Meteora Reports $140M in LP Fees and $32B in H1 2026 Trading Volume

Meteora MET$0.184-8.6% reported that its liquidity providers earned $140 million in fees on $32 billion in trading volume across the first half of 2026, according to the protocol's H1 2026 Token Holder Report and an August 14 post from its official account. The figures were disclosed during an August 13 community call.

$105M from External Pools, $35M from Launchpad Partners

The fee breakdown divides into two sources. External tokens (those not launched on Meteora's own infrastructure) generated $105 million, or 75% of the total, per the H1 Token Holder Report. The remaining $35 million came from tokens launched via partner launchpads using Meteora's dynamic AMM pools, including the M3M3 staking program.

That 75/25 split shows Meteora earning the bulk of its LP revenue from the wider Solana token market, not just from launch-day volume associated with its own platforms. Tokens can originate elsewhere and still end up routing trading through Meteora's concentrated liquidity pools, where active LPs capture the fees.

The MET governance token was trading at approximately $0.163 at the time of publication, giving the protocol a market capitalization of roughly $163 million, close to the $140 million distributed to LPs over the same six-month span.

Volume Declined Through H1, LP Retention Held

The $32 billion in H1 volume represents a slower pace than the start of the year. Meteora's Q1 2026 Token Holder Report recorded $19.5 billion in volume in Q1 alone, putting Q2 at roughly $12.5 billion, a decline of about 36% quarter-on-quarter, reflecting softer on-chain activity across Solana DeFi in the April-to-June period.

One data point from the H1 report runs counter to that trend: pools older than 90 days now account for 36% of total DLMM fees, up from 15% in January. Mature pools represent capital from LPs who have stayed active past an initial launch window rather than withdrawing after early volume subsides. A rising share of fees flowing to older pools suggests that a meaningful portion of Meteora's LP base has been compounding positions through the slower quarter rather than rotating out.

Referral Staking at 70M MET; Buyback Silence Draws Pushback

The H1 report also noted that Meteora's Referral Staking program, which drew 65 million MET tokens in its first four days after launching in July 2026, had grown to 70 million MET staked from 2,442 stakers at the time of the call. Referral Staking pays stakers a share of DLMM protocol fees in USDC rather than in MET.

The community call did not address MET buybacks. In the replies to the call announcement post, multiple users noted the absence of any buyback update. The Q1 2026 quarterly report had shown $1 million spent on MET buybacks in Q1, bringing cumulative buybacks to $13.7 million representing 3.97% of total supply. Meteora's investor relations page at ir.meteora.ag hosts the complete H1 2026 Token Holder Report, released August 11, along with all prior quarterly disclosures.