【10万円企画】vol2.10万円から始めるエアドロップ生活 - 運用反省と次の狙い目

Hello! This is the second installment of "Airdrop Life Starting from 100,000 JPY."

In the crypto world, topics currently buzzing include "How much will EdgeX points be worth?!", "Is it still possible to get in on time?!", and "Is the xUSD credit looping on Stream Finance really okay?"

I'm sure you're all wondering if Almanak is okay, how the author's (my) operations are going, and so on.

[Reference Info]

• For details on the recent xUSD and StreamFinance issues, please see here: https://crypto-times.jp/the-true-identity-of-the-hidden-power-behind-the-collapse-of-stablecoin-xusd/
• For details on the investment destinations for Almanak alUSD Vaults, please see here

First, let's take a look at what my (the author's) portfolio looks like!

Current Holdings

• Amount Deposited: $605
• PT alUSD: 604.9 ($594.35)
• YT alUSD: 604.9 ($10)
• Points Earned: 65.45 Points

Thanks to the recent commotion (the xUSD problem), interest rates rose due to temporary redemptions and volatility, so the price of YT seems to have gone up instead of down.

Since I hold my portfolio in YT-PT, my assets haven't changed much, and I've just been earning points.

Now, let's take a peek at the portfolio of Mr. arata, who went all-in on YT, unlike me. https://x.com/cry_curr_ar/status/1986689979431723386?s=20

Looking at his series of tweets, the value of YT has increased, and since points are awarded to YT, it's likely that he has earned significantly more than I have.

I can't help but think, "Is it really okay to continue like this...?"

Considering the current YT expiration date and the point distribution schedule, it was predicted at the time of deposit that if the FDV exceeded $70M, going all-in on YT would be profitable. However, looking at this data (simulator below), the profitability threshold for putting everything into YT now has risen, and honestly, I'm hesitant to switch everything to YT at this point.

https://pendle-moonshot-calculator.netlify.app/

It's only human nature to start thinking about moving to the hot topic, EdgeX, lol.

Let's try calculating how much volume one would need to generate to earn points on EdgeX.

EdgeX Point Distribution (1 week - 250,000 points)

• Trading Volume: 60% of the Pool ( = 150,000 points)
• Referrals + Ambassador + Events: 20% of the Pool
• TVL & Vault Points: 10% of the Pool
• Liquidation Points: 5% of the Pool
• OI Points: 5% of the Pool

Let's assume the weekly trading volume is 40 billion ($40,000,000,000). (*Based on daily volume of 5 billion ±, and weekly volume of 35-45 billion ±)

A simple calculation: 40,000,000,000 (Volume) / 150,000 (Points) = 266,666

This means you get 1 point for every $266,666 in trading volume created.

Even if I trade with $600 at 10x leverage ($6,000), I would need to trade about 44 times to get just 1 point.

This just doesn't seem worth the effort for manual trading. It's a different story if you're just trading normally and happen to get points as a bonus.

There's no denying the feeling that I've made a mistake in my investment choice and strategy as things stand.

Although I'm told I currently have no exposure related to xUSD, in crypto, you never know what might happen. I'm currently reconsidering whether the risk is worth this return.

To be honest, I want to take on more risk to grow my funds significantly. In terms of PerpDEXs, maybe projects where the volume hasn't fully exploded yet, like Pacifica, StandX, Ethreal, and MegaETH-related ones, would be good. I'm also interested in projects gaining traction overseas like VDEX, Hibachi, and Variational. If there's volatility, it's not impossible to increase volume while trading, so perhaps a PerpDEX that lists altcoins might be a good target.

I think I'll be moving away from the Almanak PT-YT strategy to something else soon. We don't know how long these major profit opportunities in the crypto market will last, so I want to bet on the sectors that are currently hot.

Now, let me introduce a project I'm interested in for my next investment and profit target.

The project I'm most curious about right now is HumidiFi ($WET). It's a token scheduled to be sold on DTF (Decentralized Token Formation), a new launchpad from the Solana aggregator, Jupiter.

Its key feature is a private pool called PropAMM, which accounts for 40% of the trading volume coming through aggregators.

To put it very simply: "It's a closed, super low-fee AMM pool that you can only trade on through aggregators like Jupiter or Titan, and retail users cannot provide liquidity."

<details> <summary>🎁 A Simple Guide to PropAMM</summary> 🚀 Key Point: The Players Running Solana's "Shadow Exchanges"

The "dark pools" (PropAMMs) that support Solana's trading from behind the scenes are not a monolith. They can be classified into several types based on the operators' identities and strategies.

They all compete by offering the best trading prices to Jupiter (the public-facing coordinator), but their true faces vary.

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The main players revealed in this report can be broadly divided into three types.

1. The "Public" Group: Institutional Investors and Dev Teams Who Reveal Their Identity

These are professionals with high industry credibility who publicly state they are the operators.

• TesseraV: Operated by Wintermute. One of the most famous market makers (professional trading firms) in the crypto space.
• Solfi: Operated by Ellipsis Labs. A highly skilled team that also developed "Phoenix," a popular exchange on Solana.

2. The "Anonymous" Group: "Stealth" Powerhouses Hiding Their Identity

These types handle overwhelming trading volumes while intentionally concealing who the operators are. They have no UI and focus solely on providing prices to Jupiter (B2B).

• HumidiFi: The "largest shadow exchange" that at one point accounted for over 40% of all trading volume on Solana.
• ZeroFi, GoonFi: Similar anonymous professional groups that process enormous volumes solely through Jupiter.

3. The Pioneer: The "Proactive AMM" Where It All Began

This is the ideological "ancestor" that existed before the "PropAMMs" (dark pools) in groups 1 and 2 emerged.

• Lifinity: The first to seriously implement a mechanism on Solana that actively quotes prices using "oracles" (external price information), just like PropAMMs (hence, "proactive").

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So, what's the difference between the "pioneer Lifinity" and the "new-style PropAMMs"?

• Lifinity (Pioneer/Proactive)
  • Invented the use of oracles.
  • However, it is a public protocol where anyone can participate, and it has its own token ($LFNTY) and community.
  • Its philosophy is closer to a "public good" or "open source."
• PropAMM (New-style/Dark Pool)
  • Adopted only the core technology from Lifinity: "quoting prices with oracles."
  • From there, they eliminated all "public" elements such as tokens, communities, and general participation.
  • The result was the birth of an "ultra-efficient B2B execution engine (black box)" operated solely with professional proprietary funds, exclusively for Jupiter.

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Conclusion

The trading environment on Solana has become a "battlefield" where, in response to Jupiter, the "King (Kingmaker)":

1. Publicly identified pros (like Wintermute)
2. The strongest, hidden pros (like HumidiFi) are competing by offering ultra-efficient prices, having (in a sense) evolved Lifinity's (the pioneer's) technology and ideology in a business-like manner.

The core of this analysis is that while this competition brings the best prices to users, its opacity is creating new risks, such as "impersonation tokens."

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❓ Why Am I Interested?

Pressure as a Market Litmus Test: It's a fact that HumidiFi is the single largest pool for trades routed through Solana aggregators. There are hints of a future DAO and airdrops, but if this HumidiFi token price fails, it could spell trouble for Jupiter's DTF launchpad and the entire PropAMM token sector. It is truly a litmus test for the future of this field, making it extremely valuable to monitor.

Jupiter, Solana's major DEX aggregator, has announced the first project for its long-awaited new ICO function, "DTF (Decentralized Token Formation)."

The issuer is none other than what could be called the "shadow ruler" of the Solana ecosystem.

The project's name is "HumidiFi." It is a mysterious "Proprietary AMM (Prop AMM)" that, without an official website or public community, and with an anonymous team, has managed to capture 42% of Jupiter's entire trading volume (according to Dune) just months after its launch in June 2025.

HumidiFi, which dominated the market through sheer technical skill in providing the "best price (spread)" rather than marketing or airdrops, will now issue its $WET token for the first time.

This article provides a thorough explanation of what the "Prop AMM" revolutionizing Solana's on-chain trading is, how HumidiFi became the winner, and the key points of the DTF sale, which is designed with "no VC share."

<details> <summary>🌊 What is HumidiFi? The "Anonymous Winner" Gripping Jupiter's Trading Volume</summary>

HumidiFi's rise was nothing short of a "blitzkrieg."

• Astonishing Growth: Launched in mid-June 2025, it became the market leader in just two months, capturing 47.1% of all proprietary AMM trading volume (Dune, @thedefireport).
• Overwhelming Market Share:
  • Share within Jupiter: Reached 46.8% as of October 20th, more than four times the second-place competitor (10.7%).
  • Prop AMM Market: Held 61.9% as of October 28th, surpassing the combined total of all competitors ranked 2nd to 8th.
  • Main Pairs: Processed 64.3% ($1.08 billion) of the total trading volume for the SOL/USDC pair in a single day (10/28).

This dominant position was not achieved through marketing or community hype, but through pure technical prowess and price competitiveness, as Jupiter's routing algorithm repeatedly selected HumidiFi for offering the "best price."

⚙️ Why Are They Strong? The "Prop AMM" Revolution Supporting HumidiFi

To understand HumidiFi's strength, one must know about the "Proprietary AMM (Prop AMM)" revolution quietly taking place on Solana.

Traditional AMMs and CLOB (Central Limit Order Book) DEXs have long been plagued by "toxic order flow."

This is the problem (adverse selection) where high-frequency arbitragers (HFTs) detect slight price discrepancies between centralized exchanges (CEXs) and DEXs first, capturing profits at the expense of general traders and liquidity providers (LPs).

During the memecoin frenzy of 2024–early 2025, when the Solana network became congested, market makers' price updates (quotes) failed to get through, causing their costs to skyrocket. This problem became severe.

The solution that emerged was the "Prop AMM." Early projects like SolFi, ZeroFi, and Obric took an innovative approach.

What is a Prop AMM? An AMM where the operating team centrally manages liquidity. Its biggest feature is that the smart contract's interface is not made public. This prevents HFTs (arbitragers) from accessing it directly, providing the interface only to trusted aggregators like Jupiter. This minimizes the risk of "adverse selection" by HFTs and allows them to offer tighter spreads (more favorable prices) to traders.

⚡ HumidiFi's Secret to Success: Extreme Competition in "Speed" and "Cost"

HumidiFi has technically outclassed others in this Prop AMM competition. The keys to its success lie in "compressing computation costs" and "leveraging Jito auctions."

1. Overwhelmingly Low Cost (Low CU Consumption) HumidiFi's oracle update (price update) consumes only 799 CUs (Compute Units). This is astonishingly low compared to major competitors like SolFi (4339 CUs) and TesseraV (1595 CUs).

2. Winning Priority with Jito Auctions In Solana's MEV infrastructure "Jito" auctions, transaction priority is not determined by the "total tip paid" but by the "Tip per CU." Because HumidiFi's CU consumption is extremely low, it can pay a tip more than 8 times higher than competitors while successfully raising its "Tip per CU" to over 6 times that of competitors. This allows it to consistently win the right to process transactions with top priority.

3. Ultra-High-Frequency Oracle Updates HumidiFi updates its price (oracle) at a frequency of 17 times per second. This far exceeds competitors (10–13 times per second) and allows it to follow CEX prices in near real-time. This gives no opening to arbitragers and enables it to consistently offer the tightest spreads (best prices).

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The first token issuance platform chosen by this anonymous giant is Jupiter's "DTF." DTF is a new mechanism aiming for "community-driven, fair fundraising."

Key Points of the $WET Sale

1. The Shock of "No VC Share" The HumidiFi team stated on X (formerly Twitter) that there is "no VC (Venture Capital) share." This means there will be no future selling pressure from VCs who acquired a large number of tokens at a low price early on, which is extremely unusual in the recent market environment.

2. Three-Stage Sale Model

• ① Whitelist (Rules for acquisition TBD)
• ② JUP Stakers (Discounted access based on staking amount)
• ③ Public Participation (First-come, first-served, fixed price, FCFS)

3. Immediate Liquidity Provision Immediately after the sale ends, with no lock-up waiting period, the token will be listed instantly on the Solana DEX "Meteora." The funds raised from the sale will become the initial liquidity, and trading will begin at once.

Key Schedule (JST)

Risks and Future Focus

HumidiFi also carries its own unique, high risks.

• Lack of Transparency: The team remains anonymous, and there is a lack of information disclosure, such as audit reports.
• Risk of Technical Obsolescence: The Prop AMM market is "winner-take-all." HumidiFi's advantage depends on its technical strength in CU efficiency and oracle speed. If a competitor develops technology superior to HumidiFi's, its market share could be rapidly lost.
• Allocation, FDV, Token Price: The detailed allocation has not yet been released, and since revenue has not been disclosed either, it is impossible to judge whether the token price is appropriate.

<details> <summary>❓ $WET Launch Quick Q&A</summary>

Q. When will the $WET sale take place? A. It is scheduled for sometime in November 2025. The exact date is undecided, so please check Jupiter's official channels for the latest information.

Q. What kind of project is HumidiFi? A. It is a "Proprietary AMM (Prop AMM)" with an anonymous team and no official website, which has come to account for 42% of Jupiter's trading volume. By keeping its interface private and leveraging low CU costs and high oracle update frequency, it has dominated the market by eliminating HFTs while providing the best trading prices.

Q. Can anyone participate in the $WET sale? A. It will be sold in three phases: "Whitelist," "JUP Stakers (with discount)," and "Public FCFS." There is no VC allocation.

Q. When and where will $WET be listed? A. Immediately after the sale ends, it will be listed instantly on the Solana DEX "Meteora" with no waiting period.

Q. Will proceeds from the DTF sale be distributed to $JUP holders? A. According to reports, the design is for up to 80% of the DTF fee revenue to be distributed to JUP holders. This could potentially increase the staking demand for JUP.

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