Mercurial is building DeFi’s first dynamic vaults for stable assets, providing the technical tools for users to easily deposit and mint stable assets, generating liquidity for their own requirements or offering them to ecosystem participants with such demands.

To optimize performance, assets will be dynamically used to facilitate a wide range of use cases, from low slippage swaps, lending, flash loans and external third-party decentralized protocols. Key transactions like withdrawing and swapping in the same transaction are made possible thanks to the strong performance capabilities of Solana.

To further increase the availability of pegged assets in the Solana ecosystem, we will allow the creation of synthetics, like mUSD or mBTC. These assets can be added to our vaults to both improve liquidity for other stables, as well as ease the interaction with other third-party decentralized protocols.

Innovation and Roadmap

We will be innovating on several key technical features, including on-chain algorithms to regulate the flow of assets, and dynamic fees that tap on the market and price data to assist LPs to optimize performance. We are developing a unique pricing curve that will be the first to combine high efficiency, multi-token support and generalizability for all types of token sets.

For our roadmap, we will start with a vault for USDC, USDT, wUSDC, and wDAI, facilitating low slippage swaps with dynamic fees. As key technical and ecosystem pieces (like inter-program composability and price oracles) become available on Solana, features will be added accordingly. Furthermore, a beta on Solana testnet will be deployed along with a lite paper containing key technical and system details next week.

The DeFi ecosystem on Solana is evolving at an extremely fast pace, with stablecoins of primary importance. We believe that a dynamic system such as Mercurial will be able to provide a robust platform for users to easily get liquidity for channeling towards the most productive channels.

Powered By Solana

Mercurial is built on Solana due to strong product possibilities on the high-performance blockchain and the growth potential of the ecosystem. Not to mention, the active support of key players in the ecosystem.

Technically, we are able to build more sophisticated systems, including supporting multiple complex actions in a single transaction and having on-chain algorithms that execute based on on-chain logic while performing operational roles like interest collection with high frequency.

Ecosystem-wise, we believe that Solana is one of the most exciting ecosystems to be in right now, with plenty of potential to eventually become a DeFi ecosystem on the scale of the other prominent blockchains.

We have been extremely impressed by the core Solana architecture, as well as the technical support provided by the core engineers at Solana. Additionally, we aim to contribute to the developer ecosystem as well, in terms of education and adoption.

Funding

We are excited to share that we have received funding from a range of the most active ecosystem players, including Alameda Research, Solana Ecosystem Fund, OKEx, and Huobi.

“Very happy to support the addition of Mercurial Protocol to the Solana Ecosystem.

Their dynamic vaults for stable assets will maximize capital utilization, making it possible for a single pool to support lending, liquidity mining and low slippage swaps. This will greatly improve utility for users and overall liquidity for the ecosystem.

Robust liquidity for stable and pegged assets is crucial for any growing ecosystem, and Mercurial will accelerate the growth of these asset classes on Solana.

The strong technical, research and operational competency of the team is testament to the attractiveness of Solana. We look forward to collaborating with them to improve liquidity and availability of stables on Solana.”
– Sam Bankman-Fried, CEO, Alameda Research and FTX

Other strategic investors include Edward Moncada, Founder of Blockfolio, TM Lee and Bobby Ong from Coingecko, Alex Svanevik from Nansen, Mervyn and Michael from Unagii, Jonathan Chu — Head of Product Blockfolio, Darren Lau, and others.

We look forward to collaborating with them to achieve our aim of being the best venue for stable asset swaps and deposits on Solana.

“The Mercurial team has years of technical and strategic expertise building successful blockchain applications. We are looking forward to seeing their DeFi platforms for stable assets unlock new opportunities for Solana users and ecosystem projects.”

Anatoly Yakovenko, President of the Solana Foundation

Upcoming FTX IEO

In addition, we will be launching our IEO on FTX on May 13. There will be more news in the coming weeks, including key technical details, user guides, and IEO details.

Kyber Network Collaboration

Mercurial will be collaborating with Kyber Network, one of the most well-known projects in the Ethereum community, on technical research, development, and marketing. Loi Luu, co-founder of Kyber, will also be joining Mercurial as a co-founding adviser.

Being one of the most established communities with widely held tokens (100K+ unique addresses), Kyber will help to drive awareness and adoption amongst Ethereum users and developers.

Team

Mercurial is headed by a team of experienced operators in the technology and blockchain space, and joined by a group of senior researchers and developers from Binance, Kyber and others.

• Siong (Lead): Founding engineer at Envoy (a16z funded, 500M valuation) and resident engineer at Expa. YC alum and UIUC CS graduate
• Ming (Co-Lead): Strategic adviser to Instadapp, Blockfolio, Kyber Network. Founding team in WBTC, Handshake.
• Loi (Co-Founding Advisor): Founder of Kyber Network, Forbes 30 under 30 list for Asia in 2017, and Top 10 Innovators under 35 for Asia Pacific by MIT Technology Review.
• Andrew (Head Researcher): Founding engineer and technical manager at Kyber Network. He has deep expertise in AMM and DeFi strategies and is the author of DMM protocol. He was also the winner of the Maths Olympiad for University Students in Vietnam for 2010.

📰 INFO

https://mercurialfi.medium.com/mercurial-finance-dynamic-vaults-for-stables-b7d0c3bed702