Meteora (MET) 2026 Q1 Project update
Summary
Meteora is Solana's liquidity infrastructure protocol, anchored by its DLMM and DAMM v1/v2 pools and the DBC token-launch curve. Around this protocol, Meteora has built the biggest LP community in crypto, the LP Army, with 22,400+ Discord members and 18,500+ Academy graduates. These same primitives serve as tooling for launchpad partners — Bags, Star.fun, America.fun, Collaterize, and others — who run user-facing launches on top of them. $MET is the protocol's value-accrual token, with discretionary buybacks funded from protocol revenue.
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Key Metric
|
Metric |
Q4 2025 |
Q1 2026 |
QoQ |
|
Total volume |
$30.3B |
$19.5B |
−36% |
|
Total fees generated |
$217.9M |
$105.9M |
−51% |
|
Protocol revenue |
$17.3M |
$11.4M |
−25% |
|
Cash inflows |
$19.5M |
$25.4M |
+30% |
|
Net cash flow |
−$11.3M |
+$18.3M |
reversal |
|
Revenue take rate (Rev/Fees) |
7.96% |
10.72% |
+276 bps |
Token Metrics
|
Field |
Value |
|
Market Cap |
69,529,486 |
|
Fully Diluted Valuation (FDV) |
135,020,382 |
|
Circulating Supply |
513,788,719 |
|
Total Supply |
997,734,245 |
|
Token Holders |
37,145 |
Performance Highlights
- Business model held up when markets cooled. Volumes down 36% QoQ and fees down 51%, but revenue down only 25% — because mix tilted toward higher-take launchpad activity. Revenue take rate jumped to 10.72% (+276 bps QoQ): launchpad take 19.23%, LP-pool take 6.66%. Q1 framed as a stress test — the protocol passed.
- Cash flow inflection — net +$18.3M. Cash inflows grew 30% QoQ to $25.4M with normalized post-TGE outflows; net cash flow swung from −$11.3M (Q4) to +$18.3M (Q1). Treasury at quarter-end: $33.9M.
- Bedrock launched (March 2026). Joint venture with GVRN attaching legal-grade equity claims to tokens, addressing the industry-wide token/equity disconnect. Launchpad-agnostic, already integrated with Bags.app, Star.fun, America.fun, Collaterize, Fair.Club, with more in the works. Meteora retains 20% of trading fees on Bedrock-backed token pools.
- Buybacks compounding + transparency norms set $1.0M deployed in Q1 → 7.0M MET acquired at avg $0.1427. Cumulative through Q1: $13.7M / 39.6M MET (3.97% of total supply). The IR program also delivered: launch of ir.meteora.ag (5 Mar), inaugural Token Holder Call (12 Mar), introduction of float-adjusted per-token metrics (Cashflows In per Float Token: $0.0840 for Q1).
Future Outlook
- LP/Trading convergence — expand the addressable market.
-
Dynamic Terminal (live). Trading-terminal-style UI bringing trader workflows onto Meteora's native surface.
-
Limit Orders (announced 9 Apr 2026 LP Roundtable, coming soon)
-
Live PnL, Portfolio, Discover, Ape In (shipped Q1): analytics + discovery for active LPers
-
Strategic intent: convert traders into LPs and vice versa, expanding the fee-generating surface
2. Scale Bedrock and reignite Internet Capital Markets.
Bedrock launched in the last week of March 2026 as Meteora's initiative to "make tokens great again" — legal infrastructure that lets the Bedrock Foundation own, through ring-fenced Segregated Portfolio Companies, equity, IP, and other assets. Founders can raise capital by launching a token while ensuring token holders aren't left behind when later funding rounds, equity acquisitions, or other corporate events take place. Bedrock is the missing puzzle piece that will reignite Internet Capital Markets as they were intended to be: letting founders leverage web3 participants to fund an initial MVP before scaling the business or raising from traditional VCs.
Additional Information
Trade MET on Kucoin here
Website: meteora.ag
Investor Relations and Q1 2026 Token Holder Report: ir.meteora.ag
Twitter / X: MeteoraAG or MeteoraInside
Discord: https://discord.com/invite/meteora
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Cryptocurrency investments carry risk. Please do your own research (DYOR).