Meteora has been in development since at least September as a dynamic automated market maker, a DeFi product designed to generate yield for Mercurial
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Mercurial, a decentralised finance (DeFi) trading project, is planning to rebrand as Meteora and issue a new token to nearly all MER holders. The company is looking to expand its trading offerings as part of an effort to distance itself from the troubled FTX saga.
Mercurial is issuing a new token in place of the current MER token, which has fallen 46 percent in value following the collapse of FTX.
The new Meteora token will have a maximum supply of 100 million, which is only 1/10th of the total number of MER tokens. Most MER holders will receive an equivalent amount of the new token based on their current holdings.
Insiders, including seed investors, private investors, and team members who controlled 45 percent of all MER tokens according to Mercurial's original plan, are expected to receive only half of their unvested tokens under the rebranding to Meteora.
Meteora is the latest Solana-based crypto protocol that is undergoing a significant change following the collapse of FTX and Alameda Research. Both of these organisations were influential in the Solana DeFi ecosystem as top venture investors and market makers, and their failure has had a significant impact on many Solana-based trading protocols, including Mercurial.