HumidiFi (WET) Surges Over 165% Post-Public Sale Phase

HumidiFi, a Solana-based project, has emerged as one of the top gainers within the past 24 hours. According to on-chain data from CoinGecko, the project’s native token, WET, soared by over 165% at the time of writing. It currently trades at $0.326.

This massive surge follows the completion of the second attempt at the WET public sale on Jupiter. It is worth noting that many users frowned on the public sale, as it sold out almost instantly.

What is HumidiFi?

In today’s world of decentralized finance (DeFi), automated market makers (AMMs) like Uniswap and PancakeSwap have flaws that hinder traders from making the most from their trading experience. For example, they have rigid pricing that does not readily adjust based on real-time market conditions. They also cause fragmented liquidity, scattered across liquidity pools, trading pairs, and venues. Traders also experience wide spreads and high slippage, reducing the profits they can earn.

HumidiFi aims to fix these flaws. It introduces features, such as predictive quoting from real-time market data, on-chain settlement via the Solana network, off-chain intelligence for “heavy computation,” and its “dynamic inventory management.” It prioritizes retailers, offering them reduced slippage and tighter spreads to enhance their gains.

The Solana-based project explained in its litepaper that these features enable it to offer users an execution quality resembling that of centralized exchanges (CEXs). This is part of its vision of building DeFi 2.0.

Despite being launched only six months ago, HumidiFi has recorded a DEX volume of $2.875 billion in early November. Currently, it holds a DEX volume of $922.91 million. No wonder the DeFi protocol touts itself as the largest proprietary automated market maker (prop AMM).

WET’s Initial Debut – A Major Flop

After operating for months, HumidiFi disclosed that it would launch the WET token on December 4th. The team partnered with Jupiter to facilitate a public sale for the cryptocurrency. The debut, however, was heavily flawed. An individual or a closed group used bots to snipe the entire sale within seconds.

To rectify the issue, the HumidiFi team developed another cryptocurrency using the same ticker, which was launched on December 8th. Details about the token launch showed that 30 million tokens (3% of the total supply) will be sold. It added that each wallet can claim a maximum of 500 USDC worth of tokens.

WET launched on the set date. However, it debuted 10 minutes later than expected. According to Jupiter, the delay occurred because the team’s developers were implementing “part of the anti-bot package.” In the end, over 4,000 users purchased WET within a short timeframe.

Although community members frowned at the delay, Jupiter’s founder emphasized that “what’s important is that the project gets the right attention, does well and have a good base to grow from.”

Why is WET Pumping?

While HumidiFi community members bought WET on December 8th, it was not until December 9th at 14:00 UTC that the token was officially debuted for trading. This move likely fueled the increase in price for the cryptocurrency.

Currently, WET has secured listings on Solana DEXs such as Titan. With its market currently above $74.3 million, WET is poised to meet the listing standards of centralized exchanges. This move can propel its value higher.

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