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<h2 id="header-0">Mercurial, a DeFi trading project, plans to rebrand as Meteora and issue a new token to practically all MER holders. As part of its effort to distance itself from the controversial FTX debacle, the company is aiming to extend its trading offerings.</h2>Mercurial is creating a new token to replace the current MER token, which has lost 46 percent of its value after the collapse of FTX.The maximum supply of the new Meteora token will be 100 million, which is only one-tenth of the total number of MER tokens. Based on their current holdings, the majority of MER holders will receive an equivalent amount of the new token.Insiders, including seed investors, private investors, and team members, who hold 45 percent of all <a href="https://www.coingabbar.com/en/crypto-currency/mercurial-mer-prices-usd" rel="noopener noreferrer nofollow">MER tokens</a> under Mercurial&#39;s original plan, are slated to receive only half of their unvested tokens under the Meteora rebranding.Meteora is the most recent Solana-based crypto protocol to undergo considerable alteration as a result of the failures of FTX and Alameda Research. As key venture investors and market makers in the Solana DeFi ecosystem, both of these organizations were powerful, and their failure has had a substantial impact on numerous Solana-based trade protocols, notably Mercurial.Mercurial&#39;s token was initially distributed through an FTX-hosted sale. Meteora&#39;s renaming is an attempt to distance itself from this association and go forward as a new entity.Meteora has been in development as a dynamic automated market maker, a decentralized finance (DeFi) product aimed to create yield for Mercurial, from at least September. The product works by lending surplus capital from depositors&#39; assets to lending processes, generating additional income on top of the market maker&#39;s trading fees.While this strategy raises the chance of funds being lost or stolen, high-risk tolerances are widespread in the DeFi industry, and the protocol incorporates automatic loan rebalancing to mitigate this risk. <a href="https://www.coingabbar.com/en/crypto-blogs-details/top-ten-defi-protocols" rel="noopener noreferrer nofollow">DeFi protocols</a> will also be able to build on Meteora in order to &#34;stack the yield&#34; and potentially earn greater rewards in the future.As per the plans, a snapshot to determine new token ownership will take place in late December or early January. In January, the company will launch a yield-generating product called dynamic vaults, issue the new token, and hand over authority to the community.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news/alameda-wallets-transfer-million-dollars-using-crypto-mixers" rel="noopener noreferrer nofollow">Alameda Wallets Transfer Over $1.7 Million Using Crypto Mixers</a>

Solana-Based DeFi Project Mercurial Will Relaunch As Meteora

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