A crypto project from the decentralized finance sector (DeFi) Mercurial Finance will be relaunched under the name Meteora. In addition, all holders of the MER token will receive a new virtual asset. The startup's developers have assured that they will expand the product line. They noted that they had learned many lessons from the collapse of the FTX trading platform.
The planned rebranding of the stablecoin exchange has serious consequences for MER owners. This digital asset fell in value by 46% after the collapse of FTX. The new Meteora cryptocurrency will have an issue of 100 million, which is 1/10 of the size of the MER mint. Owners will receive a new digital asset in proportion to their current holdings.
Meteora is the latest Solana-based crypto protocol. This product has been in development for several months. It is designed to generate revenue, called a dynamic automated market maker. Mr. Chow, the CEO of the project, said that AMM Meteora repositories will receive additional profit from depositors' virtual assets by making loans of excess capital for lending protocols.
The entrepreneur stressed that the new protocol balances loans automatically, which reduces the degree of risk. According to the plans, the snapshot will take place in late December 2022 or early January 2023. At the same time, at the beginning of next year, the product will be launched.
Meteora will transfer "significant influence" over protocol operations to token holders in a newly created "decentralized autonomous organization." Thus, the protocol will be completely under the control of the DAO. The developers assured that such a plan would eliminate the uncertainties associated with tokenomics and pave the way for a clean transparent token setup for the ecosystem, as well as accelerate the progress of the project.
