Meteora $MET Q4 Buyback Plan Analysis
TL;DR
On December 10, 2025, Meteora announced that it had used 10 million USDC to repurchase tokens from its vault in Q4, acquiring a total of 23 million MET tokens (representing 2.3% of the total supply, equivalent to approximately 4.7% of the initial circulating supply). The repurchase was executed through the wallet FzULv8pR9Rd7cyVKjVkzmJ1eqEmgwDnzjYyNUcEJtoG9 , and the Comet Points staking rewards system was launched to enhance token utility. The community responded positively, viewing this as a long-term strategy to reward protocol revenue holders.
Core Analysis
Buyback Program Details
Key metrics :
- Investment amount : 10 million USDC
- Purchase quantity : 23 million MET tokens
- Percentage : 2.3% of total supply (2.3% non-circulating, actually accounting for approximately 4.7% of initial circulating supply)
- Execution wallet :
FzULv8pR9Rd7cyVKjVkzmJ1eqEmgwDnzjYyNUcEJtoG9 - Timeframe : Q4 2025 (from October 23rd, after token issuance, to December 10th)
- Average cost : approximately US$0.435/MET
Meteora officially announced this plan at the MetDhabi event on December 10th, emphasizing that it will continue to use designated wallets for irregular buybacks, returning protocol revenue to holders. x.com
Impact of token supply
Supply dynamics :
| Time Node | Circulation | change | Remark |
|---|---|---|---|
| October 1 | 0 MET | - | TGE has no current flow. |
| October 23 (TGE) | ~487.2M MET | +487.2M | Initially unlocked 48.7% of the total. |
| December 10 | 484.96M MET | -2.26M | Net decrease (repurchase of 23M offsets part of the monthly unlock). |
Supply structure adjustment :
- The treasury held an increase of 23 million MET (representing 4.7% of the initial circulating supply).
- The buyback was larger than expected: equivalent to clearing nearly 5% of the circulating tokens from the market.
- Monthly unlocking (approximately 7 million MET/month) partially offsets the repurchase effect, resulting in a net decrease in circulating supply of approximately 2.26 million MET.
Comet Points Staking System
Core of the new mechanism :
- How to obtain : Stake $MET + Use Meteora products (such as providing liquidity)
- Redemption benefits :
- New project airdrops and pre-sale quotas
- Off-chain store products
- LP Strategy Coaching Services
- Strategic significance : It deeply binds the token's utility to the core protocol's economics, similar to the BNB Launchpad model.
Key opinion leader @icobeast emphasized that the Comet Points system may be more attractive than the buybacks themselves because it directly drives $MET demand through low FDV project quotas. (x.com)
Community sentiment analysis
Overall tone : Positive support (not yet widely discussed on the day of the announcement)
Key points :
| Analyst | Summary of viewpoints | Quality of arguments |
|---|---|---|
| @icobeast | The buyback aligns with long-term planning expectations, emphasizing that Comet Points will be a core driver. | High (compared to the successful case of BNB, quantitative buybacks account for a significant proportion of circulating supply). |
| @SolanaFloor | Objectively relaying the official announcement, focusing on revenue growth and value return strategies. | (Factual report, no in-depth analysis) |
Narrative theme :
- Supply contraction : Buybacks, acting as a scarcity mechanism, coupled with continued treasury purchases, provide price support.
- Increased transparency : Public wallet addresses and financial commitments enhance governance trust.
- Long-term value : Avoid short-term speculation and emphasize the sustainability of the token economy tied to the product.
Strategic significance assessment
Financial health signals :
- The protocol's revenue is sufficient to support a $10 million buyback, demonstrating the profitability of DeFi products.
- Choosing to repurchase rather than destroy the vault preserves the vault's flexibility to respond to market changes.
Valuation Anchor Comparison :
- The average repurchase price is $0.435. A current price higher than this level indicates that the market accepts a premium.
- This 2.3% share of total supply is comparable to traditional Web2 stock buyback programs.
Risk factors :
- Monthly unlocking (approximately 7 million MET/month for the team/ecosystem) continuously dilutes the repurchase effect.
- The effectiveness of the Comet Points system depends on the integration of high-quality projects, and there are inherent risks in its implementation.
- The announcement stated on the same day that there was insufficient data on short-term price reactions.
Competitive advantages :
- Solana is the first in the DeFi ecosystem to launch a systemic buyback + staking rewards combination.
- DLMM (Dynamic Liquidity Market Making) technology differentiates itself and provides a moat for revenue streams.