Meteora Town Hall #6 & #7 Recap — Community Owned DeFi Primitives

Dear fellow Meteorans, we had 2 great community calls on 15 & 22 Feb 2023 where we introduced Meteora as the set of community owned DeFi primitives, discussed tokenomics for $MET, and shared the upcoming plans for Meteora.

Here’s a summary of the key points covered:

High level points

• We are going to be holders of $MET, whether through allocation via $MER holdings or future open market purchases, we are all highly motivated to see $MET do well, and have come united to execute a plan to get there.
• Having a strong foundation of DeFi primitives (capital allocation, liquidity provision, swaps for eg) is the key to a healthy Solana DeFi ecosystem.
• Meteora currently consists of several important DeFi primitives contributing to the infrastructure of Solana DeFi — Capital allocation via Dynamic Vaults, Stablecoin liquidity provision through the Multi-Token Stable Pools and capital efficient AMMs by the Dynamic Pools.
• The prospects of Meteora are closely tied to the ecosystem, both in terms of Solana DeFi doing well, as well as acceptance by the ecosystem — the Meteora community will be one that grows these DeFi primitives for the benefit of Solana, motivated through an actual ownership of Meteora.
• All the benefits such as fees earned by the protocol, will go back to the people who contributed to its development, further incentivizing them to help Meteora do even better. Protocol wins, community wins.
• The possibilities are endless when all of Solana DeFi comes together to grow Meteora. All these start from being community owned.

$MET Tokenomics

• We, as a Meteora community, need to generate sufficient interest and excitement in the ecosystem for Meteora. Tokens with a high amount of community involvement are much likely to do well and be relevant.
• Together, we are all aligned to learning the lessons from $MER: Making sure that $MET’s token ownership is diversified to stakeholders who are interested in growing the protocol, moving away from unsustainable growth strategies through high token emissions, building utility on $MET via governance and value accrual mechanisms.
• All these lessons are applied to help $MET launch off with the best possible chance of success, that will benefit everyone in the community. Our goal is crystal clear — we want us all to win.
• With that in mind, we have a plan to get widespread community awareness of Meteora. A Yellow Paper will be released and iterated openly before finalizing a clear plan — one that will be beneficial to everyone, including current stakeholders, Solana DeFi and all users.

Product Roadmap

• Focus our efforts on building more DeFi primitives, with the goal to generate fees for the protocol and continuously bring value back to the community, DAO and token.
• The Meteora technical team will focus on the development of the new primitives, ensuring the foundation is secure, while the Meteora community comes in to work closely to evaluate and keep systems safe, while getting the word out.

Community Contributor Program Proposal

• As we transit towards a more community driven project, it is important to get a core of people who understand Meteora. We introduce an incentive program to encourage more people to contribute to Meteora in order to grow this core. We will be iterating this program together with everyone as we go along.
• 2 ways to track contributors — Discord role + list for acknowledged contributors, and a leaderboard and point system to rank contributors to differentiate quality and frequent contributors. “Meteorites” has been voted as the first Discord list and role name.
• Later, we will submit a proposal to the DAO on actual token allocation and distribution of the token to the list.
• Next steps is to create the first Discord role and list, kickoff Meteora AMA TwitterSpaces with our integration partners, and identify important protocol experts to offer an Advisor discord role to advise the community and advocate Meteora.

Ending words

We, as the first Meteorans, are aligned to the success of Meteora and this involves building a strong community behind the project. This is not a straightforward process, and requires many iterations to get to a good point. However, we are confident that as long as we consistently keep chipping away at the challenge, we will eventually get there together.

Our product, Meteora is well positioned to rally and revive interest in Solana with its community-owned DeFi primitive focus, and the $MET will be the token that unites, incentivizes and catalyzes the community to bring forth this new era for the ecosystem.

To join our discussions and contribute your thoughts and proposals to our Yellow Paper, come swing by our Discord to participate and help shape up the best community owned DeFi primitives for Solana!