Original | Odaily (Odaily China)
Author | Azuma
On May 18, the Jupiter community launched a new governance vote. The proposal was: Huma Finance proposed to build a DAO alliance with Jupiter, and Huma Finance will be the first project launched on Jupiter's new pre-sale platform.
Brief Introduction to Huma Finance
As a highly discussed project in the market recently, Huma Finance is positioned as a PayFi protocol focusing on cross-border payment fund circulation scenarios.
In February 2023 and September 2024, Huma Finance completed two rounds of financing of $8.3 million and $38 million, with investments from multiple institutions including Distributed Global, ParaFi, Circle Ventures, Robot Ventures, Hashkey Capital, and Folius Ventures.
According to Huma Finance's official platform data, the platform's total transaction volume currently exceeds $4.3 billion, with total revenue of approximately $4.09 million, and approximately 550 million Feather platform points distributed; active liquidity assets are around $104 million, PayFi assets are around $64.083 million; and liquidity assets are around $39.908 million.
Odaily Note: For more details about Huma Finance's business logic, please refer to "Is Huma a P2P?"
Token Information and Pre-sale Details
As part of this collaboration, Huma Finance disclosed some details about its token for the first time.
Although the final token name has not been confirmed, it is certain that Huma Finance's total token supply will be 10 billion, with token utilities including:
Sharing staking rewards;
Buyback/burning through excess income;
Governance participation and fee distribution;
Priority use of protocol functions.
The collaboration includes three specific aspects, including the pre-sale.
The first is a pre-sale for JUP staking users: Pre-sale FDV is $75 million (with a significant discount from the previous financing valuation); pre-sale allocation is 1% of total supply; larger staking scale means higher pre-sale allocation; pre-sale shares will be locked for 3 months after TGE.
The second is a treasury reserve swap between Huma Finance and Jupiter: Swap scale is $250,000, still using the $75 million FDV; both parties will observe a 1-year lock-up restriction after the swap.
The third is community collaboration: Huma Finance hopes the Jupiter community will provide strategies for its token launch process, accelerating spread through various meme and content to inject Jupiter's energy into Huma Finance's token launch.
Team Relationship
On the day the vote was launched, Jupiter co-founder meow published a long post on X, revealing his personal relationship with Huma Finance co-founder Erbil Karaman.
In brief, meow and Erbil have known each other for over 10 years, first meeting on Quora, and gradually becoming friends in the Web2 tech circle. meow had previously lived in Erbil's Bay Area apartment, they worked together in a small shared office space Dogpatch Labs, occasionally wandering around AngelList... This living arrangement ended because Erbil's girlfriend (now wife) found meow too annoying, meow says he still doesn't know exactly what he did wrong, only remembering Erbil's slightly awkward expression...
Years later, when Erbil was leading growth business at Facebook, meow had organized the first Bitcoin lecture inside Facebook with Erbil.
In the following years, as meow devoted himself to the Web3 field, their direct communication gradually decreased until Erbil entered the field through Huma Finance. To support Erbil, meow participated in Huma Finance's Series A financing, which was valued at $171 million - with a pre-sale price nearly half off this round.
During Jupiter's previous Catstanbul event, Erbil helped Jupiter plan a large-scale event - burning a giant cat-themed statue to commemorate the destruction of 3 billion JUP tokens. Erbil led the coordination with artists, engineers, laser and flame effect specialists, and handled hotel, transportation, and music details.
In summary, meow and Erbil have known each other for a long time, so their deep collaboration is not surprising.
Pre-sale Expectations
Returning to the pre-sale itself, what can be confirmed is that based on historical financing valuation and current market heat, a $75 million FDV is undoubtedly an attractive price, though 1% of total supply is indeed relatively small - many Jupiter community members have commented hoping to increase this percentage.
The current uncertainty is whether the snapshot of JUP staking status has been completed - which directly affects who can participate in the pre-sale and the specific allocation. As a reference, the current total amount of staked JUP is 658,013,762, about 22.7% of the current circulating supply, and staked users can roughly estimate their pre-sale allocation based on this data.
There are approximately 2 days and 6 hours left before the proposal vote ends, with results expected to be revealed Thursday evening, when more information may be disclosed.
