Solana DeFi app Mercurial will adopt a new name and a new token under the banner of Meteora. realDannyNelson reports
Decentralized finance trading project Mercurial plans to relaunch as “Meteora,” issue a new token to nearly all MER holders and expand its trading lineup in an aggressive attempt to distance itself from Sam Bankman-Fried’s fallen empire.
Meteora is the latest Solana-based crypto protocol to reimagine itself in the fiery ashes of the FTX and Alameda Research. Sam Bankman-Fried’s highly-interconnected crypto exchange and hedge fund were kingmakers in the Solana DeFi ecosystem as top venture investors and market-makers.
Of course, it also increases the risk that something could go wrong and assets are lost or stolen. Chow acknowledged the heightened chance of getting rekt but said high risk tolerances are par for the course in DeFi. Besides, he said, the protocol rebalances loans automatically. “We will withdraw faster than you could.”
One of their first decisions will be what to do with the MER owed to the hacker’s address, Chow said. They also get major influence over how Meteora manages circulating supply.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hackers drain $8M in assets from Bitkeep wallets in latest DeFi exploitThe BitKeep team urged affected users to transfer their funds to wallets downloaded from official sources like Google Play or the Apple App Store.
Read more »
Bitget Introduces MegaSwap for a Re-Invented DeFi Experience – Press release Bitcoin NewsPRESS RELEASE. Seychelles, December 26, 2022 – Leading global cryptocurrency exchange, Bitget launches 'MegaSwap', a new feature on its platform that
Read more »
Top SOL NFT Collections Migrate to Polygon (MATIC), Solana Founder ReactsPolygon v. Solana controversy arises as top NFT collections ready to migrate polygon polygonmatic matic spolygonnft solana sol solanasol solananft $matic $sol
Read more »
Solana (SOL) Is Like Santa Claus: Some Still Believe in It, Mike Alfred SaysInvestor mikealfred slams Solana, likening it to a kid's belief in SantaClaus $SOL milesdeutscher
Read more »
Top Solana NFT projects DeGods & y00ts are headed to Ethereum and PolygonDeGods and y00ts, two of Solana's leading non-fungible token (NFT) collections, have announced plans to move to Ethereum and Polygon.
Read more »
2 NFT Projects Plan to Transition From Solana to Alternative Blockchains – Bitcoin NewsTwo prominent non-fungible token (NFT) Solana projects have announced they are transitioning over to new blockchains.
Read more »