Meteora

Meteora's Genesis Summary describes the project as Mercurial Finance's rebranded successor. Mercurial raised through a 2021 SAFT and launched $MER on FTX; after FTX's collapse, a Phoenix Plan snapshot became the basis for the new ecosystem. That history is why MET distribution includes a 20% MER-stakeholder allocation, with 15% intended for day-one distribution and 5% reserved for affected retail holders pending verification and settlement.

This is a continuity claim made by the project, not evidence that MER holders received a legal conversion right independent of the published allocation process. MET is a new SPL mint with its own address and supply schedule, so legacy MER, wrapped assets and MET must be kept distinct.

Meteora's current product materials describe DLMM, DAMM v1/v2 and DBC: configurable liquidity pools, market-making positions, fees, launch curves and migration tooling on Solana. The MET TGE site presents an initial DAMM v2 launch pool and positions the LP Army as liquidity providers who can earn pool fees through LP participation.

The Genesis Summary's broader tokenized-future language includes future ecosystem opportunities and integrations. Those ambitions should not be read as proof that every planned access tier, staking point or partner launch is a current MET entitlement. The FAQ specifically treats some engagement-point and staking behavior as conditional, while the live site shows the pool and claim/LP mechanics as the immediately concrete product surface.

Meteora's tokenomics documentation gives MET a 1 billion total supply, 480 million circulating at TGE and the mint METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL. It lists stakeholder, LP stimulus, launchpad, contributor, Jupiter, M3M3, reserve and team buckets. The current tokenomics table reports team and Meteora reserve buckets with a one-month cliff and 72-month vest, but the MiCAR paper describes a conflicting 530 million/12-month-cliff/60-month model. The total and TGE circulation figures agree; the controlling locked-allocation schedule does not.

The MiCAR paper draws the harder boundary: MET is a utility and coordination token, not equity or a financial claim. Holders may hold, send, receive and use it in supported protocol activities, but they have no ownership, corporate voting/governance, dividend, profit-sharing, repayment or redemption right. It says supply-adjustment mechanisms are not applicable and requires public communication for material functionality updates. The same documentation records a 2,261,990 MET team burn on 25 October 2025.

In February 2025, before MET's TGE, the LIBRA launch triggered controversy across the Solana ecosystem. Independent reporting records Meteora co-founder Ben Chow's resignation after Jupiter described a lack of judgment and care, and reports allegations of insider activity alongside denials and a proposed investigation. These reports do not establish wrongdoing, but they are relevant historical context for evaluating launch infrastructure, confidentiality and leadership risk.

The episode is separate from proof of MET-holder rights. It does, however, explain why a Meteora dossier must distinguish a protocol's technical capacity to facilitate launches from claims about who controls launch information, receives tokens or benefits from them.