This Altcoin Makes Big Announcement: Price Peaks!

This Altcoin Makes Big Announcement: Price Peaks!
0

Solana DeFi project Mercurial Finance will relaunch as ‘Meteora’. Mercurial is the latest altcoin project to step out of FTX’s shadow. Following the news, the altcoin price rose vertically in the middle of the red market.

Altcoin price skyrocketed with news of Mercurial rebranding!

Mercurial Finance, the decentralized finance (DeFi) trade project, plans to relaunch as ‘Meteora’. In this context, it will issue a new token to almost all MER holders. He will also expand his trading streak in an aggressive attempt to distance himself from Sam Bankman-Fried’s fallen empire. After the news, the altcoin price took a flight. The MER suddenly jumped from its horizontal price of $0.007531 during the day to $0.01563. The altcoin, which later regressed, on the other hand, is trading at $0.009787 with an increase of 26.67%.

This Altcoin Makes Big Announcement: Price Peaks!

Since the collapse of FTX, MER has lost 46%. Thus, the planned rebranding of the stablecoin exchange has valuable implications for MER holders. Abandoned in favor of the new Meteora token with a maximum supply of 100 million, 1/10 of the MER. According to the plan, many MER holders will receive the new token in proportion to their current holdings.

But insiders will take a big hit. Ben Chow, co-founder of sister protocol Jupiter, says Mercurial seed investors, private investors, and group members, who are major backers who control 45% of all MER tokens under Mercurial’s original plan, are scheduled to receive a 50% discount on their unearned tokens. He also notes that the shakeup will increase the influence of token holders on the restructured project.

What is the purpose of the altcoin project?

Meteora is the latest Solana-based crypto protocol to re-imagine itself in the fiery ashes of FTX and Alameda Research. Sam Bankman-Fried’s highly interconnected crypto exchange and hedge fund were king makers in the Solana DeFi ecosystem as the most decent venture investors and market makers. Their death destroyed nearly all Solana-based trading protocols, including Mercurial, which released its token in a sale organized by FTX.

This Altcoin Makes Big Announcement: Price Peaks!

Hours after FTX Group declared bankruptcy in November, a hacker plundered the ruins of the stock market, simultaneously seizing a massive $800,000 worth of MER tokens. Chow said this heist gave the Mercurial group an excuse to renew the entire protocol. The hacker’s address is blacklisted by the airdrop, all linked to FTX. Chow says:

It was originally going to be an artifact under Mercurial with the MER token. But because of what happened with FTX, ‘Hey, we need not only a new artifact, but also a new token.’ It became a catalyst for us to say.

Indeed, Meteora has been around since at least September as Mercurial’s new yielding DeFi product, called dynamic automated market maker. Chow said that by lending excess capital to Meteora’s AMM vaults lending protocols, depositors get extra out of their assets. This provides a lending yield as well as process prices from AMM.

Of course, it also increases the risk that something goes wrong and assets are lost or stolen. Chow acknowledges that the risks are increasing. But he says their high risk tolerance is on par with the trend in DeFi. It also says that the protocol automatically balances the credits again. In this context, “You will be able to shoot faster than you did,” he says.

This Altcoin Makes Big Announcement: Price Peaks!

Snapshot will be taken on this date

According to the plans, the snapshot that determines the new token holdings will occur in late December or early January. In January, it will launch a paying piece called dynamic vault. It will also issue the new token. Afterward, Mercurial will delete its social media and begin putting control over the community. Meteora will carry ‘significant leverage’ over protocol operations to token holders in a newly launched ‘decentralized autonomous organization’ according to the new plans. The protocol will have a DAO for the first time.

Chow said one of his first decisions would be what to do with the MER owed to the hacker’s address. They also have a great influence on how Meteora manages the circulating supply. “This plan allows us to remove all the uncertainty surrounding our tokenomics. It also enables us to pave the way for a clean and transparent token setup for the ecosystem and the forward project.”

First, Chow and other Jupiter and Mercurial/Meteora team members plan to guide the community and investors through the town halls and plans. “It has a good chance of becoming a decentralized yield tier for Solana,” Chow said. So I would argue that they will be equally supportive,” she says.

Click to rate this post!
[Total: 0 Average: 0]

Join Our Newsletter

Sign up for free now and be the first to know about new updates.

Write a Comment