Mercurial Project to Relaunch as "Meteora," Supplant MER Token

Mercurial Project to Relaunch as Meteora

The proposed renaming of the stablecoin exchange will have a significant impact on holders of MER, a token that has lost 46% of its value since FTX's demise. It is being replaced by the new Meteora token, which has a 100 million token maximum supply—one-tenth the MER mintage. According to the blueprints, the majority of MER owners will get the new coin in quantities proportionate to their present owners.

Insiders, though, will suffer greatly. Ben Chow, the co-founder of sibling protocol Jupiter Finance, stated that Mercurial's initial investors, private investors, and teammates, who together held 45% of all MER tokens under Mercurial's initial plan, are scheduled to get a 50% reduction on their invested tokens. According to him, the restructuring would increase token owners' sway over the project's reorganized team.

Reinvention Amid FTX and Alameda Collapse

The Solana-based cryptosystem Meteora is the most recent to reinvent itself amid the blazing ruins of the FTX and Alameda Research. As leading venture capitalists and market-makers in the Solana DeFi ecosystem, Sam Bankman-Fried's hedge fund and cryptocurrency exchange were powerbrokers. Nearly every trade protocol built on the Solana platform has been destroyed by its downfall, notably Mercurial, which launched its token in a sale run by FTX.