State of Meteora: May 2026 After three straight months of cooling, Meteora's volumes turned a corner in May. Beneath the headline numbers, two quiet shifts began to reshape how value flows through the protocol. Let's get into it.

Taking a deeper look at revenues over the last three months: - LP Pool revenue: $1.3M (vs $0.9M in April) - Launchpad partner revenue: $0.4M (vs $0.7M in April) LP Pool revenue ticked back up after two softer months, with our core AMM stack continuing to capture fees in a quiet market. Launchpad partner revenue gave back April's bump, settling back near March levels. May also delivered the first dollars from a brand-new revenue line, DLMM Limit Orders, which began contributing to LP Pool revenue this month. Currently, still a small portion of total revenues for the month, we expect LO revenues to meaningfully ramp up as more and more users come to learn about Meteora’s LOs and start including them into their LP strategies.

Last week was a huge week for Meteora. Five updates across Product, the Protocol, and the $MET token. Three are live today; two land by the end of Q2. Long-form write-up: proposals.meteora.ag/t/inves… Going through each, one by one.

TL;DR • Quote Token Fees: LPs keep more of what they earn → more LPs, more volume. • Native Limit Orders: a new on-chain trading primitive a higher take rate on filled orders. • DLMM fee 5% to 10%: funds the growth flywheel; LPs still keep 90%. • Referral & Staking: new $MET utility (Q2). • Bootstrapping staking via a cashdrop: 3 months of fees to seed staking (Q2). The throughline: LPing is trading. We're building the tools a trader actually wants, on the liquidity that's already here.

State of Meteora: April 2026 Two months of cooling, but April finally split the trend. Volumes eased, but fees and revenues moved the other way.

Token Unlocks Meteora is transitioning to using Jupiter Lock to vest and unlock team tokens. What this means is that the total team tokens for 1 year starting from 28 Feb 2026 have been locked into Jupiter Lock, and will vest over the next 365 days till 28 Feb 2027 to the individual team members. If you are maintaining an API that tracks the circulating supply of $MET, you will need to query the Jupiter Lock program to accurately pull the non-circulating supply of $MET tokens. Importantly: There is NO change to the tokenomics and vesting schedule of tokens. There are no added emissions. Aggregators like Coingecko, CoinmarketCap, etc have been notified, and will update the circ. supply on their end to track the release of tokens through the Jupiter Lock program. Wallets: Team Unlock Wallet: FKMkF8EG8W3hv9R4MxyS5PqhYsjXgzCXMvGc3av8QzL8 Meteora Eco Reserve Unlock Wallet: 2WezJF7ykRXnmrWzYSPYkqbzUPZK6J8XSd16HPdhzdii