Hey everybody!
It’s been an intense start to Q4 for the team. Conference season has kicked into full swing, and we’ve been pushing hard on several major product launches; the first being DLMM Pro, which Dann unveiled at Solana Summit Singapore.
(Join the DLMM Pro waitlist at Home | Meteora )
We appreciate your patience as we’ve worked through the first three cycles of the Referral Staking program while also reviewing all the submissions for the Expert Contributor allocation. Your feedback has been incredibly helpful, and we’ve taken them all into consideration as we lay out the next phase of Meteora’s growth.
Here’s an update on what’s next for Referral Staking, along with details on the Expert Contributor distribution.
Referral Staking Program
Referral Staking was created with one goal: to empower every liquidity provider to play an active role in driving product usage, strengthening MET, and growing the Meteora ecosystem.
This program was planned to run for three cycles, after which we would review its performance and decide whether it should continue.
Across the first three cycles, the program has achieved:
- 128M+ in MET staked
- $39M+ in fees generated by referred users
- $1.9M+ (incl. est. Cycle 3 rewards) in USDC rewards distributed
These metrics show us that the community has adopted and embraced the program.
Based on this response, we will be continuing the Referral Staking Program.
We believe Referral Staking can play a meaningful role in achieving our goal. We’ll continue monitoring the program after every cycle, using the data and your feedback to evaluate what’s working and where we can improve.
As the team goes full speed on several major product developments for Breakpoint, improvements will be introduced incrementally rather than all at once. The first changes will focus on better connecting cycle rewards with product usage, with further improvements rolling out as we learn from each cycle.
1) $150K Bonus for Top 100 Referrers (Cycles 1 to 3)
We want to recognize the community members who helped drive Meteora’s growth during the program’s first three cycles.
At the end of Cycle 3, the top 100 referrers from Cycles 1, 2, and 3 (taken from each cycle of the Leaderboard) will receive a share of ~$150,000 in retrospective bonus rewards on top of their existing Referral Staking rewards for Cycle 3.
These bonus rewards will also continue every cycle, from Cycle 4 onwards.
2) Aligning Incentives between Stakers and LPs
Referral Staking allows stakers to participate in the value generated by LP activity. To strengthen this flywheel, we want to encourage stakers to use Meteora’s products and contribute directly to the activity supporting their rewards.
By aligning incentives between stakers and LPs, every stakeholder plays an important role: LPs generate fees through product usage, stakers share in the value created by that activity, and more members of the community are encouraged to learn how to LP. As participation grows, the entire Meteora ecosystem benefits.
Starting from Cycle 4, stakers will be required to generate a minimum of $10 in fees from eligible LP positions opened during the cycle to claim their Rewards from Staking.
For example, you can open an eligible LP position at any point during Cycle 4. As long as that position, or multiple eligible positions, generates at least $10 in fees before Cycle 4 ends, you will be able to claim your staking rewards for that cycle.
This requirement is intended to encourage participants to actively use the DLMM alongside staking MET. We want the program to reward token holders who are also participating in LP activity and contributing to the ecosystem.
How it works:
- Both claimed and unclaimed LP fees will count toward the $10 requirement. You do not need to claim your LP fees for them to count.
- Eligible fees must come from positions opened within the current cycle window. (e.g. Positions opened in Cycle 3 will not be counted towards eligibility for Cycle 4’s rewards)
- If the minimum in fees earned is not met, your staking rewards for that cycle will be forfeited.
- This requirement will not affect your underlying staked MET.
The Referral Staking UI will clearly show how much you have generated in eligible fees, your progress toward the $10 requirement, and whether you are eligible to claim your staking rewards for the current cycle.
3) Compounding Your Rewards
We’ve heard from many stakers who want an easier way to put their rewards back into staked MET.
Today, compounding requires several separate steps: claiming your USDC rewards, converting them into MET, and then staking that MET. During Cycle 4, we plan to introduce a compounding feature that brings these actions together in one simple flow.
You’ll be able to claim your USDC rewards and convert them into staked MET directly through the Referral Staking interface, increasing your staked position.
Expert Contributors
Expert Contributors is a dedicated allocation of MET to recognize community members who have made significant contributions to the Meteora ecosystem and the LP Army throughout Season 2 of the LP Stimulus Plan.
(More on Expert Contributors: LP Stimulus Season 2: Rewarding our Expert Contributors )
The team has spent a lot of time (and still is) reviewing more than 2,000 profiles and the work submitted by contributors.
Going through last year’s posts reminded me how much we’ve grown this community. We see contributors create detailed LP guides, document their journey from 1 SOL to hundreds more, help to translate resources like LP Academy, and also build communities across Asia, Europe, Nigeria and beyond.
Thank you to everyone who helped to build this community with us.
Claims will open through the Meteora Campaigns page before the end of Cycle 3, giving eligible contributors more time to claim and stake their allocation before Cycle 4 begins.
(EDIT: To give us enough time to thoroughly test and secure the X verification & claim process, claims will open through the Meteora Campaigns page shortly after Cycle 4 begins. We’ll share more details on the claim process in time to come.)
Because most public entries were submitted and evaluated through X, eligible contributors will need to verify their X accounts on the Campaigns page before viewing their allocations.
X verification ensures that each allocation is tied to the correct contributor before you can connect your wallet and claim. More details on claims will be shared soon.
What’s Next in the Meteora Supercycle
The team will continue pushing hard on several major product developments as we head towards Breakpoint.
In the meantime, we’d love to hear your feedback. What do you think of these developments, and what other improvements do you want to see in the Referral Staking Program?
Thank you once again for taking part in Referral Staking, and for our expert contributors; bringing Meteora to where we are today.
Let’s keep building.
