After launching the popular Mercurial product in 2002, the company launched it as a separate project under the name Meteora in 2003.

Mercurial, a decentralized finance (DeFi) platform that allows users to lend and borrow stablecoins on the Solana blockchain, is redesigning its brand, community and token distribution. They shared their goals in a Wednesday post.

This new plan, which is named the Meteora plan, was created in response to recent events, including a collaboration with crypto exchange FTX and its closely related trading firm Alameda. The new plan will leave a “less toxic association” among the three entities.

The firm set up a new token and will migrate current MER holders to the new setup. They’re also developing a decentralized autonomous organization (DAO) which will give the community more control over essential decisions. As DeFiLlama data shows, the company currently has $27 million across two products. At their highest peak, they had over $200 million in their portfolio.

The plan is for Mercurial to launch its lending vaults and automated market maker pools as a separate project under the name Meteora. A decentralized exchange that uses smart contracts to source liquidity from users is known as an automated market maker, or AMM.

Mercurial tokens (MER) are scheduled to be listed on FTX in the near future. This is the first initial exchange listing, or “IEO”, for FTX. As of right now, this one IEO has already raised over 10% of total funds raised for the project.

Alameda Holdings Limited’s involvement in Mercury Market, which is the company behind Mercurial Shares (MER), was in the form of 3% of MER for market making that was purchased privately at a price of $0.07. That was in addition to 1.5% of MER for seed investment that was bought at a seed price of $0.02.

“In summary, the only liquid tokens in the market came from Alameda Market Making (3%), IEO/IDO participants (0.3%), and private investors (1.6%). We’re constantly mining for MER tokens to provide liquidity on the open market, but this isn’t working due to issues with Alameda and FTX,” the team stated. They believe that there’s now a huge sell-side liquidity problem given these issues with the markets and exchanges.

“There was still a lot of uncertainty with the MER tokenomics,” the team said. The uncertainty is exacerbated by the exploit on FTX, resulting in over $800,000 worth of MER tokens being in the hacker’s wallet.”