21j lalu
not surprised by negative $met price action (almost reaching the lower limit of TGE LP) with 48% supply as airdrop entering market right away, could have been avoided to some extent if team explicitly stated some portion of protocol fees going to holders beforehand rather than vaguely saying "meteora will revolve around met"
but from team's tweets, it looks like $met will have some form of value accrual, so looks undervalued at $500m fdv for current metrics - 100m+ annualized protocol revenue, and 1b+ annualized fees going to LPs, and both team and product are one of the best across defi
if 50% of protocol fees is directed towards $met stakers and 50% is staked (out of 50% circulating), it gives 40% real yield and 10% for 100% fdv staked
there's also room for further growth of meteora metrics
so took a long term position in $met here at $0.54
my long term defi holdings are now $aave $jup and $met, and hopefully $orca and $sky as well
we are now entering a phase where defi protocols will be evaluated just like businesses, and we retail can frontrun institutions in the same way as we did with btc, eth and soon sol
institutions will only bid quality assets, and dominant defi protocols across ethereum and solana will benefit from this
5h lalu
I like @MeteoraAG, especially DAMM v2, as the best place for me as a retail LP in early stage tokenized projects
I like that $met is being airdropped in such large % of total supply, creating lot of retail wealth
But I wouldn't buy more $met even at $500m, as right now, it's just a memecoin without any value accrual
20% of trading fees on meteora is taken as protocol fees and there seems to be no plan to allocate any of it to $met holders through buyback or staking reward yet
on the other hand $ray and $pump both have high value accrual, and even $orca and $jup have some form of value accrual
but that's not the case with $met yet, maybe it will be implemented later
my plan is to claim airdrop as LP and hold, and later if it bottoms out after selling and if there's value accrual, then buy more met and hold for the long term
40,58 rb
9
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