Ovols is a community of innovators, builders, & pioneers building toward the future of web3, and have been innovating on many use cases involving Solana NFTs.
Meteora participated in a Twitter Spaces (13, Jan 2024) to share more about the JUP launch on Meteora DLMM. Shoutout to Swervor @TheSwervor, Enzo @blewenzo, Humanz @SolanaHumanz, and SolanaYeti @NxtChapterSOL !
Fractionalized NFTs by Ovols
Ovols champions a relatively new tokenization standard on Solana; enabling the fractionalization or division of a single NFT into multiple portions that can be held and traded by users. This provides the opportunity for a large number of users to be collective owners of a single, popular NFT that grows in value, which could otherwise have been too expensive to be acquired by a single user.
Recently, every fractional token in the Ovols ecosystem was verified on Jupiter, and users can buy NFTs as easily as you buy tokens! Moreover, through their Jupiter integration, users can DCA into fractional NFTs.
Meteora will also be working with Ovols to provide new LP options using Ovolsā tokenization standard. Like many other projects, Ovols was keen to learn more about the 10% Stimulus Proposal for Meteora LPs. We explained how to start collecting points starting from the JUP launch and prior to the MET token liquidity event.
JUP launch -> Earn Points -> MET launch!
In addition, we emphasized how Meteora aims to drive value to our stakeholders and the Solana ecosystem and improve liquidity on Solana to make DeFi more robust.
The collaborative nature of the Solana ecosystem
Ovols reflected on how helpful and collaborative the Solana ecosystem was and how easily they received assistance from various players, including RPC and other infrastructure services, when building their own project.
Given the strength, resilience, and the collaborative nature of the ecosystem, Humanz @SolanaHumanz highlighted how Solana might have the highest potential over alternative chains when it comes to facilitating and scaling on-chain payments for real world use cases.
SolanaYeti @NxtChapterSOL even compared Solana to the Marvel superheroes ecosystem! šš¦øāāļø
Meteora fondly remembers what it was like as a new project a while back starting out with 0 connections. We have always tried our best to be great collaborators and add value, working with as many projects as possible, old or new, to grow the pie together.
LPs from the Ovols community: Why provide liquidity on Meteora?
The main objective for LPs is to maximize fees and profits with the capital in hand. Meteora is building the liquidity infrastructure to help LPs achieve that goal, with protocols and tools that enable LPs to capture more fees in the most efficient way possible.
Through DLMM, weāve introduced innovation thatās not previously available on Solana. For instance:
- Dynamic fees: Making fees dynamic help LPs capture more fees from volatility. Seeing a trend in degens apeing into a new memecoin like BONK, with crazy trading volume and price fluctuations? Add liquidity for BONK-SOL or BONK-USDC and watch dynamic fees do their magic!
- Concentrated liquidity with zero-slippage price bins: DLMM LPs can tighten liquidity around a very narrow price range to fully maximize the use of their capital and generate more volume. DLMM has the bonus benefit of having zero slippage or price impact for traders (from Jupiter and other integrations) within each active liquidity bin, which over time translates to increased volume and fees for the LPs.
And of course, donāt forget the ability for new projects to bootstrap liquidity with a single-sided price curve and mechanisms to mitigate predatory bot behaviour to ensure a level-playing field for retail users. This is why Jupiter is using Meteora for the upcoming JUP launch!
The importance of the community and ushering in the MET DAO
Ovolsā aim of being a community of innovators, builders, & pioneers resonates strongly with us. Meteora wouldnāt be where it is today without the community supporting us from the ground up and building together with us through the bear market.
Our weekly community calls have been ongoing for more than a year and besides being a fun venue to stay updated on all things Solana, are an integral component in educating users throughout the ecosystem on why liquidity needs to be enhanced and how Meteora can help with that. The icing on the cake is how weāve made many friends and supporters along the way!
The next big step forward for the Meteora community is formalizing the MET DAO and how we can augment it by incentivizing DAO and DeFi experts through the 2% DAO Experts Stimulus Proposal.
Increasing adoption for fractionalized NFTs
So what is the Ovols teamās plan to encourage more users to trade fractionalized NFTs and make it as popular as trading memecoins?
Among other onboarding initiatives, Ovals is launching an incentive points system as well (stacking points with Meteora??) and working with more partners to increase adoption. For instance, Ovols will be adding Meteora to Ovols to provide LPs of fractionalized tokens a new dynamic liquidity source.
Win a Fractionalized NFT ā The DED token
Meanwhile, if youāre keen to have a taste of how fractionalized NFTs by Ovols function, join the Meteora discord!
Using Ovols, benchow. from Meteora has locked and fractionalized a very special 1:1 NFT, minted during old Mercurial Finance (pre-Meteora) and early NFT days of 2021. To unlock this NFT, youāll need all 1M of the DED (Dead Eye Degen) token. 20% of the DED token is currently on Meteora.
We will airdrop random amounts of DED token to random people who can share one fact about our Meteora DLMM in discord.
You must tag benchow. (make sure you verify that the user handle has the team role), use the hashtag #iamded and share your wallet address or DM it to benchow.
- NFT vault: https://www.ovols.com/vault/7raHqUrZXAqtxFJ2wcmtpH7SQYLeN9447vD4KhZM7tcP/
- DED-USDC Pool: https://app.meteora.ag/pools/EdJErs4Xu1dyGqRABy6t5xQrMqtDJXDkw5VSk8zMn6mD
Good luck!
