By George Ward
Mercurial, a DeFi project for trading crypto, has a new plan to relaunch under a new name, “Meteora.” Aside from that, Mercurial will be issuing a new native token under the new name and plans to enlarge its crypto trading lineup in a rapid strive to separate itself from FTX and its downfall.
Mercurial, as a stablecoin exchange, schemed the rebrand to redeem MER holders, as the token has experienced a 46% drop in value since FTX’s crash. The focus of the exchange has shifted towards the new token, which will have a supply cap of 100 million — one-tenth of MER’s mint.
According to reports, former MER holders will collect the new coin equitably to their present holdings. Furthermore, the Mercurials’ private investors, seed investors, and team members — all those who owned 45% of MER would likely receive a 50% cut due to tokens they are yet to invest.
Jupiter Finance’s co-founder, Ben Chow, said the rebrand would skyrocket new token holders’ influence on the relaunched project.
Mercurial Blacklist FTX Hackers And Any Address Affiliated With FTX
With the new plan in motion, Meteora emerges as another Solana-based exchange that awakens itself from Alameda Research and FTX collapse. A few months back, SBF’s hedge fund and the Mercurial crypto exchange were the leading money makers in the SOL DeFi ecosystem.
However, the crash of FTX caused the downfall of many Solana-based protocols, including Mercurial, whose tokens were once issued in a sale that FTX hosted. When FTX declared bankruptcy, the hackers behind the heist also managed to steal MER tokens worth $800,000.
Meanwhile, Mercurial had taken another step to blocklist the hacker’s wallet address or any other address linked to FTX from their airdrop. In Chow’s words, “the original plan was to put a new product underneath Mercurial alongside MER token. But due to FTX’s crash, it changed our plans.”
Meteora is the latest project of Mercurial and has been in the works since September this year. Chow also claimed that the AMM Vaults of Meteora have gotten an extra return on investors’ coins due to excess capital loans lent to lending protocols.