- Currency exchange Mercurial dropped the MER token and changed its name to Meteora.
- MER holders will receive the new Meteora token offering equal to their current holdings.
- The rebranding attempts to distance the stablecoin trader from FTX, which had hosted the MER. Token offering in the last year.
Stablecoin DEX Mercurial will change its name to Meteora to distance itself from FTX. Mercurial, which provided liquidity for the main stablecoin and pegged assets on Solana, said it would replace its MER tokens with Meteora tokens. From a 100 million Meteora tokens supply, 20% will be circulating and fully liquid. In contrast, 80% will be handed over to the DAO for administration. “large amounts of MER involved in FTX,” Mercurial Fi said in a blog post, noting that FTX had hosted Mercurial.
Token Sale in 2021 to generate user interest, build trust in the market, and lay the foundation, community, and ecosystem so that our project is successful in the long term “tenure,” he said on Twitter.
The MER is down more than 46% to $0.0077 since the FTX implosion in early November, according to price data from CoinMarketCap.
FTX filed for Chapter 11 bankruptcy protection on November 11. Sam Bankman-Fried’s founder was extradited from the Bahamas to the United States.