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.