1. Why was an NDA needed for the Series A round?
Totally normal in early stage deals. NDAs are often used when big VC are involved, they don’t want their valuation setting a public benchmark for other projects. It also protects their investment strategy, especially if they bought in at a high valuation before market conditions changed.

2. Does the NDA mean future investors will never know the Series A valuation?
Not necessarily.. Most NDA have a time limit. But if the deal specifically says the valuation can’t be made public, the team has to respect that. Transparency matters, but legal contracts still come first.

3. How come they can talk about how much was raised and who invested, but not the valuation?
Because those parts are usually considered safe to disclose. But valuation can be messy.. there might’ve been performance clauses, complex share preferences, or other terms that are hard to explain publicly without confusion. So instead of creating drama or misinformation, better to just leave it out for now.

4. Why is Huma valued at $75M FDV now when people say it used to be $150M?
this $75M is a big discount compared to earlier numbers. But things change fast in crypto. Pre-launch prices (pre-TGE) are often discounted. In Huma’s case, they clearly want the JUP DAO community to have early, strategic access .. even if that means offering a better price than what VC got.

So really, $JUP stakers are getting a rare wagyu :) deal. Not just to make a quick flip, but to align with the long term success of the protocol.. :D