet Another Jupiter Product?
Jupiter’s Decentralized Token Formation (DTF) platform, announced in early October, represents a new model for public token launches on Solana. The platform aims to combine the transparency and accessibility of early ICOs with the security and compliance expected in today’s DeFi landscape. According to Jupiter’s announcement, DTF’s goal is to bring users “the best of the ICO meta, while protecting [them] from the worst.”
HumidiFi’s choice to allow the broader Solana community to participate in its ICO aligns with its stated ethos. In a post following the announcement, HumidiFi stated: “The only way VCs can get $WET is if they buy on DTF or spot. No $WET private sale for VCs.”
This decision effectively shuts out private investors and allocates all access to the public and $JUP stakers, underscoring a shift toward fairer, community-driven launches.
From Stealth to Spotlight
HumidiFi’s rise to prominence on Solana has been rapid and unprecedented. Launched just five months ago, the prop AMM now handles roughly one-third of all decentralized exchange activity on the network. Blockworks data shows that HumidiFi leads Solana’s DEX landscape in both daily and weekly trading volumes, averaging over 30% of total weekly volume in recent weeks.
Unlike traditional AMMs, prop AMMs (often called “Dark Pools”) operate without public liquidity pools or front ends. Instead, they rely on programmatic market-making to deliver highly efficient pricing and minimal slippage. HumidiFi’s model has attracted a surge of trading volume from Solana’s largest aggregators, including Jupiter, which routes a substantial portion of its swaps through the prop AMM.
HumidiFi’s rise mirrors a larger trend within Solana’s DeFi ecosystem. Prop AMMs have steadily captured market share from legacy platforms such as Raydium and Orca, thanks to tighter spreads and arbitrage efficiency. Despite their opaque nature, leading aggregators and auditors have verified their security and functionality.
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