DeFi project Mercurial rebrands as Meteora to distance itself from FTX

Mercurial, a non-custodial exchange focused on stablecoins, has rebranded to Meteora in an effort to distance itself from the collapsed exchange FTX.

1/ Announcing The Meteora Plan: Our comprehensive technology and token plan with the singular goal of building a long-term, sustainable, and composable yield layer for Solana. pic.twitter.com/PiV4s1VmH0

— Mercurial Fi (@MercurialFi) December 27, 2022

Developers have also changed the MER tokens on Solana accordingly. Of the 100 million issued, 20 million will be in circulation, and 80 million will be placed under the management of DAO.

The project’s blog states that there was a ‘huge amount of MER involved in FTX’. The latter conducted the token sale for Mercurial Finance’s project coins in May 2021. The project received funding from Alameda Research, the Solana Ecosystem Fund, OKEx and Huobi.

4/ But a new tech platform is not enough.

In light of the events around FTX/Alameda, we need a token reset to ignite user interest, build up market confidence and set the foundations, community & ecosystem-wise, for our project to succeed long-term.https://t.co/RLRvVz48cS

— Mercurial Fi (@MercurialFi) December 27, 2022

“In light of the events around FTX/Alameda, we need a token reset to ignite user interest, bolster market confidence, and build communities and ecosystems for our project’s long-term success,” wrote Meteora representatives.

Against the backdrop of dramatic events in recent months, the MER token has fallen by more than 46%.

On November 11, the FTX Group, which includes 130 legal entities, filed for bankruptcy.

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