My final analysis on this airdrop is I am selecting my allocation as a MET NFT. Theres likely some option value (future NFT, future rewards) as well as the fee scheduler. More about the fee scheduler. With the token launching at $500M FDV, this is insanely undervalued. So most will wonder, why should I sell my tokens this low on the curve? Launches tend to have the highest amount of volume within the first hours. Launching at $500M with pre-market perps at $1.2B+ means that sniping the launch will be incredibly lucrative. To combat this, @MeteoraAG has set up 50% at launch within the first 3 minutes. Despite this, with a pool of $50M in liquidity, it means there is significant arbitrage for bots. High level, there is enough arbitrage on price to cover the IL that you will face. This is an extremely unique launch that turns LPs of the DEX, into LPs of the DEX token. I suspect that the yield on the pool will remain sufficiently high for an extended period of time. $MET is the leading DEX of Solana. Comparisons to Orca and Raydium to me make no sense, but comparisons to other DEXs that generate fees do. Uniswap is $6.5B and has not yet turned on a fee switch. Meteora will have the fee switch set on by default - we have seen this team commit to this with Jupiter. I am bullish $MET and excited here to see the NFT perform well at launch.