The blockchain world is never short of stories; it’s just that the protagonists of the stories keep changing.

Friends who have been following the Solana ecosystem these days might have been flooded with a piece of news — the founder of Meteora officially announced its tokenomics during an AMA live broadcast, and the impact on RAY is likely beyond just a quantifiable competitive relationship.

One, Learning from the Failure of $m3m3: Meteora's Self-Redemption

"$m3m3 is a failure, we all know that."

This candid revelation during the live broadcast was unexpected. In web3, project teams usually do not admit failure so bluntly. The Meteora team not only acknowledged it but also presented a solution: allocating 2% of the team's token supply to $m3m3 holders and stakers.

This posture of reflection and compensation is, in fact, a re-embrace of the community. At the same time, their consideration of 'possibly taking two snapshots' shows that the team not only wants to care for those who are still steadfast believers but also attempts to win back early users who left due to project uncertainties.

@realdezen once said they 'are still working hard, thinking of some ideas', which gives the community hope. Now, although $m3m3 can be seen as dead, at least Meteora did not choose to ignore it but provided a decent conclusion.

Two, Meteora's Tokenomics:

In the disclosed tokenomics, 100% of the total token supply is composed of the following parts:

  • Team allocation is 20% (actual 18%, as 2% is distributed to $m3m3 holders)

  • LP incentives account for 15%

  • Launchpad allocation accounts for 3%

At TGE, the initial circulating supply will be 35-40%, while the team portion will have a release period of up to 6 years.

At the same time, it was stated during the AMA that the tokens could be used for voting, governance, and other utilities at TGE without waiting. Additionally, the team and community have the freedom to sell a small portion on the first day and hour of TGE — a bold rebellion against traditional lock-up models and an expression of market confidence.

Three, $RAY Crisis: From Strong Enemies Surrounding to Status Shaking

$RAY Once a flagship of Solana DeFi, its dominance is now facing unprecedented challenges with the rise of emerging platforms like Meteora.


This is not just a simple protocol competition, but a reshuffling of liquidity discourse power.

The most obvious signal comes from the political realm — $TRUMP chose Meteora rather than Raydium as the token liquidity addition platform. This is no coincidence; the choice of liquidity platform itself is a political statement and market signal.

Meanwhile, PUMP has developed its own AMM liquidity platform, which means liquidity may potentially shift from Raydium to its own platform in the future. This would be akin to pulling the rug out from under Raydium — when major projects start to withdraw, what remains for Raydium may only be a dim twilight.

Four, Meteora and RAY: Is it a 'Zero-Sum Game' in the DeFi World?

The rise of Meteora contrasts sharply with the plight of Raydium, prompting one to ponder: Is the DeFi ecosystem really a zero-sum game?

The answer is probably affirmative. In the battlefield of liquidity, funds cannot be divided; they will only flow to platforms with higher returns, better experiences, and stronger narratives.

May you find your own opportunities in this ecological reconstruction.