$MET is Meteora, the “dynamic liquidity layer” on Solana. It provides market-making pools for three types of users: DLMM for professional LPs, DAMM v2 for configurable constant-product pools, and DBC for a permissionless token-minting tool. Technically, the most distinctive is DLMM—it splits liquidity into discrete price ranges, achieves zero slippage within a single range, and its dynamic fees rise and fall with volatility.

But I want to write about that airdrop data first, because it explains the issue better than the technology does.

TGE is on October 23, 2025. After the airdrop claims, statistics show that the first four claim addresses took 45.94 million MET—28.5% of the total claimed amount. Meanwhile, more than 60,000 individual retail addresses together received only about 7%. This distribution result sparked considerable controversy in the community. In the official follow-up for Season 2, the blacklist was applied to all the pools of several controversial projects.

The price action on the day of TGE was also not good: MET fell from 0.90 to 0.51, a single-day drop of -55%.

There’s another matter in the background that’s hard to ignore. After the LIBRA incident in February 2025, co-founder Ben Chow resigned, and the project team hired an external law firm to conduct an investigation. Ben Chow previously was a founding member of Mercurial Finance—Mercurial was the predecessor of Meteora, and its investor list included Alameda Research, with total SAFT funding of $10.3 million. To be clear: Alameda invested in the predecessor Mercurial, not necessarily in the MET token itself. I wasn’t able to find publicly available information on MET’s institutional investors. The other co-founder is a pseudonymous Meow.

In October 2026, there’s another development: the official disclosure says that in the first quarter of 2026, their buyback operations were hit by an OTC scam, resulting in a loss of $1.5 million.

Binance listed it on November 13, 2025, in the same batch as the Lorenzo Protocol. The announcement title explicitly says, “Add seed tags to it.” Its tag is “defi Add Seed.”

In terms of supply structure: the max supply is 1 billion, total supply is 997.7 million, and circulating supply is 559.4 million. The team’s 18% allocation plus reserves at 34% are linearly released, continuing until October 23, 2031—this is a long-term variable.

There’s an easily misunderstood aspect of the token’s use: the community often mentions “veMET” and “MET governance,” but the official documentation does not include any on-chain governance module based on holding tokens. As of August 2026, veMET is still only a community proposal. The real use is the Referral Staking launched in July 2026—staking MET allows users to share DLMM’s protocol trading fees. In addition, the team uses protocol revenue to conduct buybacks; as of August 31, 2026, the cumulative buyback rate is 7.32%.

Development is still ongoing, and the official governance forum still had updates as of August 2026. But one point needs to be clarified: a third party claims its TVL exceeds $1 billion, and that is not an official figure.

This article is compiled from public information and reflects personal viewpoints only, and does not constitute any investment advice. The data comes from exchange announcements, the project’s official documentation, and publicly reported coverage. Any legal-related content involves allegations rather than findings of fact; please verify independently.