Are you brave enough to look into novel stablecoin tech after the LUNA crash?
MER, or Mercurial Finance, is a project on the Solana blockchain that offers a solution for stablecoin swaps.
MER coin offers incredibly low slippage when swapping between different stable coins. This makes it a great choice for anyone who wants to take advantage of the stability offered by these currencies.
With MER coin, you’ll have access to a flexible capital allocation mechanism that will help improve your profitability from DeFi-staking a stablecoin. You’ll also enjoy lower working costs, making this an incredibly affordable option for anyone looking to get into stablecoin financial products.
Stablecoin yield farming is the holy grail of mass DeFi: Everyone wants high yields on a coin that is pegged to a fiat currency and therefore (barring a catastrophic event) doesn’t quickly change value in terms of real world buying power. The problem that DeFi staking is facing is for one, the technical complexity of farming, and for the other, high slippage which eats away the farming yields on stablecoins.
MER developers created a vault for the AMM (automated market maker) with dynamic fees for stablecoins on the Solana network (USDC,USDT, wUSDC and wUSDT), which improves liquidity.
Here’s the Mercurial Finance team explaining what they are up to:
Where to buy MER coin for fiat
Buying MER coin directly for fiat will need you to get KYC verified. There’s not a lot of exchanges that let you buy MER, but the low-fee FTX platform does list MER.
FTX.com has two MER coin markets - one MER/USD spot and one MER perp market.
Binance and Bitfinex don’t list MER coin.
Where to buy MER coin without KYC
Out of the no-KYC exchanges, neither Phemex, Bitforex nor SimpleSwap support MER. Naturally, MER coin is not available in the USA sister platforms of neither Binance nor FTX.
If you want to buy MER coin without KYC, you will need to do the two-step process.
First buy USDC or RAY on any exchange that lets you - that could be Bitfinex or FTX - and then trade either of those for MER coin on the Raydium DEX.
You can also use the swap interface at https://www.mercurial.finance/ which offers swap from a bunch of Solana versions of tokens (BTC, FTT, ETH and many more).
Where to trade MER coin
If all you want to do is speculate on the price of MER coin, then you will probably want to make an account at FTX.
FTX has the industry’s lowest trading fees. Anyone opening a new FTX account pays just 0.02% for limit orders and 0.07% for market orders on spot or derivative markets. You may also add 5% referral code discount for the code altcointrading, as well as exchange token savings if you decide to hold FTT.
In case you can’t trade on FTX, you can always trade MER on the Raydium DEX.
Crypto wallets that support MER coin
The best wallet for MER coin is the https://phantom.app/, or another wallet focused on the Solana ecosystem.
For a less niche solution, you can store MER in Exodus or also in the new Ledger Nano Plus.
You can stake MER coin at the DeFi platforms Solend and Port Finance.