FTX Announces Mercurial Finance DeFi Protocol IEO

The FTX Crypto Derivatives Exchange will hold an initial exchange offering (IEO) of Mercurial Finance (MER) project management tokens. This was reported on the website of the crypto exchange .

Mercurial Finance is a DeFi protocol for storing, exchanging and issuing stablecoins on the Solana blockchain. The project has received funding from Alameda Research, Solana Ecosystem Fund, OKEx and Huobi.

The Mercurial Finance token sale will begin on May 13 at 4:00 pm ET. To participate, you need to pass the second level verification and send to staking at least 150 FTT. The organizers do not guarantee participation to users who register later than May 4, 16:00 (Moscow time).

FTX will issue 1000 MER 4000 tickets on IEO. Participants will receive one ticket each. 

The crypto exchange may issue additional tickets to users. Their number depends on the number of tokens in staking a day before the token sale:

  • from 150 FTT – one ticket;
  • from 1,000 FTT – two tickets;
  • from 10,000 FTT – three tickets;
  • from 50,000 FTT – four tickets;
  • from 250,000 FTT – five tickets;
  • from 1,000,000 FTT – six tickets.

The organizers recommend preparing funds for IEO in advance:

  • 400 USDT for the minimum bet ($ 0.1 per MER);
  • 500 USDT and 5 FTT for the maximum bet ($ 0.125 per MER + 5 FTT).

FTX will accept bets from 4:00 pm to 5:00 pm ET on May 13th. Tokens will be received by the ticket holders with the highest rates. If there are more than 1000 candidates, the exchange will randomly distribute tokens between them. 

FTX is a cryptocurrency exchange with support for spot, futures and OTC trading. Platform users can trade tokenized stocks, bitcoin options and leveraged tokens.

As a reminder, FTX hired a former senior executive at banking conglomerate HSBC this week as head of over-the-counter (OTC) and institutional sales.

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