Solana-based Protocol Mercurial Renamed ‘Meteora’ After FTX Crisis

Key Points:

• In an aggressive effort to recover from the crisis caused by FTX, Mercurial aims to relaunch as “Meteora,” issue a new token to practically all MER holders, and increase its trading selection.
• The Solana-based crypto system Meteora is the most recent to reinvent itself in the blazing ruins of the FTX and Alameda Research.
• The group is also debuting Meteora’s dynamic vaults and AMMs. These vaults generate revenue by charging performance fees while maintaining customer money’ accessibility and gathering and maximizing yield every minute.

In a determined effort to disassociate itself from Sam Bankman-Fried’s crumbling companies, the decentralized finance (DeFi) trading project Mercurial intends to relaunch as “Meteora,” distribute a new token to almost all MER holders, and increase its trading portfolio.

The Mercurial team claims that a token reset is necessary in light of the FTX/Alameda events in order to pique user interest, boost market confidence, and lay the groundwork for our project’s long-term success in terms of the community and ecosystem.

The Meteora Plan’s three-pronged strategy of launching a new technical platform, a new Meteora token, and a redesigned Meteora brand seeks to accomplish this.

Additionally, the team is introducing Meteora’s dynamic vaults and AMMs. While keeping customer funds accessible and aggregating and optimizing yield every minute, these vaults make funds by charging performance fees.

MER will also transition to a new Meteora token. There will be 100 million Meteora tokens, of which 20% will be fully liquid and in circulation, and 80% will be managed by the DAO. Up until the DAO gives its approval, neither the circulating supply nor emissions will increase.

The Mercurial team stated that we aspire to be the decentralized yield layer for Solana, which they believe will become one of the blockchains propelling cryptocurrency ahead.

The Solana-based crypto protocol Meteora is the most recent to reinvent itself in 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 crypto exchange were kingmakers. Nearly all Solana-based trade protocols have been destroyed by their death, including Mercurial, which released its token in a sale managed by FTX.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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