Meteora

Meteora builds liquidity on Solana through a bin mechanism: the price range is split into discrete steps, and inside a single bin a swap goes through with zero slippage. Fees are dynamic. They rise during sharp price moves, which partly compensates the provider for impermanent loss risk.

The approach gives finer control over the shape of liquidity than a plain curve: a position can be built for a specific scenario, from tight concentration near the current price to an even spread. The price of that flexibility is complexity: the strategy needs thought and review rather than being left unattended.