\starttext

\definecharacterkerning
  [mine]
  [factor=0.05]

\startMPpage[offset=1TS]
    path shape ;
    shape := reverse fullcircle xyscaled (500,400) rotated 45 ;
    drawarrow  shape withpen pencircle scaled 1 withcolor darkgray;
    path p ; p := lmt_oscillated [
        text       = "\setcharacterkerning[mine]\bf\CONTEXT\ LMTX is FUN! ",
        path       = shape,
        resolution = 10,
    ] ;
    fill       p withcolor darkyellow ;
    drawpoints p withcolor darkred ;
\stopMPpage

\stoptext