Meteora Launches M3M3 Platform with Stake-to-Earn Model
$M3M3's token launch faced backlash, but airdrops and staking rewards are shifting the narrative.
Meteora has launched M3M3, a groundbreaking stake-to-earn platform designed to address the challenges plaguing the meme coin market. With a focus on rewarding long-term holders, M3M3 allows top stakers to earn fee rewards from permanently-locked liquidity pools, promoting holding over selling. By offering customizable staking options and reducing sell pressure, M3M3 aims to create a sustainable ecosystem for meme coins.
This year alone, more than 3 million tokens have been created on Pump.fun, yet only 0.05% of Solana-based tokens have managed to reach a market cap of over $1 million. This highlights the significant challenges meme coins face in achieving substantial market caps in a saturated market. M3M3 introduces a competitive model where top stakers (e.g., Top 100) earn rewards in SOL and meme coins, promoting holding over selling. This system incorporates cooldown periods for unstaking and a leaderboard that dynamically adjusts rewards based on staking rank, fostering engagement and reducing sell pressure.
Community-Driven $M3M3 Token Launch Sparks Debate
The $M3M3 token was launched by the community to test the platform, not directly by Meteora. However, the launch faced criticism due to wallet activity, which raised concerns about insider involvement. According to SolanaFloor's investigation, 100 wallets managed to snipe a large supply of $M3M3 with investments of just a few hundred dollars each, a situation attributed to potential insider access.
The launch garnered significant attention, with some early participants realizing substantial profits. For instance, one trader invested $3,414 to acquire 7.4 million tokens. As the market cap surged to $110 million, the value of these tokens skyrocketed to $776,000, representing an unrealized gain of approximately 22,727%.
Source: Dexscreener
Despite the initial backlash, sentiment has improved following Meteora's targeted airdrops. Users who had previously interacted with Meteora received tokens based on fees collected from liquidity pools.
Additionally, Meteora airdropped tokens to prominent Solana NFT communities, including Hot Heads, Boogles, Solana Monkey Business, Bodoggos, Dead King Society, Galactic Geckos and Tensorians.
One wallet currently distributing airdropped tokens to these communities still holds 9.7 million $M3M3 tokens, valued at over $1.1 million. It remains to be seen whether the token supply sniped by other wallets will be consolidated into this wallet for further airdrops. The M3M3 team has not provided clarification yet, leaving the community awaiting more updates as the story develops in the coming days.
Strong Market Performance and Platform Adoption
The M3M3 platform has attracted significant attention, distributing 3,686,775 tokens to its top 999 stakers so far. This innovative staking model has drawn users eager to capitalize on its reward mechanism.
At press time, the $M3M3 token is trading at a $118 million market cap, with $29 million in traded volume over the last 24 hours.
