Might have found a token for my long-term watchlist. The thesis is fairly simple. 1. Meteora might have the best financial reporting I’ve seen from a DeFi protocol. It has a proper investor-relations portal, quarterly token-holder reports, treasury disclosures, cash flows and buyback tracking. Any traditional investor studying crypto would immediately understand how to evaluate it. 2. The underlying business is also real. In Q1 2026, Meteora generated $11.4M in protocol revenue despite weaker market conditions. It's new referral staking program distributes part of actual DLMM fees to stakers in USDC. 3. At roughly $160M FDV, that is around 3.5x annualized Q1 revenue. The protocol has also demonstrated some willingness to return value through discretionary MET buybacks. The risk is alignment. 1. Buybacks are discretionary, token holders have no equity claim, and the team has been involved in enough past controversy to justify a governance discount. Position owned. Still researching.