The cryptocurrency derivatives exchange FTX will conduct an initial exchange offering (IEO) of the Mercurial Finance governance token (MER). This was reported on the exchange’s site.
Mercurial Finance is a DeFi protocol for storing, exchanging and issuing stablecoins on the Solana blockchain. The project has received funding from Alameda Research, Solana Ecosystem Fund, OKEx and Huobi.
The Mercurial Finance token sale will begin on May 13 at 16:00 (MSK). To participate, you must pass Level 2 verification and stake at least 150 FTT. Organisers do not guarantee participation to users registering after May 4, 16:00 (MSK).
FTX will issue 1,000 tickets with a nominal value of 4,000 MER. Participants will receive one ticket each.
The exchange may issue additional tickets to users. Their number depends on the amount of tokens in staking 24 hours before the token sale:
- from 150 FTT — one ticket;
- from 1,000 FTT — two tickets;
- from 10,000 FTT — three tickets;
- from 50,000 FTT — four tickets;
- from 250,000 FTT — five tickets;
- from 1,000,000 FTT — six tickets.
The organisers recommend preparing funds in advance for the IEO:
- 400 USDT for the minimum stake (0.1 USD per MER);
- 500 USDT and 5 FTT for the maximum stake (0.125 USD per MER + 5 FTT).
FTX will accept bids from 16:00 to 17:00 (MSK) on May 13. Tokens will go to the holders of the tickets with the highest bids. If there are more than 1,000 candidates, the exchange will distribute the tokens among them randomly.
FTX is a cryptocurrency exchange with support for spot, futures and over-the-counter trading. Users of the platform can trade tokenized stocks, Bitcoin options and leveraged tokens.
Earlier this week, FTX hired a former top executive of HSBC to head the OTC and Institutional Sales division.