Milords, solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL staking update. Cycle 3 just started.
89.67M MET staked. That's close to 9% of the total supply, locked by holders who chose to stake instead of sell.
The progression since launch :
58M two days in
76.9M when i wrote the article
84.39M during cycle 2
89.67M now
Estimated rewards for cycle 3 : $983,259 in USDC. Cycle 2 was $373,844.
Estimated APR : 57.85%. Cycle 2 was sitting at 31.84%.
Read that again. Close to 58% estimated APR, paid in USDC.
Quick honesty note, because i'd rather say it now than have someone point it out in the replies : these are estimates at the start of the cycle. The APR moves with protocol volume and with how much MET gets staked, and the more people pile in, the more it dilutes. Don't treat 57.85% as a fixed rate. Treat it as a signal of what the mechanism can pay when the activity is there.
Now the bigger picture.
I think a huge amount of people are sidelined on altcoins right now. Everyone was waiting for a 2021-style altseason that never came, and a lot of them got completely rekt last cycle.
My gut tells me we get that altseason in the cycle ahead of us. And when it starts, all that sidelined capital is going to fomo back in at once, because that's what sidelined capital always does.
In the middle of this tidal wave of tokens, solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL is a gem. I'm not going to go over the fundamentals again, i've done it plenty of times already. The chart looks good, the fundamentals look good, and in my view we're set up to moon.
Close to 9% of supply locked, estimated rewards up 2.6x cycle over cycle, and the price is still ranging like none of it exists.
Not financial advice, just my read.
gud fee tek 🧻