DeFi-project Mercurial has rebranded to distance itself from FTX

The non-custodial Mercurial exchange focused on stablecoins has changed its name to Meteora in an attempt to distance itself from the collapsed FTX exchange.

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
The developers have also changed the name of the Solana tokens MER accordingly. Of the 100 million Meteora coins issued, 20 million will be in circulation, and 80 million will be placed under the management of DAO.

The project's blog says about "a huge number of MER involved on FTX." The latter held a token sale of coins of the Mercurial Finance project in May 2021. The project received funding from Alameda Research, 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 surrounding FTX/Alameda, we need a token reboot designed to ignite [users'] interest, strengthen trust in the market and build communities and ecosystems of our project to achieve long—term success," Meteora representatives wrote.

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

dаta: CoinGecko.
Recall that on November 11, FTX Group, which includes 130 legal entities, filed for bankruptcy.

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