Meteora, a leading decentralized exchange (DEX) on the Solana network, is set for its highly anticipated MET token launch on October 23. The event has captured the market’s attention due to its unconventional distribution strategy, which will release nearly 48% of the total 1 billion token supply into circulation on day one.

A Dominant Force in Solana DeFi

Developed by the team behind Jupiter, Solana’s largest DEX aggregator, Meteora emerged from the remnants of Mercurial Finance following the collapse of FTX. The project has since established itself as a major player, commanding 26% of Solana’s DEX market share. Its performance metrics are impressive, generating approximately $3.9 million in daily trading fees—eight times more than its competitor Raydium—and boasting a Total Value Locked (TVL) of around $829 million.

Token Launch and Airdrop Details

The MET token debut will see listings on major exchanges, including OKX and Bitget. In a community-focused approach, Meteora is distributing 480 million MET tokens through an airdrop. Eligible recipients include legacy Mercurial Finance stakeholders, Meteora liquidity providers, and stakers of the JUP token. Participants can either hold their tokens or use them to provide liquidity in Meteora’s dynamic automated market maker (AMM) pools to earn trading fees.

Speculation Mounts Over Post-Launch Valuation

With the launch just around the corner, speculation is intensifying over the token’s potential Fully Diluted Valuation (FDV). Data from prediction market Polymarket shows traders are pricing in a high probability—86%—that Meteora’s FDV will exceed $750 million one day after launch. The odds of it surpassing the $1 billion mark stand at 53%, while very few are betting on a valuation above $2 billion.

The primary concern among investors is the exceptionally large initial token supply. While Meteora’s fundamentals and fee generation support a premium valuation, the 48% unlock is an unprecedented move for a major Solana project. Analysts suggest this large float will likely create significant selling pressure at launch, creating a fascinating test of whether strong project performance can overcome the weight of an immediate and substantial token supply.

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