Users may not be familiar with it, but massive trading volume has already passed through it. ① According to Solana’s official description, Meteora has accumulated over $300 billion in trading volume and paid over $1.6 billion in fees to liquidity providers. It has become a critical liquidity layer for Solana DeFi. ② Front-end wallets and aggregators handle user experience, while underlying pools determine quote depth, slippage, and trade execution efficiency. Many users have likely used Meteora’s liquidity without ever directly visiting its product page. ③ Trading volume and fees are impressive, but LP income is not the same as net profit. Impermanent loss, token volatility, incentive decay, and toxic order flow all impact final returns. ④ My personal view: The most truly defensible crypto infrastructure is often not the most compellingly marketed product, but the one others can’t live without—and that continues to generate recurring fees. To assess Meteora’s long-term value, I’ll continue monitoring actual LP returns and market share, not just cumulative figures. @Solana_zh @solana