Meteora delivered one of the most significant gains, rallying 18%. The gains likely followed the recent reward campaigns to incentivize stakers and traders who referred liquidity providers.
Basically, traders received rewards for locking up the protocol’s native token, MET, and in turn earned a percentage of the fees the protocol generated.
The protocol, in the last 30 days, had accumulated $20.3 million in fees generated from the market, with roughly $1.03 million of it coming from the past 24 hours, according to DeFiLlama.
More broadly, the protocol’s activity has played a key role in influencing the recent price surge that has been witnessed, a trend that remains notable.
Activities that feed MET momentum
Traders’ usage of the protocol has been on the high side, suggesting there are growing bullish conditions in the market.
The Active Addresses in the market, which are a fair measure of users in the market, grew by over 40,000 between September 1 and 10, as the number of Active Addresses reached a high of 151,706 in the past day.
While there has been engagement from new addresses in the market, there was also a simultaneous increase in the number of transactions that occurred on Meteora.
Data from DeFiLlama reported that transactions recently hit over 4.19 million, up from 2.96 million as of September 1. This shows an increase of 1.23 million transactions in the market.
When there are high activity surges such as this, they often impact the uptake of the asset in the market, which overall impacts the asset’s performance in the near term.
Perpetual adds more to momentum
There is a clear bullish outlook in the perpetual market, as there has been growing positioning for more MET.
In the past 24 hours, the Funding Rate, which calculates the position relative to whether traders are bullish or bearish in the market, shows that the present position has a reading of 0.0060%.
When the Funding Rate is moderately positive, it suggests that investors are neither overly bullish nor bearish on the asset, and the asset is likely to swing higher in the near term, especially if supported by Spot Market Netflow.
For now, there has been more selling in the market, likely a profit-taking move from spot traders, with a netflow of $474,000 following a $2.56 million sell-off in the market.
Final Summary
- Meteora’s Active Addresses climbed by over 40,000 to 151,706, while transactions rose to 4.19 million.
- MET’s positive Funding Rate points to bullish perpetual positioning, despite $474,000 in Spot Market Netflow outflows.
