In the latest call, we gave a progress update on our MET points dashboard, raised the idea of building an liquidity provider (LP) telegram bot, and discussed some of the interesting proposals from the community and how the team can better support them.
Before we launched MET points, Meteora had ~$40M TVL and was a Top 5 DEX by daily volume. In just over a month, we’ve grown to ~$160M TVL and consistently placing Top 2–3 in volume! We couldn’t have done this without all of you in our LP Army! 💪
We are continuing to ramp up operational and educational activities to boost DLMM volume in the lead up to the launch of the MET DAO. For instance, Thanos and his team from Keyrock have started actively market making on Meteora; helping to ensure healthy and efficient DLMM pools. This is on top of sharing invaluable insights with our community on how to effectively provide liquidity on DLMM! For LPs looking for a simple way to track their profit and loss, we have also updated the impermanent loss (IL) spreadsheet in discord.
We will dive into more granular details about LPing and advanced strategies in our new DLMM strategy sessions. Be sure to join the next one if you’re interested in levelling up your LP skills and improving profitability! If you missed the first session, you can watch it on Twitter:
Update: MET Points dashboard
We understand that the community has been requesting for a dashboard to track their points and this remains a high priority UI update for us!
Points tracking on the UI is already designed and ready, but we are still processing some data and other optimizations, such as merging the Kamino points data with our own MET points data so that users who deposit on DLMM-powered Kamino vaults can track their points as well. It is crucial that we take time to meticulously crawl through the data so that we can track TVL, fees earned, and points as accurately as possible and maintain the integrity of our points system. We plan to release the MET points API soon for the community to help test and verify together while we continue to optimize it.
Meanwhile, here’s a sneak peek at how the first basic version of points tracking would look like on Meteora!
LP telegram bot idea and LP community groups
With the rising popularity of various telegram trading bots on Solana (e.g. Fluxbot, Bonkbot, Unibot), we sought community feedback around creating a telegram bot for Meteora liquidity providers, especially DLMM LPs who require more active monitoring of their positions. This could be an extension of the basic market making bot currently being developed by Meteora.
Such a bot would enable LPs to input commands on telegram for deposits and withdrawals, offering an efficient and streamlined user experience. Although this would not really automate the LP process, LPs might be able to utilize it to better manage multiple positions and rebalance them with just a few commands.
Having a telegram bot for LPing also opens the door for “socializing” the LP process within telegram communities, of which many crypto users are part of. For instance, while discussing potential LPing opportunities on telegram, LPs can easily share, view, and copy each other’s preferred token pairs and pools directly on telegram. This helps foster greater community engagement and spread the word about the benefits of the DLMM, in turn educating more LPs on how to use it effectively and maximize its potential.
Building upon new community proposals
Through our community calls and governance forum discussions, we’ve been receiving many interesting proposals to improve Meteora and DLMM. Unfortunately, it might be hard to implement all of them in the near term, given our engineering bandwidth and the need to focus on core DLMM improvements such as scaling optimizations, permissionless DLMM creation on the UI, and automatic creation of multiple DLMM positions to cover a range wider than 69 bins. In addition, we have MET points tracking and MET DAO launches in the pipeline.
Community members like Richard_ISC and Otto also agreed that we should continue prioritizing important initiatives and not overburden the team. However, we truly appreciate these community proposals and want to see them come to fruition.
As such, we are interested to hear opinions on what we could do as a team/community to support community developers who are keen to build upon these innovative ideas! Together, we can try to find a way to move them forward. Incentivization via grants or other form of paid development can be considered if deemed necessary.
Some interesting proposals:
- Locking of liquidity on Meteora (proposed by BKST): Enabling token projects, especially memecoin projects, to lock their liquidity directly on Meteora UI. This would instill confidence among their holders and market makers that a portion of liquidity would remain accessible; mitigating the risk of sudden liquidity withdrawal. An interesting approach for this was to collaborate and integrate with Streamflow to allow tokens to be locked for a certain period (and not permanently), giving projects more flexibility.
- Create an Structured Onboarding Experience for New Users (proposed by Kash): Reference good SaaS products and develop a tool-tip driven onboarding journey that directs new users to complete key Meteora actions for the first time while explaining what each step and key term means.
- Automated LP Operator Bot for Meteora (proposed by og77): Design a bot for traders who engage in liquidity provision, particularly in pairings like SOL-USDC and SOL-USDT. The bot automates the management of medium-sized positions within a tightly controlled price range, optimizing liquidity provision and reducing the need for constant monitoring.
What other topics are important to community members?
The community felt that building and growing our LP army is potentially a powerful tactic to help Meteora stand out from the crowd.
And Otto commented that being a better LP requires a better understanding of the overall market. He wanted to know if it’s possible to develop tools (or use existing tools e.g. ) to track key market movements and metrics that could inform his decisions and strategies as an LP.
For example, it might be helpful for LPs to be able to:
- Track volatility for the pair; identifying when volatility has started increasing or decreasing
- View the liquidity depth across markets for a particular price range
- View historical volume across markets for a particular price range
- Know if memecoin prices are correlated to certain token price movements
- Understand the slippage and costs involved in rebalancing your position given the token pair
We’re very grateful to projects and community members who have already started building tools to support our LP army and make Meteora more user-friendly!
Community tools being built for our LP army:
- kagren | zippy stake pool has built a Dune dashboard to track DLMM fee statistics and is now working on a dashboard to show liquidity concentration on other DEXes vs Meteora.
- Richard_ISC is working on a tool to quickly calculate PnL for DLMM LPs.
- Top Ledger has also worked on a Meteora DLMM dashboard
Thank you kagren | zippy stake pool, Richard_ISC, Otto, BSKT, og77, Kash, Thanos, carrium.sol, C2yptic, and others for your various contributions and proposals to improve Meteora! These really help us enhance our products and ensure development is always user-centric.
If any of you have other proposals, please share them with us on our governance forum!
