DeFi Project Mercurial Plans Revamp and New Token Issuance After FTX Event

DeFi project Mercurial plans revamp and new token issuance after the FTX event. The revamp, known as the Meteora program, was developed in response to recent events, including a partnership with FTX and its closely related trading firm Alameda, which left a "toxic connection" between the three entities.

The company has created a new token and migrated current $MER holders to the new setup. A DAO will also be created to give the community more influence over fundamental decisions.

DeFiLlama data shows that Mercurial holds over $27 million in two products and over $200 million at the peak of its lifecycle.