Meteora Airdrop Snapshot Reignites TGE Speculation

After proposing its LP Stimulus plan back in December 2023, Meteora looks like it might finally be getting ready for its TGE.

Meteora has announced its Season 1 activity snapshot has been taken, suggesting the decentralized exchange could start calculating eligibility and token allocations in the near future.

However, the end of Season 1 naturally coincides with the beginning of Season 2. What can we expect from Meteora’s Season 2, and why might $MET launch before Season 2 finishes?

Meteora OGs Content with Non-Dilutive Snapshot

On July 16, Meteora announced the conclusion of its Season 1 rewards campaign, which saw the platform onboard hundreds of thousands of weekly transacting users, based on Artemis data. A snapshot of user activity prior to 30th June, 2025, has been taken, which will have implications on $MET eligibility and allocation criteria.

According to Meteora’s LP Stimulus update, 8% of $MET’s supply will be distributed linearly based on user points accrued in 2024, with a further 5% allocated to points generated in 2025. An additional 2% has been earmarked for undisclosed criteria.

With the first snapshot taken formally concluded, Meteora Co-Lead Soju has confirmed that there will be no further dilution of Season 1 contributors.

Users argue that the formula benefits the Meteora OGs who provided liquidity to the platform in 2024. As evidenced by the Meteora’s user growth over the past 18 months, liquidity provision was less competitive in 2024 than in 2025, with a smaller group of users now slated to receive a larger allocation in an upcoming $MET airdrop. 

Naturally, liquidity providers who started using Meteora in 2025 wasted no time airing their grievances. 

Detractors argue that 2024 offered far more favorable LP conditions, and that 2025 users are more heavily diluted by the influx of capital and attention generated by the $TRUMP memecoin launch.

What to Expect in Season 2

While Meteora’s Season 1 rewards campaign focused on DLMM liquidity provision, Season 2 will include DAMM (Dynamic Automated Market Maker) pools. Season 2 also introduces slight changes to Meteora points, namely abolishing points earned simply through TVL provision. According to the update, the removal of TVL-based point accrual “will laser-focus the Meteora community to generate maximum fees.”

This change effectively nerfs whale LPs from accumulating points in more stable pairs and encourages users to generate as many fees as possible. Given that Meteora generates revenue based on fees, rather than liquidity provision, one could argue that this change has been implemented to maximise Meteora’s protocol revenue in the Season 2 rewards campaign.

Given Meteora’s lengthy Season 1, farmers were initially disappointed to hear that the protocol would be launching Season 2 instead of pushing straight ahead to TGE. However, Soju has since stipulated that $MET will likely launch before the end of Season 2. The Co-Lead’s comments in the Meteora Discord server suggest the team is targeting a TGE before the end of 2025.

Meteora $SOL-Denominated TVL in Decline

Meteora’s renewed attention to its TGE comes as the platform steadily loses TVL to rival decentralized exchanges. Since reaching an ATH in March, Meteora’s $SOL-denominated TVL has steadily decreased, dropping 35% to slide from 7.48M $SOL to currently sit at 4.83M $SOL, based on DefiLlama data.

In the same time frame, competing DEXes have all steadily increased their $SOL-denominated TVL. Raydium, the market leader, has witnessed a 26.4% rise in TVL, while Orca and the recently launched PumpSwap have seen increases of 17.7% and 552% respectively since the week of March 24.

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