Original | Odaily Planet Daily ( @OdailyChina )
Author: Azuma ( @azuma_eth )
On May 18, the Jupiter community launched a new governance vote. The proposal for the vote is: Huma Finance proposes to build a DAO alliance with Jupiter, and Huma Finance will become the first release project on Jupiters new pre-sale platform.
Huma Finance Overview
As a hot project that has been widely discussed in the market some time ago, Huma Finance is positioned as a PayFi protocol focusing on cross-border payment fund turnover scenarios.
In February 2023 and September 2024, Huma Finance completed two rounds of financing of US$8.3 million and US$38 million respectively , with participation from many institutions including Distributed Global, ParaFi, Circle Ventures, Robot Ventures, Hashkey Capital, and Folius Ventures.
According to official data from the Huma Finance platform, the platforms total transaction volume currently exceeds US$4.3 billion, with total revenue of approximately US$4.09 million and the number of Feather points distributed on the platform being around 550 million; active liquid assets are approximately US$104 million, PayFi assets are approximately US$64.083 million; and liquid assets are approximately US$39.908 million.
Odaily Note: For more details about Huma Finance’s business logic, please refer to “ Is Huma, the “hottest newcomer in PayFi”, a P2P? ”
Token Information and Pre-sale Details
As part of the disclosure of this collaboration, Huma Finance revealed some detailed intelligence about its tokens for the first time.
Although the final token name has not been confirmed, it is certain that the total supply of Huma Finance tokens is 10 billion , and the token utilities include:
Share staking rewards;
Buyback/destruction through excess revenue;
Participate in the governance of incentives and fee allocation;
Prioritize the use of protocol functions.
Including pre-sales, this cooperation covers three specific contents.
The first is the pre-sale for JUP pledge users: the pre-sale FDV is 75 million US dollars (a significant discount compared to the valuation of the previous round of financing); the pre-sale quota is 1% of the total supply; the larger the pledge scale, the higher the pre-sale allocation share; after TGE, the pre-sale share will be locked for 3 months.
The second is the treasury reserve swap between Huma Finance and Jupiter: the swap size is US$250,000, and the valuation still uses the FDV of US$75 million; after the swap, they will jointly abide by the 1-year lock-up limit.
The third is community cooperation: Huma Finance hopes that the Jupiter community will provide strategies for its token release process, accelerate dissemination through various memes and content, and inject Jupiters energy into Huma Finances token release.
Team Relationship
On the day the vote was launched, Jupiter co-founder meow published a long article on X, revealing his personal relationship with Huma Finance co-founder Erbil Karaman.
In a brief overview, meow and Erbil have known each other for more than 10 years. They first met on Quora, and later became friends in the Web2 technology circle. meow once stayed in Erbils apartment in the Bay Area . The two worked together in a small shared office space, Dogpatch Labs, and occasionally went to AngelList to hang out... This period of living together came to an abrupt end because Erbils girlfriend (now wife) thought meow was too annoying . meow said that he still doesnt know what he did wrong, and he only remembers Erbils slightly embarrassed expression at the time...
A few years later, when Erbil was leading growth at Facebook, meow also worked with Erbil to organize the first Bitcoin seminar inside Facebook.
In the following years, as meow entered the Web3 field, direct communication between the two parties gradually became less frequent, until Erbil also joined the circle through Huma Finance. Later, in order to support Erbil, meow also participated in Huma Finances Series A financing, which was valued at US$171 million - the pre-sale price was nearly half of the current rounds discount.
Before this, Jupiter During Catstanbul, Erbil helped Jupiter plan a large event - burning a giant cat-themed statue to commemorate the destruction of 3 billion JUP tokens. Erbil took the lead in contacting artists, engineers, laser and fire effects artists, and also took care of details such as hotels, transportation, music, etc.
All in all, meow and Erbil have had a long-standing personal relationship, so it is not surprising that the two sides have reached a deep cooperation.
Pre-sale expectations
Back to the pre-sale itself, the first thing that can be confirmed is that based on historical financing valuations and current market heat, the $75 million FDV is undoubtedly an extremely attractive price, but 1% of the total supply is indeed relatively small - a large number of Jupiter community members also left messages under the proposal, hoping to increase this ratio.
What is uncertain at the moment is whether the snapshot of JUP staking status has been completed - this is directly related to who can participate in the pre-sale and how much is allocated. For reference, the total amount of JUP currently staked is 658,013,762, which is about 22.7% of the current circulating supply. Stake users can use this data to roughly assess the pre-sale quota they can obtain.
There are currently about 2 days and 6 hours left before the voting on the relevant proposal ends. The results are expected to be announced on Thursday evening, and more relevant information may be disclosed at that time.
