In the fast-paced world of Solana DeFi, Meteora has been turning heads with its innovative liquidity tools. But the recent reveal of the $MET tokenomics has stirred up quite the conversation. A detailed thread by X user @Tuuxxdotsol, a vocal supporter of the platform, lays out some honest concerns about fairness in the token's distribution. If you're into meme tokens or DeFi on Solana, this is worth a read—let's break it down.

First off, what's tokenomics? It's basically the economic blueprint for a crypto token, covering how it's distributed, supplied, and used. Meteora, built on Solana, is a top-tier DeFi protocol known for its dynamic liquidity pools that help users earn solid returns with managed risks. The $MET token is set to be its governance and utility token, but the launch details have some folks scratching their heads.

The thread kicks off with praise for Meteora's product—@Tuuxxdotsol calls it the best DeFi tool they've used, delivering consistent returns no matter your stack size. But then it dives into the token generation event (TGE), where the initial circulating supply is a hefty 48%. That's split among various groups, including a big chunk to legacy holders from Mercurial Finance, Meteora's predecessor.

Mercurialへの配分に関する懸念

One major sticking point is the 20% allocated to Mercurial ($MER) holders. While honoring past commitments is noble, the thread points out that many of these holders bailed when the project was at a low point, with a market cap around $800K. Plus, they've already gotten a 5% slice of Jupiter's $JUP token. The concentration is eye-opening: just 10 wallets held 58% of $MER at snapshot time, meaning a handful of people could snag over 11% of $MET right at launch, fully unlocked.

An update in the thread notes that after rebuilding the wallet list, about 40% of $MER might be excluded (like FTX or AMM wallets), dialing it back to around 8% for the top 100. Still, it raises eyebrows about insider advantages.

LP Stimulus vs. Legacy Rewards

Compare that to the 15% for the LP Stimulus Plan, aimed at actual Meteora users who've been providing liquidity. With nearly 250,000 active users in the last month, this pie slice gets spread thin. The thread argues it feels like a slap to those who've stuck around and contributed to Meteora's growth, versus rewarding holders of a "dead token."

Off-Chain Contributions Cut

Another gripe: the off-chain contributions bucket, for community builders and educators, was originally 2% but got trimmed to 1.4%. The reasoning? Only about 1,200 wallets qualify, and it's seen as too concentrated. Yet, the much larger Mercurial share wasn't questioned. This inconsistency stings, especially since it was part of the original promises.

Utility and Timing Issues

On utilities, nothing concrete has been shared yet, despite forum chats. The thread speculates the team might be holding back to avoid hype, but it could lead to early dumps by airdrop farmers planning to buy back later.

Wrapping up, @Tuuxxdotsol emphasizes they're sharing constructively, believing in Meteora's potential. They even stepped down from affiliate status to speak freely—no pay involved, just passion for the protocol.

This thread (original on X) highlights a common tension in crypto launches: balancing legacy loyalty with rewarding current contributors. For meme token enthusiasts on Solana, it's a reminder that even serious DeFi projects can spark meme-like drama. Will Meteora tweak things pre-TGE? Keep an eye on Meteora's official site for updates. If you're building in blockchain, threads like this offer real insights into community-driven improvements.