Market Trends - Solana is emerging as a leading platform for trading various assets [1] - Proprietary Automated Market Makers (Prop AMMs) are facilitating the realization of Internet Capital Markets [1] Trading Efficiency & Cost - HumidiFi demonstrates TradFi-grade execution for real trading volume [1] - HumidiFi quotes spreads of 0.4 to 1.6 basis points (bps) for SOL-USDC trades, increasing to 5 bps at $1 million [1] - S&P 500 stocks exhibit spreads in the sub-1 to 8 bps range, while mid-cap stocks range from 3 to 25 bps based on SEC Rule 605 data [1] - Prop AMMs are matching or surpassing traditional finance (TradFi) execution for trades under $100 thousand [1] Competitive Advantage - Best execution is crucial for success [2]

Group 1 - The bullish price movements in the crypto market are influenced by multiple factors, including an expected 25 bps rate cut from the US Federal Reserve, which is likely to boost investor sentiment heading into 2026 [1][4][5] - Bitcoin (BTC) is currently holding at $92,000, up 3.1% in the last 24 hours, with potential for a broader market rally if it reclaims the $97K level [3][4] - The Solana ecosystem is showing signs of recovery after a liquidity drain, with specific projects like Pippin and HumidiFi performing exceptionally well [1][7] Group 2 - The CME watch tool indicates an 89.9% probability of a 25 bps rate cut, which is expected to create short-term volatility but long-term bullishness in the crypto market [4][5] - Ripple is noted as the strongest performer among digital assets with a spot ETF, having posted fifteen consecutive days of inflows exceeding outflows, although its price has only increased by 1% to $2.06 [6] - Ethereum (ETH) has seen a significant increase of 6.5% today, pushing its price back above $3,300, contributing to the overall market cap increase of $150 billion [4][5]

Project Overview - Jupiter is building a DeFi superapp, aiming to onboard millions of users [1] - Jupiter's recent updates focus on the core community and holders [1] - Jupiter is preparing to kick off its next era at CatLumpurr next year [1] Recent Developments - Jupiter recently launched the DTF-powered ICO of HumidiFi [1] - Jupiter founder Meow reflects on wins, lessons, and growth [2]

Decentralized Finance (DeFi) Innovation - Decentralized Token Formation (DTF) is presented as a new approach to Initial Coin Offerings (ICOs), aiming for increased fairness and transparency [1] - DTF ensures 100% visibility of the token supply, labeled wallets, visible and enforced lockups, and the elimination of secret allocations [1] Project Launch & Market Share - HumidiFi, a project utilizing DTF, currently handles approximately 50% of Jupiter's routing market share [1] Key Objectives of DTF - DTF seeks to establish a fair and transparent on-chain capital formation process [1]

Solana DeFi - HumidiFi 在 Solana 链上探索新的资本效率前沿 [1] - HumidiFi 平台展示了活跃的流动性 [1]

Core Insights - Temporal, a crypto research and development firm, is identified as the creator of HumidiFi, a significant dark exchange on the Solana blockchain that has recently dominated trading activity [1][2] Group 1: HumidiFi and Trading Activity - HumidiFi is one of several dark exchanges on Solana, handling nearly $40 billion in trades over the past month, accounting for approximately one-third of all trading on the Solana blockchain [2] - The revenue generated by HumidiFi is not publicly disclosed, but its trading volume indicates a substantial impact on the market [2] Group 2: Temporal's Role and Future Plans - The connection between Temporal and HumidiFi was confirmed by sources within the Solana developer community, although Temporal's founder, Ben Coverston, neither confirmed nor denied the association [3][4] - Temporal plans to launch a token called WET later this month, which will be offered to investors through the Decentralised Token Formation platform developed by Jupiter, a Solana exchange aggregator [5] Group 3: Temporal's Position in the Ecosystem - Temporal is a key player in the Solana developer ecosystem, having developed Nozomi, an execution layer that processes millions of transactions daily, and recently launching Harmonic, an open block-building infrastructure for Solana [7] - The firm has investments across the Solana ecosystem, including projects like DoubleZero, Backpack, and Sanctum, and has a history with MarginFi, a Solana lending protocol [8]

Company Performance - HumidiFi achieved a volume exceeding 10 billion in the last week [1] - HumidiFi started from zero in June [1]

Market Position - HumidiFi has become the largest DEX on Solana [1] - HumidiFi operates without a frontend and uses private quoting, with trades typically executed via aggregators [1] Trading Volume - HumidiFi's 24-hour trading volume reached $1.1 billion [1] - HumidiFi's 7-day trading volume reached $9.698 billion [1] - HumidiFi's 30-day trading volume reached $34 billion [1] - HumidiFi's trading volume surpassed Meteora, Raydium, and Pump [1]