Meteora $MET Airdrop “Not Anytime Soon” - Dividing Solana DeFi Users

Meteora, a Solana DEX best known for pioneering the DLMM (Dynamic Liquidity Market Maker) model, has disappointed airdrop farmers with an unwelcome announcement. Speaking an X space, co-founder Ben Chow informed thousands of users not to expect the $MET TGE “anytime soon”.

However, while some community members expressed concern regarding $MET’s vague timeline, others have argued that the correct use of the platform is more rewarding than what any future airdrop could bring.

Why is Meteora shelving TGE plans and where is the platform directing its attention instead?

Liquidity Providers Divided on Vague $MET Timeline

With the Magic Eden airdrop completed, all eyes now turn towards Solana’s next big TGE. Meteora initially announced the ‘Massive Meteora Stimulus Package’ in December 2023, promising to distribute 10% of $MET supply to protocol users.

Since then, Meteora has attracted thousands of avid users and built a passionate community of liquidity providers. However, in spite of its popularity, the protocol’s latest announcement has sparked divided opinions on Meteora’s operation.

Concerned protocol users and airdrop farmers argue that the Meteora TGE risks being a “wasted opportunity.” Critics suggest the team should consider scheduling its TGE sooner rather than later to avoid launching in bearish market conditions.

Meanwhile, members of Solana’s DeFi community have come out in support of the decision. Meteora enthusiasts have stood by the platform, highlighting how the protocol “is a money printer regardless of whether there is a token or not”.

Others contend that Meteora’s position is reminiscent of MarginFi, another Solana DeFi protocol known for failing to reward users despite running lengthy points programs.

With the Meteora TGE on the distant horizon, where is the protocol focusing its attention instead? 

Can M3M3 Help Meteora Close the Gap on Rivals?

During the X space, Chow spoke at length on the growth and aspirations of Meteora’s novel memecoin launchpad, m3m3. Designed to faciliate stablizing token launches and generously reward liquidity providers, Meteora’s m3m3 platform aims to flip memecoin trading from a PvP (Player vs Player) battlefield into a PPP (Player Pump Player) environment.

Reactions to the m3m3 launchpad have been positive. However, detractors have argued that the platform is ‘ponzi-esque’, which is ironically a PvP mechanic by nature.

According to Chow, m3m3 could be a crucial component towards closing the gap between Meteora and rival decentralized exchanges like Raydium and Orca. Currently, Meteora witnesses significantly less trading volume than its peers.

According to DeFiLlama data, Meteora handles around 3.87% and 1.21% of Orca and Raydium’s weekly DEX volume, respectively.

Meteora Introduces Protocol Fees

Beyond shedding light on $MET TGE aspirations and outlining the team’s bullish thesis for the m3m3 launchpad, Chow also indicated upcoming fee changes to the Meteora protocol.

In the coming weeks, Meteora will introduce protocol fees. Users can expect to pay 5% fees on DLMM pools and 20% fees throughout the wider platform. At 5% Meteora’s DLMM fees are still considerably lower than rival platforms like Raydium and Orca which charge 16% and 13% respectively.

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