Solana DEX, Mango Markets, completes $70 million fair token launch
Mango Markets, a high-speed, Solana-powered decentralised exchange (DEX) focused on cross-margin trading, has announced a successful capital raise of $70m following a 48-hour fair token launch.
This makes the DAO the first on the Solana network to deliver democratic on-chain governance, enabling holders of Mango Token (the new Mango Market DEX governance token) to shape the future of the protocol’s evolution.
The fair token launch marks the creation of an inaugural group of decentralised participants for the Mango DAO – the new token holders will hold the power to propose protocol upgrades as they see fit.
Anyone with 0.01% of Mango Token (MNGO) staked can propose a governance action to alter and improve the protocol.
Proposals can be big protocol changes or smaller simple component changes – these proposals could include the addition of new digital assets to the platform and adjusting variables such as an asset’s collateral factor or market interest rate model.
With full decentralisation standing at the heart of Mango Market’s vision, the fair token launch of MNGO represents the completion of a major milestone for the project’s roadmap.
The vast majority of MNGO will be locked in the DAO treasury to be distributed according to token holders, maintaining an open governance framework that aligns incentives with builders. Following this initial distribution of MNGO tokens, only the DAO can vote on future distributions via governance proposals.
While MNGO’s smart contract is yet to be formally audited, the project has allocated five percent of the MNGO fair token launch to the DAO treasury for use as the insurance fund, which will pay Mango Perps smart contract in the event extreme volatility causes bankrupt accounts and excess losses in the system.
Mango Markets came to prominence during Solana’s DeFi Hackathon in Q1 of 2021.
The platform launched in a public beta as a cross-margin trading protocol, integrated with Serum’s on-chain order book to enable its borrowing and lending capabilities.
With the DEX currently supports Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Serum (SRM) – with the exchange carrying access to decent liquidity reserves, leverage and derivatives for traders at sub-second network latency.
It is also the first protocol to charge zero fees on margin borrowing and lending plays.
This follows on from huge Solana network news which saw the a major update to the platforms Wormhole interoperability protocol, in the form a 2.0 mainnet multi-chain portal that will facilitate communication between the Solana, Terra, Ethereum and Binance Smart Chain ecosystems.
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