Core Insights - HumidiFi, the largest decentralized exchange on Solana by one measure, is set to launch its token WET in November through an initial coin offering (ICO) [1] - The exchange has achieved significant growth, processing $33.3 billion in trade volume over the past 30 days, accounting for nearly 25% of all trade volume on Solana [2] - HumidiFi operates as a prop automated market maker (AMM), allowing it to manage liquidity effectively and offer competitive prices compared to traditional decentralized exchanges [3][4] Token Launch Details - WET will be the first token to utilize Jupiter's Decentralized Token Formation (DTF) platform, which will provide tiered access for investors [5] - The ICO will allow for whitelisting of certain recipients, allocation for Jupiter stakers, and public investment on a first-come, first-served basis [5] - The launch date for the ICO has not been finalized, but it is confirmed to occur in November [4] Market Dynamics - Prop AMMs like HumidiFi are seen as a significant evolution in on-chain market microstructure, enabling larger trades at competitive prices compared to centralized exchanges [4] - The current ICO model is criticized for allowing manipulation by wealthy investors, who can exceed investment caps and secure larger token distributions [6][7]