Overview
Our vision is for $MET to be a community token to help bring liquidity back to Solana DeFi. The $MET token will be used as a governance token where holders will be able to come together to brainstorm, discuss and decide how Meteora can achieve this goal.
How did $MET come about
Meteora was originally Mercurial, a top DEX in the Solana ecosystem that established itself as one of the hubs of stablecoin liquidity, for both stable and pegged assets.
As reported by Coindesk, in the wake of the FTX and Alameda Research collapse, we embarked on the Meteora Plan to launch a brand new technology platform, and do right by our investors through a revamp of the existing Mercurial tokenomics and creating a new foundation for participation to reignite user interest and grow market confidence in the platform.
The Meteora Plan will also support our goal to drive liquidity to the Solana ecosystem and $MET has the potential to be a very powerful liquidity incentive to achieve this.
Tokenomics
The token plan is community-centric and aims to achieve three key goals:
Removing ambiguity around the existing tokenomics and give potential new investors strong clarity when deciding whether to participate.
Bring the ownership of the protocol by the team/investors to a smaller proportion of the new supply to decentralize.
Give the new DAO control over the vast majority of the new token supply, so any emissions will be a fully transparent and well-informed process.
With this tokenomics, we start a new movement in Solana, bringing together the next wave of innovation, participation, and growth in the blockchain ecosystem.
The $MET One Year Plan
Over the next 1 year, we are taking a step by step approach to eventually create a long term sustainable liquidity system.
The timeline will follow closely to the 3 phases of our movement: Kickstart, Bootstrap and Sustain.
Kickstart Phase - We will set up the DAO and governance system, and release the locked MET token to our initial stakeholders in this phase.
This group of stakeholders consist of all our Mercurial token holders who have been extremely supportive and instrumental in helping shape up Meteora and we want for them to play an important role in this phase to vote on important decisions for the protocol.
The focus of this phase is to make the project decentralized and transparent - the key to building trust for attracting liquidity and partner projects to build on top of us.
Token will be locked at this phase because it is not ideal to have a liquid token at current market conditions. However, we want users to still be able to participate in the decision making process and a locked token will enable that. Token will have a 1 year locked period, giving us sufficient time to put everything in place to give the token the best chance to succeed.
Bootstrap phase - With governance kickstarted, we will be working with the DAO to come up with incentive systems that can encourage partners and LPs to provide initial and long term liquidity on Meteora and Solana.
For example, partners who provide initial liquidity will be able to get a stake in Meteora through locked MET tokens.
Sustain phase - We want to continue researching and building sustainable liquidity systems to sustain liquidity. This helps ensure that even after the initial LM rewards are over, we would still have sufficient incentives to attract and drive liquidity to Solana.
CLMM & ve(3,3) are two strong systems that provide an alternative to LM for attracting liquidity.
Timeline
Image of timeline coming soon
The $MET Movement
Meteora's goal is to help Solana become the main trading hub for mainstream users on Crypto - and we need liquidity to do that. To accomplish this, we believe that by combining our product, a supportive community, and long-term partnerships, we will have everything we need to make Solana liquid again!
Come join us in this $MET movement!
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