Hi all, Meow here, given the great progress made for both Meteora and Jupiter, it is a great time to conclude the Mercurial chapter and invite Mercurial stakeholders (as of the snapshot on Feb 2023) to be part of the Meteora and Jupiter journey ahead.
First off tho, I would like to say thanks for being part of this absolutely insane journey. I am extremely grateful to work with everyone through all the incredible ups and downs, and in particular — thanks to all who have given us lots of feedback throughout the last few months. The discourse that happened was highly valuable in forming this plan — which had also been shared earlier in discord as well.
I have personally learnt an incredible number of lessons that has deeply informed our subsequent execution for everything else, and one day I hope to share them in public. For now tho, let’s focus on working together towards the future!
1. Invitation to join the Meteora DAO
As we’ve shared previously, Meteora was created and Mercurial sunsetted in Feb 2023. We took a snapshot of all MER holders then and kicked off our new protocol Meteora by launching the most dynamic vaults in DeFi.
As Meteora was created to return value to MER stakeholders, they will receive the starting circulating supply (20%) of the new MET token according to the breakdown listed in the original blog post, meaning Mer stakeholders will form the initial DAO as well and govern the tokenomics from day one.
Since then, our excellent co-founders Ben Chow and Andrew, and other top people in the team have been focused on gaining ecosystem traction, building the tech platform out, and doing weekly community calls.
As a result of all that effort, we recently announced a new platform called DLMM (Dynamic Liquidity Market Maker), the MET DAO and the MET stimulus package. It has been extremely well received by the community/ecosystem, and we are making important strides into becoming the top AMM for Solana.
Your MET tokens will be available for claiming soon, and we hope you will be there for it!
To understand more about Meteora:
If your tokens are on FTX, we have also set aside 10% of the tokens for claiming once there is a verifiable way of assessing individual holdings. The release will be be up for DAO approval when the team has a way of doing so.
2. Position in Jupiter
Jupiter was a new separate protocol that was started in order to even the retail playing field between AMMs, which was crucial in a world where Mercurial had initially lost its edge.
In earlier communications, we shared that 5% of total JUP will be provided to MER stakers. Since then, Mercurial has transited to Meteora, so the MER staking is no longer valid. Therefore, we will be using the same snapshot (taken in feb 2023) instead to distribute the 5%.
- We will consider the full unvested portion of MER for investors
- We will also drop the team portion so the overall eligible pool shrinks significantly and the full position goes to everyone else
- Token will come from the strategic reserve, so it will be released a year after liquidity. Vesting is not determined yet. In any case, MER stakeholders will get liquidity at the same time or earlier than the team.
Similarly, if you do not have tokens in FTX, we will start the process automatically, but if you have, that portion will be also be distributed when we have a verifiable way of assessing MER holdings.