Humidifi currently captures roughly 47% of Solana's DEX volume despite maintaining a $39.5 million market cap, while Raydium handles a comparable share of trading activity at a $614 million fully diluted valuation. This 15x gap between the two reveals more than just market sentiment—it traces back to a critical moment when a certain platform's token launch fell apart due to sybil attacks, forcing a complete reboot of their distribution mechanics. The protocol itself remains dominant in actual usage and volume, yet the token valuation tells a different story altogether.
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ETHReserveBank
· 5h ago
This 15x valuation gap is really outrageous. Humidifi is clearly driven by real trading volume, but once sybil manipulates it, it immediately reverts to its original state.
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BearMarketNoodler
· 5h ago
Ha, it's that old trick again. The product is awesome, the token is trash. The Sybil attack was definitely a failure.
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UnluckyMiner
· 5h ago
Humidifi's valuation is truly incredible. With such high usage, it was inevitably brought down. The Sybil incident indeed destroyed quite a few things.
Humidifi currently captures roughly 47% of Solana's DEX volume despite maintaining a $39.5 million market cap, while Raydium handles a comparable share of trading activity at a $614 million fully diluted valuation. This 15x gap between the two reveals more than just market sentiment—it traces back to a critical moment when a certain platform's token launch fell apart due to sybil attacks, forcing a complete reboot of their distribution mechanics. The protocol itself remains dominant in actual usage and volume, yet the token valuation tells a different story altogether.