Meteora is a Solana exchange and liquidity platform built around several distinct pool designs. Its current core products are DLMM, DAMM v2 and the Dynamic Bonding Curve. Swapping, supplying liquidity and participating in a token launch create different exposures: owning a wallet token, owning a share of a pool and holding a locked launch allocation are separate positions.[1]
DefiLlama’s 20 October 2026 capture attributed approximately $5.6 billion of 30-day DEX turnover to the combined Meteora group. This covers multiple Meteora programs, rather than one order book. The tracker also displayed roughly 157,000 active addresses in 24 hours; addresses and transactions cannot establish the number of individual customers. Routed trades can also appear in an aggregator’s statistics.[2]
Markets, pools and trading tools
Sections ↑Product structure
| Product | How exposure works | Operational distinction |
|---|---|---|
| DLMM | Liquidity is allocated to discrete price bins. Spot, Curve and Bid-Ask distribute capital differently. | A bin has a fixed price only while its available output liquidity lasts. Crossing bins changes the execution price.Source 3 |
| DAMM v2 | Configurable constant-product pools with concentrated or full-range compounding liquidity. | Pool activation, fee settings, position ownership and locks must be read for the selected pool.Source 4 |
| Direct swap / Jupiter Terminal | The pool Swap tab uses that pool; the integrated Jupiter tool searches external routes. | These paths can have different liquidity, price impact and charges. The pool display’s impact estimate excludes swap fees and slippage.Source 5 |
| DBC launches | A bonding curve graduates into a DAMM pool after its configured threshold. | Curve completion can interrupt trading while migration finishes; this is a change of trading venue and liquidity state.Source 6 |
| Legacy DAMM v1 | LP-token pools whose reserves can use Dynamic Vaults. | Existing stable, LST and vault-backed pools remain distinct from newer DAMM v2 NFT positions.Source 7 |
DLMM’s Dynamic Terminal combines TradingView charts, pool analytics, risk information and position management. It saves chart settings and annotations automatically. The documented terminal supports DLMM; DAMM v2 support is described as forthcoming, so a shared website should not be read as identical tooling across both products. The interface exposes partial withdrawals, claims, rebalancing and closing, alongside batch actions.[8]
Native DLMM limit orders place buy-side or sell-side liquidity in up to 50 bins per order account. They are available only in limit-order-enabled pools; a pool cannot simultaneously use the liquidity-mining mode. An order remains open until filled or cancelled, can fill partially, and requires swap flow through its selected bins. The program allocates 50% of the limit-order portion of trading fees to order participants; that is a share of fees, not a rebate on the full trade.[9]
A displayed price touching a target is insufficient evidence of execution. Check the order account and transaction result before replacing an order. Closing a browser session does not remove liquidity from an on-chain account; cancellation and any remaining asset claims require their own confirmed actions.[9]
Trading charges and liquidity costs
Sections ↑Meteora has pool-specific economics rather than a single retail maker/taker tariff. A trader pays the configured swap charge; an LP receives only the share allocated to the liquidity that actually participates. Network fees, account rent, token transfer fees and any conversion are separate. A quoted annual return does not freeze any of those variables.[10]
Pool fee framework
| Pool / component | Published basis | Meaning for the user |
|---|---|---|
| DLMM | Base fee plus volatility fee; total capped at 10%. | For market-maker liquidity, standard pools split fees 90% LP / 10% protocol; launch pools 80% / 20%. A referral host can receive 20% of the protocol portion.Source 11 |
| DLMM fee token | InputOnly charges the input asset; OnlyY charges token Y. | OnlyY uses input Y on a Y-to-X trade and output Y on X-to-Y. Fee denomination therefore changes with pool mode.Source 12 |
| DAMM v2 | Minimum 0.01%; current-version cap 99%, older version 0 cap 50%. | These are boundaries, not normal quotes. Default protocol share is 20% of trading fees; a referral receives 20% of that share when present.Source 13 |
| DAMM v2 collection | BothToken uses output tokens; OnlyB and Compounding use token B. | Compounding reinvests the configured fraction of LP fees; the remainder stays claimable.Source 13 |
| Time scheduler | Fixed or declining base rate over configured slots or seconds. | Linear and exponential schedules differ; inspect starting rate, final rate, interval and activation time.Source 14 |
| Market-cap scheduler | Steps follow square-root-price growth relative to launch. | The fee can remain elevated before milestones; expiration selects the final period. This is not the trader’s monthly volume tier.Source 15 |
| Legacy rate limiter | Existing pools may increase buy fees with quote-token size during a launch window. | New configurations reject this deprecated mode. Existing pools still trade; the window is capped at 12 hours.Source 16 |
| DAMM v1 examples | Standard 0.25% fee with 80% LP / 20% protocol; documented 0.01% pools allocate 100% to LPs. | Custom launch fees and vault yield require separate inspection. LP trading fees accrue in share value.Source 10 |
For illustration, a 1,000 USDC fee-inclusive DLMM swap at a hypothetical 0.30% total rate produces a 3 USDC trading fee before integer rounding. With a standard market-maker-only 90/10 split, 2.70 USDC belongs to LPs and 0.30 USDC to the protocol. An eligible host’s 20% slice of the latter is 0.06 USDC; it is not another 20% charge on 1,000 USDC. This illustration excludes token transfer costs, price movement and network fees.[11]
Opening a DLMM position currently requires approximately 0.059 SOL refundable position rent, with extra rent for extensions. Creating a new bin array costs about 0.075 SOL, non-refundable. Review the live account-cost breakdown.[17]
Deposits that alter an already populated active bin can also incur a composition fee. Adding liquidity is therefore not always economically neutral.[11]
Adding funds, withdrawing and closing positions
Sections ↑Funding and exit lifecycle
| Action | What happens | Limit or dependency |
|---|---|---|
| Prepare the wallet | Use a Solana-compatible wallet and obtain the correct token mints plus SOL for transactions. | Wrapped SOL and native SOL are different account representations; unused wSOL can be unwrapped. No universal bank deposit or fiat redemption service is established here.Source 17 |
| Add / remove DLMM liquidity | A position account records ownership, bin shares and accrued fees. Removal returns the corresponding tokens. | Fees and rewards do not auto-compound. Clear liquidity, fees and rewards before closing; a lock_release_point can delay removal.Source 18 |
| Exit DAMM v2 | The position NFT controls withdrawal and fee/reward claims. | Unlocked liquidity can be removed; vesting follows its schedule; permanently locked liquidity cannot be withdrawn. Empty all balances before closing the NFT position.Source 19 |
| Convert an exit with Zap | A prepared route can turn received position tokens into another token in the same workflow. | Zap does not choose the pool, range, quote or slippage. Its supported routes and underlying programs determine whether conversion succeeds.Source 20 |
| Legacy Dynamic Vault exit | Burn the owner’s LP tokens to redeem available assets; a strategy-backed withdrawal can require additional accounts. | The enabled flag restricts deposits, not withdrawals. Actual strategy liquidity and transaction constraints still govern redemption.Source 21 |
Removing liquidity crystallises its current token composition. A position started with two assets can finish heavily concentrated in the weaker one; the withdrawal button does not restore the original quantities or purchase value. To move proceeds elsewhere, wait for the removal and any conversion to confirm, then send the resulting token on its correct network. A bridge or a cash-out provider adds another service relationship and another quoted cost.[3]
Launch participation and refunds
| Product | Entry | Exit rules |
|---|---|---|
| Alpha Vault | Deposits quote tokens for purchases from a connected launch pool. | Pro Rata allows ordinary withdrawal through last_join_point; later overflow and final unused-quote claims have separate windows. FCFS has no ordinary early withdrawal. Bought tokens follow vesting.Source 22 |
| Presale Vault | Standalone sale infrastructure, currently beta; buyers deposit quote plus configured fees. | Failed sales refund remaining quote and refundable fees; successful Pro Rata sales can refund overflow. Token claims follow the unlock schedule. A successful sale does not automatically list the token.Source 23 |
Asset control, security and operational risk
Sections ↑Self-custody describes who controls the wallet key; it does not mean assets supplied to liquidity remain outside contracts. DLMM positions and DAMM pools are program-controlled records and token vaults. Their ownership rules, locks, token authorities and external dependencies matter as much as the wallet connection.[4]
Control boundaries
| Area | What the documentation establishes | Consequence |
|---|---|---|
| DLMM operator | A position owner can delegate management; a separate fee owner or permissionless fee-claim setting can also exist. | Inspect the specific operator and fee destination. Disconnecting the interface does not clear program permissions.Source 18 |
| DAMM v2 delegate | Delegates can receive individual permissions, including removal, claims and locking; unrestricted destinations outrank ToOwner permissions. | Clearing the permission bitmask and revoking the token delegate are distinct. NFT transfer does not clear the stored permission mask.Source 19 |
| Token extensions | Transfer-fee tokens can affect swaps, deposits, withdrawals and rewards. Some extensions require review or a configured bypass. | A token badge is not a guarantee against freezes, hooks or issuer action; unsupported transfer-hook accounts can still make transfers fail.Source 24 |
| Legacy allocation operator | Hermes can act through the vault operator to allocate to listed strategies and return collateral. | It cannot burn user LP shares outside withdrawal or exercise admin-only changes unless it also holds admin authority.Source 25 |
| Compromised wallet | Meteora’s guide directs users toward a new wallet and warns that ownership of compromised accounts is difficult to verify. | No support restoration of lost private keys, guaranteed reward reassignment or universal recovery hold is established.Source 26 |
The audit directory separates DLMM, DAMM, DBC, vault, staking and helper programs. An audit of one product or version should not be stretched across a different program or a later upgrade. The inspected documents do not establish a general insured reimbursement limit for trading losses, compromised wallets or liquidity positions.[27]
The protocol directs vulnerability reports to its OOO Security bounty program. A bounty compensates qualifying security research under its own scope; it is not customer balance insurance or a promise to repay an affected LP.[28]
Eligibility and access conditions
Sections ↑The terms require legal capacity and exclude restricted persons by residence, citizenship, incorporation or registered office. Listed exclusions include the US, BVI, China, Russia, Cuba, Iran, North Korea, Syria, Myanmar, Iraq, Libya, Mali, Nicaragua, Somalia, Sudan, Yemen, Zimbabwe, Côte d’Ivoire, DR Congo, Crimea and Sevastopol, plus applicable sanctioned territories. VPN circumvention is prohibited. An accessible contract does not establish lawful eligibility.[29]
Support, transaction records and complaints
Sections ↑For stale data or an unreliable connection, the getting-started guide describes switching RPC provider, checking a blockchain explorer and reviewing the transaction broadcast mode. Jito submission depends on Jito-supporting validators. Check whether a transaction already landed before repeating it; a website timeout alone does not establish a failed withdrawal. No staffed emergency dealing desk or substitute telephone execution authority was established.[17]
Support and notices
Section 14 selects BVI law and BVI IAC arbitration in Road Town, Tortola, before one arbitrator in English. The notice address is [email protected]. The inspected terms provide no fixed complaint response deadline or mandatory preliminary negotiation clock; an ordinary ticket is not a published compensation procedure.[29]
The DLMM API exposes historical events for an individual position, including action and time filters with pagination. Preserve the position address, wallet address and transaction signatures, and reconcile claims, deposits, removals and transfers. These event records support accounting; they do not by themselves establish tax basis, a complete cross-wallet ledger or a jurisdiction-ready return. A native universal tax statement was not established.[30]
Permissions and legal scope
Sections ↑The MET MiCA whitepaper identifies Meteora Comet Limited, a BVI company numbered 2175599, as token issuer and technology provider, with Meteora Foundation as parent. That token disclosure does not establish a CASP licence for Meteora Nova Limited or a customer compensation scheme. Its stated seven-business-day response time belongs to the whitepaper contact; it should not be used as a general LP complaint deadline.[31]
Company, migrations and material developments
Sections ↑Meteora’s website privacy policy, updated 28 April 2026, identifies Meteora Nova Limited as the website provider and operator. The public materials distinguish this role from Meteora Comet’s token issuance. Readers should use the entity and terms attached to the service concerned, rather than treating all names in the ecosystem as interchangeable counterparties.[32]
Changes that affect an existing position
| Development | Current treatment | Reader consequence |
|---|---|---|
| DAMM v1 to v2 | DAMM v1 is legacy; DAMM v2 is the recommended design for new pools. | Existing LP tokens remain governed by their original pool and vault arrangements. A new product release does not automatically move those assets.Source 7 |
| DBC graduation | New launches must migrate to DAMM v2; legacy DAMM v1 targets can still graduate. | Migration deducts a 0.2% protocol liquidity fee, separately from creator/partner fees. At least 10% of liquidity must remain locked at day one; vesting can run up to two years.Source 6 |
| Treasury buyback loss | The Q1 report records $1.5m lost to an OTC scammer during attempted MET buybacks and says a police report was filed. | This is a treasury transaction loss; the report does not establish a DLMM contract exploit or losses debited to every LP.Source 33 |
The H1 report supplies newer operating and fee information but does not establish a recovery of the reported OTC loss. DefiLlama indexes a 17 January 2026 social-engineering incident against the group. Those are different evidential statements: an incident classification and an operating report do not justify asserting either full recovery or continuing pool insolvency.[34][2]
- Operator
- Meteora Nova Limited, website provider
- Exchange model
- Decentralised
- Service scope
- Solana liquidity pools, swaps, launches and MET staking.
- Client types
- Not established
- Pricing publication
- Public pricing
- Pricing scope
- Pool-specific swap rates, protocol shares and transaction costs.
- Funding scope
- Solana token transfers and pool/vault redemption.
- Custody and asset handling
- User wallets; supplied liquidity is controlled by product programs.
- Client eligibility
- Territory and legal-capacity restrictions apply.
- Support
- Community tickets and contractual notices.
- Authorisation and registration scope
- Token whitepaper; exchange authorisation not established.
Exchange metadata checked 20 Oct 2026Source 1Source 32Source 29Source 4Source 17Source 11Source 35Source 31
Staking, APIs and automated tools
Sections ↑The current Referral Staking FAQ describes a three-month campaign: at least 200 MET; staking shares 10% of DLMM protocol fees by time-weighted stake. Referrers receive 8%, referred users 2%, on eligible SOL/USDC-quoted DLMM positions; limit orders, DAMM v2 and blacklisted pools are excluded. A $1 cycle fee threshold applies. The referrer cap is 0.10 USDC per staked MET, each referee’s 25% of that; excess is forfeited. Referral linkage is permanent.[35]
Monthly-cycle rewards become claimable after cycle end, without an exact promised distribution time. Unstaking forfeits pending staking/referrer rewards and affected referees’ current-cycle rewards. Normal withdrawal waits seven days; immediate unstaking charges 10% of the unstaked MET. Falling below 200 MET also stops referred-user earnings. Pending rewards are estimates, not an immediately withdrawable cash balance.[35]
The DLMM data API publishes a 30-requests-per-second limit and endpoints for pools, orders, wallet portfolios, current positions and historical events. Indexed data can lag transaction-time state. A data endpoint is not authority to move a wallet’s funds; transaction builders, the signing wallet and any position delegate supply that authority. No exchange-account withdrawal whitelist is created merely by using the data API.[36]
Meteora’s Agent Skill can build integrations and run supported actions such as swaps, liquidity changes, limit-order cancellation and claims. Its CLI needs a funded signing environment; the documented workflow simulates first and requests confirmation before a real transaction. SDK builders produce unsigned transactions. Someone who supplies a signing key or broad operator authority gives the automation materially more power than a read-only research tool.[37]
The Documentation MCP serves protocol information and documentation search. It should be distinguished from an agent executing CLI commands with a signing key. Ending a chat or disabling a research connection does not itself close positions, cancel on-chain orders or remove delegated powers; each active permission and position needs its own lifecycle action.[38]
Sources & further reading
- Protocol overview Meteora · Accessed 20 Oct 2026
- Meteora activity snapshot DefiLlama · Accessed 20 Oct 2026
- DLMM pool design Meteora · Accessed 20 Oct 2026
- DAMM v2 pool design Meteora · Accessed 20 Oct 2026
- Swap routes Meteora · Accessed 20 Oct 2026
- DBC migration Meteora · Accessed 20 Oct 2026
- Legacy DAMM v1 Meteora · Accessed 20 Oct 2026
- Dynamic Terminal Meteora · Accessed 20 Oct 2026
- DLMM limit orders Meteora · Accessed 20 Oct 2026
- DAMM v1 fees Meteora · Accessed 20 Oct 2026
- DLMM fee mathematics Meteora · Accessed 20 Oct 2026
- DLMM fee currency Meteora · Accessed 20 Oct 2026
- DAMM v2 fees Meteora · Accessed 20 Oct 2026
- Time scheduler Meteora · Accessed 20 Oct 2026
- Price scheduler Meteora · Accessed 20 Oct 2026
- Legacy rate limiter Meteora · Accessed 20 Oct 2026
- Wallet setup and transactions Meteora · Accessed 20 Oct 2026
- DLMM position control Meteora · Accessed 20 Oct 2026
- DAMM NFT control Meteora · Accessed 20 Oct 2026
- Zap routes Meteora · Accessed 20 Oct 2026
- Vault access constraints Meteora · Accessed 20 Oct 2026
- Alpha Vault withdrawals Meteora · Accessed 20 Oct 2026
- Presale lifecycle Meteora · Accessed 20 Oct 2026
- Token extensions Meteora · Accessed 20 Oct 2026
- Vault operator Meteora · Accessed 20 Oct 2026
- Wallet and token security Meteora · Accessed 20 Oct 2026
- Audit directory Meteora · Accessed 20 Oct 2026
- Security bounty Meteora · Accessed 20 Oct 2026
- Service terms Meteora · Accessed 20 Oct 2026
- Position event history Meteora · Accessed 20 Oct 2026
- MET MiCA whitepaper Meteora · Accessed 20 Oct 2026
- Website privacy policy Meteora · 28 Apr 2026 · Accessed 20 Oct 2026
- Q1 2026 report Meteora · 20 Apr 2026 · Accessed 20 Oct 2026
- H1 2026 report Meteora · 11 Aug 2026 · Accessed 20 Oct 2026
- Referral Staking FAQ Meteora · Accessed 20 Oct 2026
- DLMM data API Meteora · Accessed 20 Oct 2026
- Agent action tooling Meteora · Accessed 20 Oct 2026
- Documentation MCP Meteora · Accessed 20 Oct 2026
This profile reports dated public information, including exchange-published services and terms. It does not independently test or guarantee trading, custody, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.
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