Meteora, a Solana-based decentralized exchange (DEX), is set to launch its MET token on October 23rd, with nearly 48% of its $1 billion supply entering circulation. This highly anticipated launch has sparked speculation about the token’s Fully Diluted Valuation (FDV) post-launch. According to Polymarket traders, there is a 53% chance that Meteora’s FDV will reach $1 billion a day after launch.
Meteora is taking a community-first approach to its launch, airdropping 480 million MET tokens (48% of the total supply) to eligible users, including Mercurial Finance stakeholders, Meteora liquidity providers, JUP stakers, and partner launchpad participants. Recipients can either keep their tokens unlocked or provide liquidity in Meteora’s dynamic AMM pools to earn trading fees. The MET token has been confirmed to be listed on major exchanges such as OKX and Bitget, as well as several Solana native launchpads.
For context, Meteora was developed by the team behind Jupiter, Solana’s largest DEX aggregator. The protocol was created from the remnants of Mercurial Finance, which was dissolved after the collapse of FTX. To revive the protocol, the team founded Meteora in 2023 and promised to compensate old Mercurial users by distributing MET tokens. According to analysis by @0xashensoul, Meteora currently has 26% of Solana’s DEX market share and generates approximately $3.9 million in daily trading fees – eight times more than Raydium’s $466,000. The Total Value Locked (TVL) is around $829 million.
The prevailing opinion in the community is that Meteora’s biggest challenge is that the circulating supply is too large. As @0xashensoul summarized it: “Meteora’s fundamentals are strong, generating eight times more fees than Raydium, supporting a premium valuation. But the 48% first day token unlock is unprecedented for a Solana launch. This large immediate supply is likely to cause significant selling pressure.” Polymarket traders believe that Meteora’s FDV has a 98% probability of exceeding $500 million, an 86% probability of exceeding $750 million, and a 53% probability of exceeding $1 billion.
Despite the potential for selling pressure, Meteora’s strong fundamentals and community-first approach have generated significant interest in the project. As the launch approaches, investors and traders will be closely watching the token’s performance and adjusting their expectations accordingly. For more information on Meteora and its MET token launch, visit https://crypto.news/solana-dex-meteora-to-launch-met-token/.
