Decentralized finance (DeFi) trading project Mercurial has made an aggressive attempt to distance itself from the crashed exchange FTX. “Meteor” to start over, almost all MER altcoin plans to issue a new token to its holders and expand its trading space.
Supply of New Altcoin Will Be Reduced Compared to Old One
The planned rebranding of the stablecoin exchange will have major ramifications for holders of MER, an altcoin that has fallen 46% since the collapse of FTX. MER holders will receive the new Meteora token, which has a maximum supply of one-tenth of MER’s 1 billion maximum supply.
According to the plans, most MER holders will receive the new token in amounts commensurate with their current holdings.
In addition, the shares of seed investors, private investors and team members who invested in the Mercurial project in the early period will be cut by 50%. According to Ben Chow, founder of sister project Jupiter Finance, this restructured project will increase the influence of token holders.
Hours after FTX Group declared bankruptcy in November, a hacker stole the remnants of the exchange, MER, which was worth $800,000 at the time. cryptocurrencies they captured most of it.
Chow said this heist gave Mercurial’s team an excuse to renew the entire protocol. (The hacker’s address was blacklisted from the airdrop, as were all FTX-related addresses).
Chow said:
“It was originally going to be just a product with the MER token under Mercurial, but because of what happened with FTX, that was an excuse for us and we said, “Hey, we really need a new token, not just a new product.”
*Not investment advice.
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