.MercurialFi will revamp following contagion troubles stemming from embattled firms FTX_Official and Alameda Research. By shauryamalwa
The revamp plan, which being called the Meteora plan, was formulated in response to recent events, including a collaboration with crypto exchange FTX and its closely-related trading firm Alameda, which has left a"toxic association" between the three entities.
The plan will see Mercurial launch its lending vaults and automated market maker pools as a separate project under the name Meteora. An AMM refers to decentralized exchanges that rely on smart contracts to source liquidity from users and price the assets within the pool using algorithms. Alameda’s involvement in MER was in the form of 3% of liquid MER for market making that was bought at private round prices of 7 cents. An 1.5% of locked MER for seed investment was bought at a seed price of 2 cents, Mercurial said.
“There still needed to be more clarity and certainty over MER’s tokenomics. The uncertainty is further exacerbated by the exploit on FTX, resulting in over 800k USD worth of MER tokens in the hacker’s wallet,” the team added.
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