​​Huma Finance lands on Jupiter and starts pre-sale: PayFi revolution and the "nuclear explosion point" of Solana ecosystem​​

Written by: Lawrence

Introduction: When PayFi meets Solana, the beginning of a value reconstruction

In May 2025, the battleground of Solana Ecosystem Launchpad was full of smoke. In the battle between Pump.Fun and Raydium over Meme tokens and liquidity mining, Jupiter broke the deadlock with a strategic cooperation - Huma Finance, the world's first PayFi protocol, announced the launch of IDO on its new platform TGE (Token Generation Event).

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

1. Huma Finance: A Game Changer in the PayFi Market and Its Data Rush

成立于 2023 年的 Huma Finance，定位为跨境支付与资金周转的区块链解决方案提供商。其核心逻辑是通过稳定币和智能合约技术，将传统金融中的贸易融资、信用卡清算、跨境汇款等场景链上化，实现资金流的实时结算与收益分配。根据最新披露，Huma 已实现43 亿美元总交易量，平台总收益达 409 万美元，活跃流动性资产突破 1.04 亿美元，存款用户数近 4.9 万（较上月增长 9 倍）。这一数据在 Solana 生态中堪称「统治级」——其交易量占 Solana DeFi 总 TVL 的 40% 以上，甚至超越 Jupiter、Raydium 等老牌协议。

Compared with DeFi protocols that rely on speculative liquidity, Huma's revenue source is more realistic. Its annualized rate of return of 10%-20% comes from interest rate arbitrage and capital turnover needs 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 US dollar PayFi market size" reported by Messari, and attracts Distributed Global, Circle Ventures and other institutions to invest a total of US$46.3 million in two rounds.

2. Token Economic Model: Practical Design and Circulation Game

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

• Token utility: Holders can share staking rewards (part of the annualized 14% income), participate in governance voting, and enjoy the buyback and destruction (Buyback & Burn) of the protocol's excess income. The team emphasized that Huma's profit source is stable, with monthly profits reaching US$9 million in April 2024, which provides fundamental support for the value of the token.

• Distribution structure: 5% for initial airdrop (for early deposit users), 31% for ecological incentives, 20.6% for early investors, and 19.3% for the team and consultants. It is worth noting that the pre-sale only accounts for 1% (100 million) of the total supply and needs to be locked for 3 months. 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 FDV of $171 million, this pre-sale valuation is $75 million, with a discount of more than 56%. This strategy is obviously intended to attract retail investors in the Jupiter community, but its supply of 1% has also caused controversy - a large number of users in the community proposal called for an increase in the pre-sale ratio to balance the entry costs of institutions and retail investors.

3. Jupiter’s ambition: from traffic war to ecological alliance

As the traffic entrance of Solana ecosystem, Jupiter has exceeded 400,000 monthly active users, but its Launchpad business has long been suppressed by Pump.Fun (the latter has more than 500,000 daily active addresses). This cooperation with Huma marks Jupiter's transformation from a "transaction aggregator" to an "ecosystem incubator":

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

• Community co-governance: The pre-sale is open only to JUP stakers, with no minimum threshold but the amount allocated based on the staked amount. This design not only encourages JUP lock-up, but also gives the right to token distribution to the community, forming differentiated competition with Pump.Fun's "indiscriminate new issuance".

In addition, the two parties plan to jointly build a DAO alliance to expand their influence through meme dissemination, joint activities, etc. Jupiter co-founder meow revealed in a long article that his ten-year personal relationship with Huma founder Erbil Karaman laid a 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 destruction event, the relationship between the two has gone beyond commercial interests and become an "emotional bond" for ecological linkage.

4. Opportunities and challenges of PayFi: between idealism and reality

Although Huma’s PayFi narrative is full of imagination, the challenges it faces cannot be ignored:

• Competition in the Red Sea: Traditional payment protocols such as Ripple and Stellar have already 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 technology (support for 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 in 2024, but needs to continue to prove its risk control capabilities.

• Token liquidity game: Although the 3-month lock-up period reduces selling pressure, it may weaken short-term speculative enthusiasm. If there are systemic risks in the market during the same period (such as the recurrence of Solana network congestion), the price pressure after the token is unlocked will increase sharply.

5. Pre-sale strategy and community sentiment: a tug-of-war between rationality and FOMO

For ordinary investors, participating in the Huma pre-sale requires weighing three major factors:

• Cost assessment: Based on the FDV of $75 million, the initial price of HUMA is about $0.0075. If compared with the valuation of $171 million in the previous round, the potential increase is about 128%, but the cost of funds locked for 3 months needs to be deducted (assuming an annualized rate of return of 15%, the opportunity cost is about 3.75%).

• Community governance rights: HUMA holders can participate in key decisions such as the allocation of protocol fees, which is of strategic value to long-term investors. If Huma can continue to attract real business demand, the governance rights premium will gradually emerge.

• Ecological dividends: As Jupiter's first Launchpad project, HUMA may receive additional incentives such as ecological airdrops and liquidity mining. Historical data shows that JUP pledgers have received an average of more than 3 times the return in previous projects such as JTO and WEN.

In the community discussion, supporters believe that Huma's combination of "real returns + low valuation" is a scarce target in the bear market; opponents question whether the lock-up mechanism suppresses liquidity, and that the PayFi track still needs time to verify. X platform user @DeFiGuru commented: "This is the turning point for Solana DeFi to turn from casinos to banks, but banks need a hundred years of credit, while the crypto market only gives three months of patience."

Conclusion: The “Ceremony of Coming of Age” of the Solana Ecosystem

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

As Jupiter founder meow said: "We need to let funds flow on the chain to create jobs, not just paper wealth." Regardless of the outcome, the combination of Huma and Jupiter has written a tense beginning for the crypto world in 2025.

The article comes from the Internet:​​Huma Finance lands on Jupiter and starts pre-sale: PayFi revolution and the "nuclear explosion point" of Solana ecosystem​​