The Meteora community has been in an uproar recently. Member gosha fired shots directly, calling out HumidiFi—the platform that accounts for half of Solana DEX trading volume—and questioning why they suddenly decided to launch an ICO.

The answer he gave was pretty blunt: the team might not be making any money at all.

HumidiFi is currently in the spotlight as the largest Prop AMM on Solana, capturing nearly 50% of DEX trading volume. But after digging into the data, gosha found that their fees are ridiculously low—just 0.001%, with some pools even lower.

As a long-time LP in liquidity pools, gosha did the math: even with a 0.04% fee rate, it's tough to stay profitable, let alone with HumidiFi's almost giveaway fee structure.

So here’s the big question—with high trading volume but little to no profits, how long can this model last? Is the ICO just a desperate move for the team to raise funds? Or is there some business logic we're missing?

This fee war in the Solana ecosystem might be a lot more complicated than it looks on the surface.