Key Highlights
- Meteora confirms a $10.6M USDC buyback, accumulating 2.3% of MET’s total supply.
- The team introduces “Comet Points,” a product-linked rewards system for MET stakers and users.
- MET price dips despite buyback as markets digest the long-term roadmap and shifting token expectations.
Meteora, one of Solana’s fastest-growing liquidity protocols, has initiated a strategic buyback program designed to strengthen the role of its MET token. Announced on December 10, the team confirmed it has already spent $10.6 million in USDC repurchasing MET, equal to 2.3% of the token’s total supply.
The move comes as Meteora reassesses its long-term token strategy, stating that current decisions must preserve flexibility while prioritizing revenue growth, cost discipline, and clearer financial reporting for token holders.
Buyback and rewards system
Meteora said buybacks will continue on a discretionary basis from a publicly listed wallet, signaling an ongoing commitment to returning value to holders. The protocol emphasized that the MET token remains “the heart of the protocol,” but long-term alignment, not rushed token mechanics, will define how the asset evolves.
Alongside the buyback, Meteora introduced “Comet Points,” a consumable rewards system tied directly to product usage. Users can earn Comet Points by staking MET or using Meteora’s liquidity tools, granting access to airdrops, presales, an off-chain store, and LP coaching.
Market reaction post-buyback
Despite the sizeable repurchase, MET fell 6.1% over the past 24 hours to $0.305, according to TradingView. Trading volume, however, remained high at over $107 million, indicating active repositioning as traders assess the protocol’s redesigned token strategy.
Market commentators noted that the muted price reaction reflects broader uncertainty around token-based value accrual in DeFi, as well as caution following recent volatility across Solana-ecosystem assets.
August surge and buyback trend
Meteora’s long-term market relevance was highlighted in August, when a surge in trading tied to Kanye West’s YZY meme coin drove the DEX to $1.18 billion in 24-hour volume, briefly surpassing Raydium. The platform has since maintained a strong presence among Solana’s highest-volume venues.
Meteora’s buyback marks a notable shift toward more active treasury management, while the introduction of Comet Points signals a deeper integration between MET and the protocol’s core product suite.
The buyback comes amid a wider trend: just one day earlier, Hyperliquid Strategies announced a $30 million stock repurchase to increase investor exposure to its HYPE token. Both moves suggest that major crypto protocols are leaning on traditional financial tools to reinforce token value amid market uncertainty.
As the community waits to see how aggressively Meteora continues repurchases, the broader question is whether this new approach can sustain long-term value in a fast-moving Solana ecosystem.
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