The DeFi project Mercurial has been relaunched as Meteora by Solana
The decentralized finance (DeFi) trading project Mercurial is abandoning Sam Bankman-Fried’s crumbling empire by relaunching as Meteora, issuing a new token to almost all MER holders, and increasing its trading portfolio. As a result of the rebranding, Mercurial has become the latest Solana-based crypto protocol to emerge from the ravages of the November FTX collapse.
MER holders will, however, face significant changes following the planned rebranding since investors will be opting for the new Meteora token, which has a 100 million total supply. MER holders will receive a proportional amount of the Meteora token to consolidate their portfolios. However, Mercurial’s stakeholders are suffering greatly.
Before the FTX collapsed, 45% of Mercurial tokens were controlled by seed investors, team members, private investors, and major backers. The new Meteora token regime will give them a 50% haircut on their unvested tokens. Ben Chow, a founding member of Jupiter Finance, a sister protocol, claims that the reorganization will give token owners more influence over the new project.
He went on to say that the Meteora token was only meant to be a product under the Mercurial and MER tokens. Nonetheless, the FTX failure and the subsequent loss of $800,000 in MER to hackers prompted the decision to redesign the entire protocol. The Meteora project was announced in September, and it was designed to be a dynamic automated market maker and an innovative yield-generating tool from Mercurial.
In the AMM vaults, more money is loaned to lending protocols to increase the yield on depositors’ assets. Additionally, the AMM would produce loan yields in addition to trading fees. New token holders of the Meteora token will receive a snapshot in late December or early January. Additionally, the project announced the issuance of the new tokens, the decentralization of Mercurial social media accounts, and the launch of its yield-generating product.
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