Meteora's Token Launch: A New Chapter for Solana DeFi

Just three days before one of the most anticipated token generation events in the Solana ecosystem, Meteora's co-leads Soju and Zen joined Lightspeed to discuss everything from the protocol's innovative liquidity technology to their unconventional approach to tokenomics. The conversation revealed a team focused on long-term building over short-term gains, with a TGE designed not to raise funds but to reward the community that stood by them through one of DeFi's most challenging scandals.

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Meteora, the Solana-native liquidity protocol known for powering some of the ecosystem's largest token launches, has undergone a significant transformation over the past six months. Following the resignation of co-founder Ben Chow in the aftermath of the Libra token scandal involving Argentine president Javier Milei, the protocol found new leadership in two former Jupiter team members who have since steered the project toward what they describe as a product-first, community-aligned future.

What Is Meteora and How Does It Work?

Meteora operates as a liquidity infrastructure provider on Solana, specializing in creating and managing liquidity pools that enable seamless token trading on the blockchain. At its core, the protocol writes programs that handle swaps on Solana, maintaining what the team describes as some of the best technology for helping users earn fees through liquidity provision. The protocol has developed four major programs, each managing over $50-100 million in Total Value Locked, which is considerable for a spot automated market maker.

The business model is straightforward yet elegant in its simplicity. Meteora helps users generate trading fees through their various pool products, then takes a 5% to 20% cut of those fees. According to Soju, the current average take rate sits at approximately 9.7%, indicating that the lower-fee pools see more utilization than the higher-fee alternatives. This revenue share model aligns the protocol's incentives directly with its users—Meteora only succeeds when its liquidity providers earn money.

What distinguishes Meteora from other DeFi protocols is its suite of dynamic products, all beginning with the letter "D" for dynamic. The Dynamic Liquidity Market Maker (DLMM) has become the protocol's flagship offering, primarily because it serves the community's core mission of helping retail users generate fees. Unlike traditional automated market makers, the DLMM was the first program to implement dynamic fees, allowing retail liquidity providers to maximize their earnings during periods of high volatility.

The Technology Behind DLMM

The DLMM represents a significant innovation in on-chain market making, specifically designed to address the historical disadvantages faced by retail liquidity providers. Traditional AMMs suffer from what's known as impermanent loss—the phenomenon where liquidity providers lose money relative to simply holding their assets because the on-chain pricing mechanism moves slower than centralized exchange prices. The DLMM tackles this problem through its dynamic fee structure.

When market volatility increases, impermanent loss typically increases alongside it. Traditional AMMs maintain static fee structures that don't adjust to these changing conditions. Meteora's dynamic fees automatically increase during volatile periods and decrease during calm ones, mimicking how professional market makers manually widen or narrow their spreads on centralized exchanges. This automation brings sophisticated market-making functionality to retail users without requiring active management.

Beyond the DLMM, Meteora has developed complementary products like the DBC (Dynamic Bonding Curve) and DMM (Dynamic Market Maker), which are more tailored toward institutional use cases and large-scale token launches. These products serve platforms like Jupiter Studio and various launchpad partners. Notable tokens that have utilized Meteora's DMM stack include Trump, Jupiter (JUP), and the Kanye-related token, demonstrating the protocol's capacity to handle significant volume and market attention.

The User Experience for Liquidity Providers

For newcomers to DeFi, understanding the liquidity provision process can seem daunting, but Meteora has structured its offerings to accommodate varying levels of experience. New users are encouraged to start with the Dynamic AMM, which offers a simpler entry point into liquidity provision. The process involves selecting a pool, depositing both tokens that make up the trading pair, and then simply waiting to accumulate fees as trading activity occurs. The AMM V2 interface displays accumulated fees directly, allowing users to claim their earnings at any time.

The DLMM offers more sophisticated strategies for experienced liquidity providers, including single-sided deposits and various positioning strategies like spot, bid-ask, or curve distributions. These options allow advanced users to optimize their returns based on their market outlook and risk tolerance. For those looking to learn these more complex strategies, Meteora maintains the LP Army community at LPME.com, where veterans share strategies and newcomers can receive guidance.

The fundamental value proposition can be distilled simply: instead of buying a token and hoping it appreciates, liquidity providers earn fees from all the trading activity. Both approaches benefit from the same underlying thesis—that the token will generate significant trading volume—but LP'ing provides a more controlled, consistent income stream. Meteora reports having at least 10,000 LP Army members who actively participate daily, with hundreds of success stories from the community.

Navigating the LIBRA Fallout

The path to Meteora's token launch has been anything but straightforward. In February 2025, co-founder Ben Chow resigned following the scandal surrounding Argentine President Javier Milei's Libra token. While the specific details of what transpired remain somewhat opaque, Jupiter co-founder Meow indicated there were "lapses" from Ben. The event sent shockwaves through the Meteora community and raised questions about the protocol's future.

Zen, who had actually been part of Meteora's founding team before leaving to join Jupiter, decided to return during this tumultuous period. His familiarity with both the product and the team made him well-positioned to help stabilize the situation. Soju, who had been focusing on product development at Jupiter, joined him in the effort to rebuild community trust and chart a new course for the protocol.

The immediate priority was stabilization—calming nerves among both the community and the team. The new leadership revamped the entire community structure and embarked on an intensive listening campaign. They developed a series of proposals based on community feedback, spending the majority of their first few months actively engaging with users to understand their concerns and aspirations. This community-first approach proved crucial in rebuilding trust.

Rebuilding and Refocusing

One of the key insights that emerged from this period was the recognition that Meteora had perhaps lost focus on what made it successful in the first place. The team had become caught up in various ancillary activities, including token launchers and other ventures that, while potentially valuable, distracted from the core mission. The new leadership made a conscious decision to strip away this noise and concentrate on product innovation.

This refocusing effort bore fruit with the launch of the Dynamic Bonding Curve (DBC), which opened new opportunities and attracted a fresh cohort of launchpad partners. The team also continued developing the Dynamic AMM V2, incorporating user feedback to improve functionality. Importantly, while V2 was in development before the leadership transition, the new team prioritized its completion and deployment.

The second phase of the recovery shifted from defense to offense. With the community stabilized and aligned, Meteora began aggressively pursuing new partnerships and product development. They created processes to support new launchpad partners without overextending resources, maintaining focus while expanding capabilities. The team grew significantly as a result of finding product-market fit, particularly around what they describe as the Internet Capital Markets (ICM) opportunity.

Addressing Community Concerns

When asked about lingering distrust stemming from the Libra scandal, Soju offered a pointed response: the people most affected by the scandal—those who lost money because they trusted the team—are now the core of Meteora's community. These individuals, who had every reason to walk away, instead witnessed the changes implemented over the first three months and saw that the new leadership was genuinely trying to do right by the community.

"If those people who lost money can trust Meteora again, I don't see why the people who didn't lose money and just saw Meteora on either viral tweets can trust us again and move forward with us," Soju explained. The implicit logic is compelling: if the most burned users have chosen to stay and support the project, observers who merely witnessed the scandal from afar should be able to give Meteora a fresh look.

The team modified the TGE plan specifically to deliver value to affected community members, demonstrating their commitment to making amends through action rather than just words. This approach of prioritizing those who suffered most has helped transform what could have been a catastrophic blow to the project into a foundation for renewed community loyalty.

The Token Launch Strategy

Meteora's approach to their TGE stands in stark contrast to typical crypto token launches. The team explicitly stated they are not raising any funds through the token generation event—a departure from industry norms where TGEs often serve as de facto fundraising mechanisms. Instead, the launch is designed purely as a celebration and reward for the community that supported Meteora through its challenges.

"TGE is the celebration for all of them, for them to come and be part of our journey and celebrate them," Zen explained. This philosophy informed every aspect of the tokenomics design, from allocation percentages to vesting schedules. The team considers themselves blessed with revenue and multiple years of runway, removing the typical pressure to monetize the token launch.

The most striking aspect of the tokenomics is the decision to fully unlock all allocated tokens at TGE. Anyone who has been allocated MET tokens—whether through LP activities, community participation, or other stakeholder categories—will receive 100% of their allocation immediately. There will be no vesting, no cliff periods, no lock-ups. This means the TGE will feature an unprecedented 48% of total supply in circulation from day one.

Breaking Down the Tokenomics

The 48% float at TGE is likely the highest initial circulation on Solana, a deliberate choice that reflects the team's long-term thinking. Traditional token launches often feature low initial floats—sometimes as little as 5-10%—which can artificially inflate the Fully Diluted Valuation (FDV) at launch. While this might look impressive initially, it creates significant inflation pressure over subsequent years as locked tokens gradually enter circulation.

Meteora has taken the opposite approach. By releasing 48% of supply at launch and planning only 20% additional inflation over six years (to reach 100% circulation), they've designed for sustainable growth rather than initial hype. The gradual unlocking has no cliff periods; instead, tokens enter circulation in small daily increments, creating predictable and manageable supply dynamics.

The 48% allocation breaks down across multiple stakeholder categories that have supported Meteora over the years. A full 20% is reserved for mature stakeholders—early supporters and contributors who have been with the project since before V2. Additional allocations serve the LP Army through the points system, and various other community contributors receive recognition for their support. The broad distribution ensures that no single party controls an outsized portion of the circulating supply.

The FDV Debate and Market Dynamics

The conversation turned to the contentious topic of Fully Diluted Valuation, a metric that has become increasingly scrutinized as token launches at billion-dollar FDVs have often resulted in painful price declines. Soju addressed this directly, arguing that high FDV becomes dangerous specifically when combined with high inflation rates.

"If inflation is 100% a year, which most DeFi teams are at, then your FDV is two billion dollars," Soju explained, illustrating how low float launches create mathematically unsustainable situations. With Meteora's 20% inflation over six years compared to typical 100% annual inflation rates, the market naturally prices the token at a lower FDV, creating room for genuine appreciation rather than inevitable decline.

This approach represents a conscious choice to optimize for six years of building rather than maximizing day-one numbers. The team acknowledged that initially, about half the community opposed this strategy—preferring the opportunity to sell at the highest possible price immediately. However, through continued communication about the long-term vision, community alignment has improved significantly.

Liquidity Distribution Innovation

Beyond the unlock structure, Meteora is innovating on how liquidity itself is distributed at TGE. Rather than having the team bootstrap liquidity in traditional pools where tokens might be locked, Meteora is distributing liquidity directly to community members. Airdrop recipients can choose to provide liquidity in Meteora launch pools or simply receive their tokens as a standard airdrop.

This approach means that Meteora's core capability—helping people make money through liquidity provision—becomes accessible to everyone participating in the TGE. The launch event becomes what Soju describes as "a mass printing event for the community," where participants can immediately begin earning fees rather than simply holding tokens and hoping for appreciation.

The design philosophy reflects Meteora's identity as a liquidity protocol. Instead of the team capturing value through a traditional launch mechanism, they're distributing both the token and the earning potential to their community. Every seller at TGE will be a community member choosing to realize their rewards, rather than the team monetizing their position.

Solana DeFi's Trajectory

When asked about the broader direction of Solana DeFi, both Soju and Zen expressed a philosophy of focusing on fundamentals rather than predicting specific trends. Soju drew an analogy to Jeff Bezos's famous observation that while he couldn't predict the future, he knew customers would always want lower prices and faster delivery.

For Meteora, the equivalent certainties are that their community will always want to generate more fees and their partners will always want more flexibility and power to execute on-chain. Rather than chasing "shiny objects" like the current perpDEX trend, the engineering team maintains focus on these fundamental needs. The team occasionally allocates small resources to explore emerging opportunities—their ICM work being a successful example—but the core engineering effort remains dedicated to improving spot trading infrastructure.

This pragmatic approach aligns with Solana's broader cultural ethos of prioritizing performance and user experience over theoretical innovations. The blockchain has succeeded by having teams that relentlessly focus on making their applications better, faster, and cheaper. Meteora sees itself as contributing to this tradition by building the foundational liquidity layer that other protocols and applications depend upon.

The Internet Capital Markets Opportunity

Throughout the conversation, both Soju and Zen referenced the Internet Capital Markets (ICM) concept as a major driver of Meteora's recent growth and future potential. The ICM thesis holds that permissionless asset creation will increasingly enable capital formation and trading for previously inaccessible markets and communities, all happening on-chain.

Meteora has positioned itself as infrastructure for this trend, supporting partners like Beef (a launchpad) that have opened crypto to new demographics. The ability for anyone to create and trade tokenized assets without permission represents a fundamental shift in how capital markets operate, and Solana's performance characteristics make it the natural home for this activity.

Looking at Meteora's revenue data reveals an interesting pattern: while many assume the protocol's earnings came primarily from the Trump token launch and similar high-profile events, the team has generated comparable revenue across multiple product iterations. This diversification suggests the ICM opportunity extends far beyond any single viral token, representing a sustained shift in how assets are created and traded.

Product Roadmap and Focus

Despite the excitement around token launches and ICM, Meteora's leadership emphasized that their core focus remains on improving the liquidity provision experience. The team is doubling down on building "world-class flows and features" for LPs, including better opportunity discovery, improved profit optimization tools, and enhanced user protection.

This commitment to core infrastructure development reflects a belief that liquidity is the foundation of all other DeFi activity. Without robust spot trading capabilities and deep liquidity pools, more complex financial products cannot function effectively. Meteora sees its role as providing this foundation layer, enabling the entire ecosystem to flourish rather than competing for attention in every new vertical.

When pressed about potentially expanding into perpDEX products given the current market interest, both leaders demurred. They pointed out that the perpDEX hype may or may not persist over the six-year timeframe they're building for, whereas the basic need to swap Token A for Token B will remain constant. This long-term perspective guides resource allocation and prevents distraction by transient trends.

The Spirit of Solana Building

Zen shared a formative experience that exemplifies why he's committed to Solana. In the immediate aftermath of FTX's collapse, when Serum's upgrade authority was potentially compromised and the entire Solana DeFi ecosystem was in question, a group of developers organically came together to create OpenBook—a community-controlled fork of the Serum order book.

This grassroots effort, with contributors like Mango Max and others deploying the fork while Jupiter began routing to it, represented the first bright spot for Solana DeFi after the FTX disaster. The collaborative spirit shown during that crisis—developers working together without formal coordination to keep the ecosystem functioning—made a lasting impression. "That was like, oh, this is the place to go," Zen recalled, even though the SOL price was around $8 at the time.

This collaborative ethos continues to define Solana's builder community. Teams compete in some areas while supporting each other in others, all united by a shared commitment to making the ecosystem successful. Meteora's relationship with Jupiter exemplifies this dynamic—both Soju and Zen came from Jupiter, and the protocols maintain complementary rather than competitive positioning.

Community Events and Ecosystem Engagement

Looking beyond the TGE, Meteora is planning significant community engagement around Solana's upcoming Breakpoint conference in Abu Dhabi. The team is organizing what they hope will be Meteora's largest community event, aiming to bring together a thousand participants the day before Breakpoint begins on December 10th.

These community events serve multiple purposes: strengthening bonds among existing community members, attracting new participants to the LP Army, and demonstrating Meteora's continued commitment to building in the Solana ecosystem. The scale of ambition—a thousand-person event—reflects the team's confidence in the community they've built and their optimism about future growth.

The LP Army community at LPME.com has become a central organizing point for Meteora's user base. New users can join to learn from experienced liquidity providers, while veterans share strategies and support newcomers. This community-driven education model scales more effectively than formal documentation, creating a self-reinforcing culture of knowledge sharing and mutual success.

Revenue Generation and Sustainability

One of the remarkable aspects of Meteora's story is its financial sustainability without relying on token sales or external investment for the TGE. The team explicitly stated they have multiple years of runway from existing revenue, allowing them to approach the token launch purely from a community alignment perspective rather than financial necessity.

The Blockworks revenue dashboard reportedly shows Meteora generating more revenue in the post-Trump period than during the initial meme coin mania, demonstrating that the protocol's earnings aren't dependent on any single viral moment. This diversified revenue base provides stability and validates the underlying product-market fit that the team has achieved.

The business model—taking a percentage of LP-generated fees—scales naturally with ecosystem activity. As more assets launch on Solana and trading volume increases, Meteora's revenue grows proportionally without requiring aggressive business development or sales efforts. This alignment between protocol success and ecosystem success creates sustainable incentives for continued development.

Addressing Market Conditions

The conversation touched on potential concerns about Solana's market dynamics following the exceptional price appreciation from $9 post-FTX to over $300 after the Trump meme coin launch. With such dramatic gains potentially behind them, some might wonder whether Solana remains an attractive place to build.

Both leaders pushed back on this framing, arguing that project success isn't directly correlated with the underlying token price. Meteora's value proposition to users—earning fees through liquidity provision—operates regardless of whether SOL is at $200 or $500. The technology stack, infrastructure, and community remain compelling factors for building on Solana independent of price action.

They also noted that during recent market downturns, Meteora continued operating successfully. The ability to earn fees during volatile or declining markets actually represents an advantage for liquidity providers compared to simply holding assets. This resilience in varying market conditions strengthens the value proposition for the LP Army.

No Plans for Acquisitions

Unlike Jupiter, which has pursued an active acquisition strategy to expand into various verticals, Meteora's leadership expressed preference for organic growth with a smaller, focused team. Zen specifically mentioned preferring efficiency over scale, noting that smaller teams can often be more effective when properly focused.

This doesn't preclude future acquisitions if circumstances change—if the LP space becomes saturated and expansion becomes necessary—but the current strategy prioritizes depth over breadth. The team believes they haven't fully explored the potential of their existing product suite, seeing significant room for improvement in user experience, fee optimization, and opportunity discovery.

The philosophical difference from Jupiter's approach isn't a criticism but rather reflects different organizational preferences and strategies. Both approaches can succeed, and the Solana ecosystem benefits from having teams pursuing different paths toward building sustainable DeFi infrastructure.

The Path Forward

As Meteora approaches its TGE, the team carries lessons learned from both their own experiences and observations of other token launches. The unconventional tokenomics—high float, full unlock, no team sales—represent a deliberate attempt to avoid the pitfalls that have plagued other projects.

The focus on community alignment over short-term metrics reflects a maturation in how DeFi projects think about token launches. Rather than maximizing day-one FDV or creating artificial scarcity, Meteora is betting that genuine value creation and fair distribution will build a more sustainable long-term holder base.

For the Solana ecosystem, Meteora's approach provides a compelling template for how established protocols can transition to token-based governance and incentive alignment. The success or failure of this TGE will likely influence how future projects approach similar decisions, making it a significant moment not just for Meteora but for Solana DeFi broadly.

Looking to the Future

Beyond the TGE, Meteora's leadership expressed boundless optimism about the tokenized future they're building toward. The vision of a world where thousands of different token types trade on Solana, with Meteora providing the liquidity infrastructure, represents a fundamental transformation in how capital markets operate.

The ICM opportunity remains in its early stages, with the recent launch of platforms like Beef only scratching the surface of what's possible. As more use cases emerge for permissionless asset creation and trading, the demand for sophisticated liquidity solutions will only increase. Meteora's investment in product development positions them to capture this growing market.

The team's message to the community is clear: the TGE isn't an ending but a beginning. It marks the start of a new phase where the protocol's community becomes formal stakeholders, aligned through token ownership as well as shared mission. For those who believe in Solana's potential as the home of tokenized capital markets, Meteora offers a way to participate in that vision.

Facts + Figures

• TGE Date: October 23rd, 2025, with 48% of total MET supply circulating at launch—possibly the highest initial float in Solana history

• Revenue Model: Meteora takes a 5-20% cut of fees generated by liquidity providers, with the current average take rate at approximately 9.7%

• Total Value Locked: Four major programs each managing over $50-100 million in TVL

• Community Size: At least 10,000 active LP Army members participating daily through the LPME.com community

• Token Inflation: Only 20% additional token supply over six years to reach 100% circulation, compared to typical DeFi protocols with ~100% annual inflation

• Fundraising: No funds being raised through the TGE—the team reports having multiple years of runway from existing revenue

• Major Token Launches: The DMM stack has powered launches including Trump, Jupiter (JUP), and Kanye-related tokens

• Post-LIBRA Recovery: New leadership (Soju and Zen) took over approximately 6-7 months ago following Ben Chow's resignation

• Revenue Diversification: Meteora has generated comparable revenue across multiple product iterations, not dependent on any single viral launch

• Team Background: Both Soju and Zen came from Jupiter, with Zen having been part of Meteora's original founding team before leaving

• Stakeholder Allocation: 20% of tokens reserved for mature stakeholders who supported the project before V2

• Community Event: Planning for a 1,000-person Meteora community event the day before Breakpoint (December 10th) in Abu Dhabi

• Product Suite: Four major programs including DLMM (Dynamic Liquidity Market Maker), DBC (Dynamic Bonding Curve), and DMM (Dynamic Market Maker)

• No Vesting: All allocated tokens unlock fully at TGE with no cliff or vesting periods for any recipient

Questions Answered

What is Meteora and how does it make money?

Meteora is a Solana-native liquidity protocol that creates and manages pools enabling token swaps on the blockchain. The protocol makes money by taking a 5-20% cut of the trading fees that liquidity providers earn through its various pool products. The current average take rate sits at approximately 9.7%, indicating that lower-fee pools see more utilization. The business model aligns Meteora's success directly with its liquidity providers—the protocol only earns when its users earn. Meteora operates four major programs, each managing significant TVL in the $50-100 million range.

How is DLMM different from traditional automated market makers?

DLMM (Dynamic Liquidity Market Maker) implements dynamic fees that automatically adjust based on market volatility, unlike traditional AMMs that maintain static fee structures. When volatility increases—which typically correlates with increased impermanent loss—the fees automatically increase to compensate liquidity providers. This mimics how professional market makers manually widen their spreads during volatile periods on centralized exchanges, but DLMM automates this functionality for retail users. The system also allows LPs to choose specific price ranges and distributions, concentrating liquidity where it's most effective rather than spreading it from zero to infinity.

What happened with the LIBRA scandal and how did Meteora recover?

In February 2025, Meteora co-founder Ben Chow resigned following a scandal surrounding Argentine President Javier Milei's Libra token. While specific details remain unclear, Jupiter's Meow indicated there were "lapses" from Ben. The new leadership—Zen (who had been part of Meteora's original founding team) and Soju (both from Jupiter)—focused first on stabilizing the community through intensive engagement and proposal development. Remarkably, the people most affected by the scandal—those who lost money due to trust in the team—have become the core of Meteora's current community, having witnessed the genuine efforts to rebuild and deliver value.

Why is Meteora launching a token now instead of raising funds?

Meteora explicitly stated they are not raising funds through the TGE—they have multiple years of runway from existing revenue. The token launch serves purely as a celebration and reward for the community that supported Meteora through its challenges. The team designed the tokenomics to bring value to stakeholders including early supporters, LP Army members, launchpad partners, and other contributors. The timing felt right because the team believes they've achieved product-market fit with ICM (Internet Capital Markets), community sentiment has recovered, and infrastructure is ready to support increased attention and user onboarding.

Why does Meteora have such a high initial float compared to other token launches?

Meteora chose 48% initial circulation—likely the highest in Solana history—because they have numerous stakeholder groups to reward and want to clear any "overhang" that comes with locked tokens. All allocated tokens unlock fully at TGE with no vesting, meaning every seller at launch will be a community member choosing to realize rewards rather than the team monetizing their position. This approach avoids the trap of high FDV launches with low float that create unsustainable price dynamics, instead accepting a lower initial FDV with room for organic growth over time.

Is Meteora planning to expand into perpetual DEXs?

No, Meteora has no current plans to build perpDEX products despite the trend toward perpetuals in DeFi. The team prioritizes building for a six-year timeframe, and while perpDEX hype exists today, they can't know if it will persist. However, they're confident that the basic need to swap tokens—spot trading—will remain constant regardless of market trends. The engineering team stays focused on improving liquidity provision rather than chasing new product categories, though small resource allocations occasionally explore emerging opportunities like ICM, which has proven successful.

How does Meteora think about FDV and why did they choose their approach?

The team argues that high FDV becomes problematic specifically when combined with high inflation rates—if a project inflates supply by 100% annually (common in DeFi), a $2 billion FDV becomes unsustainable. Meteora designed only 20% inflation over six years with zero cliffs and gradual daily unlocks. This naturally results in lower FDV at launch because the market prices in the full available supply. While initially about half the community opposed this approach (preferring opportunity for higher launch prices), continued communication has built alignment around the long-term optimization strategy.

What is Meteora's vision for Solana DeFi?

Meteora believes the future is tokenized, with thousands of different token types all trading on Solana using Meteora's infrastructure. They see themselves as building foundational liquidity infrastructure that other protocols depend upon—without robust spot trading and deep liquidity pools, more complex financial products cannot function effectively. The ICM (Internet Capital Markets) opportunity represents permissionless asset creation enabling capital formation for previously inaccessible markets, and Solana's performance characteristics make it the natural home for this activity. The team prioritizes this foundational role over expanding into competitive verticals.