Meteora Community Call Recap — 3 April 2024

6 min readApr 17, 2024

Next steps for 2% DAO Stimulus proposal

Over the past few months, we are heartened to see many community experts step up to contribute value to Meteora. As we are making preparations and laying the foundation for the MET DAO, we revisited the community proposal regarding the 2% DAO stimulus for DAO experts and discussed various ways to structure this program to fully harness the potential of our LP Army and reward deserving members.

Currently, there are amazing proposals and feature requests from the community submitted to the forum and in discord but due to a lack of team resources, some are still stuck in the pipeline.

C2yptic proposed an idea to allocate future MET incentives as grants for builders who can work on these proposals, with a grants approval process managed by the MET DAO experts and council. He felt that a good, formalised grants setup is key for successful decentralized organizations. Kash agreed and felt that it might be a great tactic to bring a lot more builder attention over to the ecosystem outside of the core LP army we already have. Grants allocated could come from the 2% DAO Stimulus, with the remainder given as incentives to the DAO experts who help review and manage the proposals.

This way, we are able to leverage the combined expertise of our DAO experts to funnel suitable proposals through, which would add value to Meteora and incentivize builders to work on the proposals they are passionate about. This is a good alternative for community members who are not too keen on the points system but still want to contribute to Meteora and earn MET.

One example of such community initiatives could be the awesome DLMM dashboard created by Andzi from ISC Labs. Andzi could submit a proposal and the DAO experts and council would decide on what resources (e.g. financial grants, free RPC infra from Meteora) should be allocated to his team to quickly improve and deploy the dashboard for the benefit of the LP Army. DAO experts themselves could also submit proposals for grants, subject to the approval of fellow experts and the council. This could incentivize them to rally the rest of the community to support proposals they are passionate about and ensure the success of the initiative from start to finish.

The initial council would comprise the Meteora team and through our calls, discord discussions, and community feedback, we would identify the key community contributors that would form our first DAO experts cohort.

Considerations

Durden also agreed that at this stage, having a smaller group of experts reviewing and approving proposals and incentivizing growth through grants would be an efficient way to operate, as opposed to requiring the full DAO voting on every single initiative. However, he questioned how the council plans to approve and maintain a list of DAO experts, and how the change in guard would look like over time.

One concern raised was regarding the presence of accidental/intentional “free-riders” who are inactive throughout and fail to contribute or participate in governance if the group becomes too large.

To mitigate this, we could structure the DAO experts group as a cohort that evolves every quarter/few months. Each individual member’s contribution level for the prevailing period would determine whether they continue into the next cohort or not.

Carrium.sol also suggested setting the ground rules before we form the DAO experts group. For example, members need to be responsible for certain tasks such as approving community proposals and maintain some minimum level of participation in our calls or discussions. Richard_ISC felt that assigning one of the DAO experts as an administrator could help bring more structure to the program and move things forward.

Let us know your ideas around the 2% DAO Stimulus proposal!

Product updates

1) Providing more support for memecoins

Locking liquidity

New memecoin creators and token teams seeking to boost community confidence in their token now have the option to permanently lock liquidity in a dynamic pool on https://edge.meteora.ag !
Liquidity is permanently locked by sending the Meteora LP (liquidity provider) token to the pool’s ATA, which makes the LP token and its associated funds inaccessible forever. Note: Meteora’s LP token has a burn mechanism that works differently from other DEXes; burning the LP token distributes liquidity to other LPs in the pool, so permanently locking the LP is a more suitable alternative.
The % of the pool’s liquidity that has already been locked will be displayed on that specific pool’s page.

Liquidity from the token team cannot be withdrawn from the pool after being permanently locked, which helps provide users with more assurance that there is always some liquidity available for trading the token.
In addition, for token teams that do not wish to permanently lock liquidity, we have provided a link to Streamflow, which allows liquidity to be time-locked for a specified time period.

Upcoming Memecoin creation tool

We believe Meteora can be a good home for memecoin projects.
There will be a unified UI/UX to launch a memecoin and add liquidity and lock liquidity. Main goal is to create something simple, don’t need to worry about supply, freeze authority etc. We can also juice it up with MET points!

2) Other product updates

Notifications via different channels with Dialect, starting with Meteora web Dapp
Audits underway for DLMM dynamic position sizing to bypass 69 bin limit
To consider preemptively creating and whitelisting pools for new token launches, even if they don’t officially launch on Meteora
Major R&D for what does Meteora v2 look like
Meteora aims to be fully permissionless and open source, as this is important for a DeFi protocol to be successful long into the future. Ideally, program update authority will be under DAO management and with external signers who are not from the team. We also want to push for more DeFi-first token generation events.

Incentives for Meteora

Meteora sometimes get token incentives/airdrops from new projects or tokens. For example, we might get W incentives and as a community we need to discuss how we should utilize those incentives. Send us your ideas!

Some options for incentives received:

Create a farm to further boost liquidity and TVL
Market make for certain pairs and roll the profits to something else.
Grants for proposals

Points dashboard delayed until further notice

As mentioned in previous calls, we’re making the hard choice to postpone the points dashboard due to the need to prioritize core DLMM improvements. The tracking system is running and LPs are already earning points on Meteora based on this scoring system. Moreover, the MET token launch won’t be that soon, so there isn’t a rush to push this out.

However, we’re happy to provide support for community efforts, such as this dashboard from Andzi from ISC Labs.

LP Army Boot Camp Preparations

The plan is to start Boot Camp on the week of 8 April. We already have a draft curriculum, instructors ready to go, and also a website for signups!

We’re also in talks with Kash from Superteam to record these Boot Camp lessons and clip them into offline educational content so that users have the option to join in real time or learn offline at their own pace.

Another interesting idea raised was to have LP Army merch! For example, we can consider rewarding users that go through Boot Camp with a POAP or a little MET figurine.

Thank you Durden, carrium.sol, Kash, Richard_ISC, C2yptic, and others for your contributions to the call!