Jupiter's first major IPO is here: Huma ignites the ultimate battle on the Solana Launchpad

Written by: Luke, Mars Finance

On the decentralized finance (DeFi) battlefield of the Solana ecosystem, the Launchpad war is entering a white-hot stage. From PumpFun's traffic hegemony, to the multi-brand counteroffensive of players such as Raydium and BONN, to the introduction of a new narrative of Web2 entrepreneurs by Believe, the Solana chain has become the epitome of the "Hundred Group War". Now, Jupiter, Solana's top DEX aggregator, has entered the market with a new pre-sale platform, LFG 2.0, and proposed Huma Finance, a pioneer in payment finance (PayFi), as the first project, igniting a new climax of this war. This is not only a token IPO, but also a nuclear explosion moment in the DeFi track in 2025. Can Huma's PayFi vision and Jupiter's community momentum stand out from the Launchpad melee? Let's dive into this epic showdown of the Solana ecosystem.

Launchpad War: The Battle of Traffic and Belief for Solana

In May 2025, the Launchpad war of Solana has become the most intense traffic competition on the chain. PumpFun, with its simplified token issuance mechanism and large user base, firmly sits on the "on-chain hegemon" throne, but its high-frequency sell-off of SOL and some tokens suspected of fraud has sparked discontent in the community. Raydium, on the other hand, is launching a "multi-brand" offensive through LaunchLab and cooperation with BONK's LetsBonk.fun, attempting to erode PumpFun's market share. BONK's LetsBonk.fun, driven by meme-based community appeal, has attracted enthusiastic participation from both whales and retail investors, while Believe (formerly Clout) introduces new variables to the war by bringing in tokens worth tens of millions like NOODLE and GOONC through the narrative of "Web2 talent introduction."

Jupiter's LFG 2.0 chooses to enter the market at this time with a clear strategy: to avoid the short-term frenzy of meme coins and focus on high-integrity PayFi projects like Huma Finance, attempting to reshape the value narrative of Launchpad. Discussions on platform X show that the community is eagerly anticipating this battle, believing that competition will drive user experience optimization and accelerate innovation. One user commented: "In the current Launchpad battle, @pumpdotfun is the OG, @bonk_fun has whale backing, @believeapp catches attention with Web2 narratives, while Jupiter and Raydium quietly make profits. The data speaks for itself!"

The "Battle of a Hundred Groups" is not only a contest of technology and mechanisms, but also a competition for traffic, community, and ecological beliefs. Jupiter, led by Huma as the pioneer, attempts to carve out a new path between the traffic hegemony of PumpFun and the meme offensive of Raydium through real value anchor points.

Huma Finance: The On-Chain Revolution of PayFi

Huma Finance is a leader in the PayFi sector, dedicated to solving the four major pain points of global payments using blockchain technology: inefficiency in cross-border payments, delays in credit card settlements, scarcity of sustainable high returns, and closed infrastructure. Its PayFi network enables 24/7 instant payments through stablecoins, disrupting the cumbersome processes of SWIFT; collaborating with platforms like Rain Card to provide real-time settlements for merchants; and offering liquidity providers a stable annual return of 10-20% through the PayFi strategy token ($PST).

Huma's performance is impressive: a total trading volume of over $4 billion, active liquidity of $100 million, and an annual revenue of $9 million. After the launch of Huma 2.0 on Solana in April 2025, the number of deposit users surged ninefold to 48,000. Collaborations with protocols such as Circle, Fireblocks, and Solana ecosystem's Jupiter and Kamino have solidified its market position. The merger with Switzerland's Arf in 2024 further lays the foundation for its goal of achieving $10 billion in trading volume by 2025.

Huma's open PayFi tech stack is highly compatible with Solana's modular design. Its $PST has integrated Jupiter's USDC exchange and plans to deepen cooperation with Kamino and RateX. This ecological synergy brings new revenue opportunities to Jupiter's 400,000 monthly active users and adds ecological endorsement to Huma's presale.

Jupiter's LFG 2.0: Differentiated Strategy in the Launchpad War

Jupiter, with its high throughput and community stickiness, serves as a traffic entry point for Solana. Its LFG 2.0 platform focuses on high-integrity projects, attempting to find a new path in the Launchpad wars. The inaugural proposal from Huma Finance is the touchstone of this strategy, with details as follows:

1. JUP Staker Pre-sale

Allocation: 1% of the total supply of Huma (10 billion tokens) is reserved for JUP stakers.

Mechanism: The more JUP you stake, the higher the pre-sale quota, incentivizing long-term holding.

Lock-up: Lock-up for 3 months after TGE to ensure alignment with Huma's long-term goals.

Valuation: $75 million FDV, significantly discounted compared to Huma's Series A financing, with huge potential.

2. DAO-to-DAO Treasury Swap

Terms: Huma and JUP exchange $250,000 worth of tokens each, priced at Huma's $75 million FDV.

Lock-up: 1 year, strengthening strategic binding.

Meaning: Deepen ecological integration and share the growth dividends.

3. Community Activation

Huma invites the Jupiter community to co-create the issuance event through memes, posts, and Spaces, emphasizing that "collaboration is greater than capital," which highly aligns with the decentralized spirit of Jupiter.

A user from X suggested optimizing to enhance the attractiveness of the pre-sale:

JUP Staker Presale: 30% of tokens are unlocked at TGE, and the remaining 70% are unlocked linearly on a daily basis, rather than a full lock-up for 3 months, to incentivize early participants to promote.

Kaito User Airdrop: 50% unlocked at TGE, the remaining 50% requires monthly release of Huma content to unlock, maintaining post-TGE momentum.

These suggestions directly address the pain points of communication, balancing short-term rewards with long-term incentives, and are expected to make Huma's new offering a focal point on the blockchain.

Solana's Hundred Regiments War: The Competitive Landscape of Launchpads

The Launchpad war of Solana presents a situation of multiple powers standing together, with each platform showcasing its own capabilities:

1. PumpFun: A Dominant Force in Traffic with Controversies

PumpFun dominates with a simplified token issuance mechanism and a large user base, with X users referring to it as the "old-school OG." However, the controversy surrounding its high-frequency selling of SOL and allegations of fraud with certain tokens has sparked backlash within the community. One user complained: "The on-chain environment is too brutal now; all the money on the LAUNCH platform has been taken by scalpers, and normal people miss out on opportunities after just a few minutes of research." PumpFun's traffic advantage remains unshakable, but its lack of innovation in its model has given competitors an opportunity.

2. Raydium and LetsBonk: Multi-Brand Offensive

Raydium's LaunchLab has sparked a meme-driven craze through its collaboration with BONK's LetsBonk.fun. X posts show that Raydium recently allocated $2.8 million in rewards (approximately 950,000 RAY) to LaunchLab and LetsBonk, with a daily average reward of $110,000, incentivizing traders to participate. Tokens like $LETSBONK and $HOSICO from LetsBonk have repeatedly achieved a market value of tens of millions, showcasing the community's appeal. Raydium's "multi-brand" strategy, by integrating multiple platforms, is gradually encroaching on PumpFun's market share.

3. Believe: The Dark Horse of Web2 Narratives

Believe (formerly Clout), led by 25-year-old entrepreneurial genius Ben Pasternak, attracts Web2 developers through the narrative of the "internet capital market." X users are hotly discussing its $GOONC project, which surpassed a market value of $20 million in a single day. Believe's model reshapes the token issuance narrative by introducing AI content applications and Web2 talent, and despite controversies surrounding early zeroing issues, its innovative potential cannot be overlooked.

4. Meteora and Virtuals: Breaking through the Segmented Track

Meteora and Virtuals focus on niche tracks such as AI Agents, attempting to break through with differentiation. The $VIRTUAL token of Virtuals has recently performed strongly, demonstrating the potential of niche markets, but its overall influence still lags behind mainstream players.

Jupiter's LFG 2.0 chooses Huma Finance, avoiding the short-term frenzy of meme coins and focusing on the long-term value of PayFi. This differentiated approach not only challenges the traffic hegemony of PumpFun but also complements the meme offensive of Raydium. Huma's real yield model and Jupiter's community stickiness create a unique competitive advantage.

Why the explosion? Strategic synergy between Huma and Jupiter

The initial presale of Huma Finance is a key strike for Jupiter in the Launchpad war. Its significance lies in:

The real anchor point of PayFi: Huma's stable return rate of 10-20% comes from real business demands rather than speculative bubbles. According to Messari's estimates, the PayFi market size could reach $30 trillion, covering credit cards, trade financing, and remittances. Huma's success may shift DeFi from a "chains on casino" to a "global financial infrastructure."

Community-driven new listings: Jupiter's 400,000 monthly active users and Huma's 48,000 deposit users have formed a strong community synergy. The presale prioritizes JUP stakers and incorporates community optimization suggestions, reflecting fairness and transparency.

Ecological Synergy Effect: The integration of Huma's $PST with protocols like Jupiter and Kamino enhances the liquidity and yield opportunities of the Solana ecosystem, attracting more capital back.

Against the backdrop of the Launchpad wars, the collaboration between Jupiter and Huma is not only a counterbalance to the PumpFun monopoly but also a reflection on the meme-driven craze. Huma's PayFi model injects a long-awaited "real value" narrative into the Solana ecosystem.

Challenges and Breakthroughs

Huma's 3-month lock-up mechanism may make some investors hesitate, and the suggestion of a 30% TGE unlock could alleviate concerns. Huma needs to maintain a zero-default credit record in 2024 to strengthen market trust. The competition in the PayFi track is also heating up, with players like Ripple and Stellar also targeting global payments. Huma's open technology stack, combined with Solana's low cost and high performance advantages, provides it with a space to break through, but execution is crucial.

Jupiter's LFG 2.0 must face the traffic hegemony of PumpFun and the "multi-brand" offensive of Raydium. PumpFun's daily active addresses far exceed those of its competitors, and Jupiter needs to rapidly expand its user base through community incentives and ecosystem integration. User X pointed out: "The launchpad battle allows platforms to evolve quickly, and competition benefits users."

Conclusion: The Nuclear Explosion Moment of PayFi and Solana

The Jupiter initial presale of Huma Finance is a turning point in the Solana battle of hundreds of teams. Amid the chaos of PumpFun, Raydium, BONK, and Believe, Jupiter takes Huma as the vanguard, showcasing a differentiated approach to PayFi. This is not only a new investment opportunity but also a battle of faith regarding the future of DeFi. The real value of Huma and the community momentum of Jupiter are injecting new vitality into the Solana ecosystem.

For investors anticipating the PayFi revolution and the Launchpad war, this first battle of Jupiter is a must-see spectacle in 2025. Lock in on the official channels of Huma and Jupiter, and get ready for Solana's next nuclear explosion moment!