Mercurial, one of the decentralized finance (DeFi) projects, plans to change its name to ‘Meteora’ and issue a new token.
Project Mercurial’s MER token has lost almost 50% since the collapse of cryptocurrency exchange FTX.
The maximum supply of the new token to be issued for Meteora is planned to be one-tenth that of MER and capped at 100 million. Existing MER holders will receive the new token in proportion to the amount of tokens they own.
Mercurial, a Solana-based project, was hit hard by the collapse of FTX, as were several other Solana-based DeFi projects. Mercurial launched the token sale it held on the way to the market. via FTX had accomplished.
Mercurial also suffered a hack after FTX’s bankruptcy, and because of this attack $800k MER token had been stolen.
Ben Chow, founder of Jupiter Finance, Mercurial’s sister protocol, said of the project’s renaming:
“Actually, we were originally thinking of launching it as a new product under the umbrella of Mercurial, together with the MER token, but after the events at FTX, ‘A new product is not enough for us, we need a brand new token.’ we said.”