Bringing new features on Edge to the main site
Last week, we introduced an interim site https://edge.meteora.ag/ to allow the community to test and give feedback on new features and experiments, before we deploy them on the main Meteora site. This also helps us quickly push out fixes for those of you who might need them urgently.
Together with the community, we tested the following features on Edge and have since deployed them to production, so they are now live on the main Meteora site:
1. New AddLiquidityByStrategy endpoint
This endpoint enables the use of only 1 transaction to add liquidity to a DLMM pool (previously 3 txs were required). This allows for a better UX, with much faster deposits, less dependencies, and a reduced likelihood of a failed deposit. This is also useful when the network is congested. To complement this new endpoint, we have also started using linear curves instead of bending curves (you can see this on the UI) to reduce precision loss for liquidity distribution when you are depositing liquidity.
2. Liquidity Slippage
In highly volatile pools, adding liquidity can fail if the price changes substantially from when you execute the tx. We now have a Liquidity Slippage setting which allows LPs to set the maximum % change to the pool price (which in turn affects liquidity distribution) they’re willing to accept when adding liquidity. A higher % makes it easier to add liquidity, especially for low bin step, low fee pools with volatile pairs (e.g. memecoins), and during high market volatility.
3. Improved Priority Fees
LPs can now select their preferred priority fees, with High and Turbo being a multiple of current fees up to a max cap you specify. This would increase the likelihood of transaction success for adding/withdrawing liquidity, especially during periods when the network is congested.
4. Link to Birdeye charts
All pool pages now have a link to their corresponding pool info and charts on birdeye.so
Now on Edge: Go beyond 69 bins with multiple positions
Previously on DLMM, you could only set a price range up to 69 bins. In order to set a wider price range, you’d have to choose a pool that has a higher bin step, or manually open multiple positions one at a time.
However, a higher bin step would mean less volume capture, while manually opening multiple positions is a huge hassle. The ideal situation for many LPs would be a low bin step pool with a wide price range.
With the new and improved liquidity position setup on DLMM (that we just pushed to Edge https://edge.meteora.ag/), you can now set any price range you want and we will automatically create the positions needed. A breakdown of the costs involved is also displayed.
Ben gave a demo during the call and you can also watch a demo here:
You would still have to manage each position individually after multiple positions have been opened automatically. If some transactions fail during the opening of the positions, there might be missing positions in your expected range.
Important note: If you happen to be the first to create the specific price bins in the pool, you will need to pay the SOL rent to create the binArray program account (that stores the bins) and this rent is unfortunately non-refundable. Once they are created no one else has to pay that rent again. However, position rent (SOL required to open the position) is refundable and you can get it back when you close your position.
Prioritizing support for new token and memecoin launches
Memecoins are all the rage again recently! Meteora needs to do better in supporting the launch of new tokens and memecoins in order to capture more volume and TVL.
We are laying the foundation to make this happen with some key initiatives:
Permissionless DLMM Creation on the UI
Creating a DLMM pool is already possible via the SDK, but we still need to enable pool creation on the UI for anyone and any token.
In addition, we are about to launch the alpha version of the “DLMM Bootstrapping Pool”, which helps projects bootstrap liquidity for their token on their own terms. Projects have the flexibility to design and deploy a customized liquidity pool based on their preferred parameters, with additional anti-bot mechanisms.
Once DLMM is fully permissionless, it would open the floodgates for many more new tokens and memecoins to launch on Meteora! Community members TheGman and Chief | Blackfin already expressed interest in creating DLMM pools during our call.
Integrating Meteora pool data on key data sites
Getting tokens and pools tracked by the following data sites are very important to new token projects.
- DEX Screener: DEX Screener already tracks DLMM pools, but dynamic pools are still WIP https://dexscreener.com/solana/meteora
- Coinmarketcap: Still WIP. For CMC, they require specific API endpoints that would take some time to prepare.
- Birdeye: Birdeye.so should already be tracking all Meteora pools.
- DEXTools: DEXTools should already be tracking all Meteora pools.
- CoinGecko: CoinGecko should already be tracking all Meteora pools. https://www.coingecko.com/en/exchanges/meteora | https://www.geckoterminal.com/solana/meteora/pools
Improving Dynamic pools for new tokens
- Enable the locking of liquidity in dynamic pools: We are looking into a method for the token/pool creator or any LP using dynamic pools to lock their liquidity after adding liquidity. This might be possible by sending the Meteora LP token to the pool’s ATA address, which makes it inaccessible.
- Community Proposal — More fee tiers for dynamic pools: Durden also proposed that we offer many more fee tiers for dynamic pools. He would like to see fee tiers between 0.25%-10%, so token/memecoin creators/LPs have greater flexibility when adding liquidity. Propose your preferred fee tiers to us!
Update: MET points dashboard and MET DAO
Timing is critical in DeFi. Given the need to prioritize features to support the launch of new tokens/memecoins and bring more tokens, volume, and TVL, we unfortunately have to make some hard choices. Specifically, for the short term, the trade-off is that we would need to slightly delay the launch of the MET points dashboard and the formation of the MET DAO.
Regarding MET points, the tracking system is running and LPs are already earning points on Meteora based on this scoring system.
- 1 pt per $1 of TVL per day
- 1,000 pts per $1 of fees earned per day
However, before we can release the points API and dashboard, we need more time to crawl the data, integrate Kamino’s data set (to account for LPs who are using the DLMM-powered Kamino vaults), and filter out pools with washtrading that would be unfair to the rest of the LPs. As such, points tracking is not at a level where we are comfortable to release for community testing.
Richard_ISC felt that users would understandably be upset at the delay, but still feels this is the right play. He suggested we have a WIP version on Edge or help the community create an unofficial points dashboard, as many users might not even know that points are live and being tracked. The Big Solami also commented that points are not very useful until Meteora has achieved a good level of adoption.
In any case, even without the points dashboard live, our team remains committed to do our best to ensure the points earned from TVL and fees are tracked accurately!
LP Army Boot Camp ideas
c2yptic brought up the topic about having an LP Army Boot Camp again and we discussed more ideas around how to bring it to fruition and help expose Meteora to more LPs. Kash from Superteam might be able to assist with content creation, building upon his efforts on the DLMM Strategy Sessions and Jupiter’s ecosystem videos.
Geeklad suggested that we develop a curriculum that starts with the basics like how to LP, then gradually move on to cover more advanced topics like concentrated liquidity and charting etc. Content can be anchored around the essentials of being a liquidity provider and does not necessarily need to be specifically about Meteora.
In terms of the training format for the LP Army Boot Camp, c2yptic felt that having live sessions are better than Udemy-style recordings, as live sessions can be a good bonding session where you meet like-minded LPs. Geeklad agreed as he felt questions raised in these sessions can help us shape and improve the curriculum along the way. Another fun idea proposed was to award our LP Army discord role to boot camp participants, with tiered ranks like Private, Sergeant, Officer, Captain etc.
You can get a head start in our LP Army Boot Camp by watching our latest DLMM sessions!
- DLMM Strategy Sessions #1: https://x.com/MeteoraAG/status/1755962478364893316
- DLMM Strategy Sessions #2 ft. @OttoCatalytic and @GeekLad: https://www.youtube.com/watch?v=TVilL1plhCE&t=2s
- DLMM Strategy Sessions #3 https://x.com/MeteoraAG/status/1770074834015506497
Thank you c2yptic, Durden, Geeklad, Richard_ISC, theGman, Chief | Blackfin, carrium.sol, The Big Solami, thejohnny and others for testing and providing feedback on our new features!
ICYMI, read our Community Call Recap for 13 March!
