DeFi Project Mercurial Unveils Project Reform After FTX Exposure

Mercurial, a decentralized finance (DeFi) platform that lets users lend and borrow stablecoins on the Solana blockchain, is overhauling its brand, community, and token distribution.

Mercurial will deploy its lending vaults and automated market maker (AMM) pools as a distinct project called Meteora. AMMs are decentralized exchanges that employ smart contracts to obtain liquidity from users and use algorithms to price assets within the pool.

Mercurial said that the monies obtained via the initial exchange listing (IEO) for its native MER tokens on FTX accounted for more than 10% of the total funds raised for the project.

According to the company, its initial investors spent more than a million dollars buying MER on the open market.

The Meteora strategy was developed in reaction to previous occurrences, such as a relationship with crypto exchange FTX and its closely affiliated trading firm Alameda, which has created a toxic connection between the three organizations.

The company created a new token and will move current MER holders to it. It is also establishing a decentralized autonomous organization (DAO) to allow the community more influence over key decisions.

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