Meteora (MET) is a decentralized exchange and liquidity protocol on the Solana blockchain, offering Dynamic Liquidity Market Maker (DLMM) and Dynamic AMM v2 pools for trading and liquidity provision.
The project originated in 2021 as Mercurial Finance, a Solana-based DEX, before rebranding to Meteora in 2023. Meteora is categorized as a decentralized exchange and DeFi protocol, and its MET token trades on Solana, including on Meteora's own Dynamic AMM v2 pools.
Meteora differentiates itself through its Dynamic Liquidity Market Maker (DLMM), a liquidity design built for concentrated, dynamic fee capture rather than static automated-market-maker curves.
MET, as the protocol's governance token, lets holders direct fee-related liquidity incentives through DAO proposals.
MET functions as Meteora's governance token rather than a fee-payment or collateral asset, giving holders voting rights over protocol proposals within the developing Meteora DAO. It is issued as a Solana SPL token under the Metaplex standard, with 6 decimals.
MET has a nominal maximum supply of 1 billion tokens, reduced by a burn event to approximately 997.7 million total supply.
Net supply is disinflationary as locked tokens unlock toward the fixed nominal cap, partly offset by burns.
MET's Token Generation Event (TGE) took place on Solana on October 23, 2025, structured as a direct token launch rather than a traditional ICO. The launch was front-loaded, releasing 48% of total supply immediately with zero vesting, described in contemporaneous coverage as one of the most controversial launches in Solana's history.
The project's smart contract had been deployed on September 10, 2025, about six weeks before the public TGE.
Meteora and its MET token operate natively on the Solana blockchain, which secures its network through a combination of Proof of History and Proof of Stake. Meteora does not run its own blockchain or validator set, operating entirely as an application-layer protocol deployed on Solana.
Meteora's protocol originated in 2021 as Mercurial Finance, a Solana DEX co-founded by Ben Chow, before rebranding to Meteora in 2023. Chow resigned from his leadership role in February 2025 amid the $LIBRA memecoin controversy; Jupiter co-founder Ng Ming Yeow ("Meow") cited "a lack of judgment."
In October 2025, Chow was named in a Southern District of New York class-action lawsuit alleging a memecoin pump-and-dump scheme spanning multiple tokens; he has publicly denied wrongdoing.
Meteora describes its model as "no equity, only $MET," meaning stakeholder claims run through the token rather than a conventional company cap table. Investors cited in coverage of the project include Coinbase Ventures, Jump Capital, and Solana Ventures.
Maintenance and development responsibility is intended to shift toward an emerging Meteora DAO rather than a traditional corporate structure.
Meteora is governed through an emerging Meteora DAO in which MET holders vote on protocol proposals rather than through a centralized, off-chain process.
Proposals surfaced through Meteora's governance channels include "LP Stimulus" liquidity-incentive programs and "DAO Stimulus" treasury-funding initiatives, giving the community a direct role in allocating incentives and funding. A quadratic-voting design has been described in community sources as intended to limit large holders' voting power relative to smaller ones.
Meteora's most recent forward-looking disclosure is a June 2026 protocol projection of $800 million in annualized fees, cited in a 2026 crypto industry ranking that placed the protocol at #8.
Meteora's DLMM, Dynamic AMM v2 (CPAMM), Alpha Vault, and Dynamic Bonding Curve products were audited by OtterSec and Sec3 during 2025.