Mango Monitor: April Edition
April was a nasty month for the market but Mango DAO was busy improving the product for bulls, bears and funding rate farmers. Below is a brief roundup of news from the community.
SECTION I: LIQUIDITY UPDATE
Order book liquidity has reached all time highs following the implementation of a revised market maker incentive program. Mango typically has over $2mm of SOL-PERP orders on the books. Order slippage is comparable to centralized venues like FTX on many pairs and frequently better with the benefit from Mango’s lower fees.
Traders can monitor real time liquidity comparisons across venues, slippage statistics and market maker performance on Mangolorians custom dashboards (here).
SECTION II: GOVERNANCE NEWS
Dashboard: The team has created a new dashboard to monitor MNGO token statistics. Highlights include 124mm MNGO locked. This represents over 10% of MNGO issued opting to lockup for enhanced governance powers. Individual wallets with amount and locked duration can be reviewed on the site along with details on liquidity mining emissions and contributor grants. Checkout the dashboard here.
New Asset Listing: The community has been debating the best new asset to list. Mango’s v3 architecture only has capacity for one more oracle spot so this will be the last addition until v4 is released later this year. Current favorites for the listing include NEAR, GMT/GST or UXD. Make the case for your favorite asset in the discord or on the forums. The UXD discussion is here.
Market Maker Program: The incentive program continues to evolve and onboard new liquidity providers. The DAO voted to transfer $500k to help fund this program for the next several months. The first epoch concluded with a ~$29k payout for participating market makers. Details and a epoch review are available on the Mango governance forum (link). We are still accepting new market maker applications so any interested liquidity providers should join the discord and speak with the team.
Other Governance Updates:
- Mango governance can now send push notifications via email or SMS to alert users about new proposals open for voting. The Notifi integration helps community members stay active and informed about all governance activities. Setup your own alerts now under your account on the governance site.
- Exchange Listing: MNGO token was listed for trading on Kraken for US and Canadian customers. See release here.
- Chinese Grant: The Mango Chinese community was awarded a grant to accelerate their educational outreach. Mango already has a sizable Chinese userbase and this should help to spread awareness in one of crypto’s largest markets (forum discussion, MNGO vote, USDC vote).
- MCAPS, Mango’s haute couture fashion affiliate, voted to delay DAO formation until more concrete plans are developed. Next steps are being debated in the Discord channel.
SECTION III: COMPOSABILITY CORNER
Note these projects are neither endorsed nor security reviewed by Mango; dyor.
The DAO awarded over $125k USDC in prizes to Solana hackathon projects integrating with Mango. This was the most competitive hackathon yet and has several projects already deployed on mainnet.
Cell earned first place and a $50k USDC price. The project automates the creation and management of grid trading strategies on Mango perp markets. This protocol is live on mainnet and open to deposits. If the market is crabby, grid trading may be a wise strategy. Read more on their website or listen to their twitter spaces hosted by Mango.
Second place ($30k) was awarded to Abas (“Arb bot as a service”). The project uses an on-chain program to enable passive arb profits for users. Revenue comes from temporary differences in perp prices between Mango and Drift as well as funding revenue for open perp positions. The project is live on mainnet. Learn more from their twitter and tune into their twitter spaces with Mango.
Other Notable Integrations:
- Mangolorians earned third place with their order book analytics. As discussed earlier, Mango analyzes this data to ensure we provide the best liquidity possible (site).
- TRADE by Global Liquidity won fourth with an enhanced visualization of the order book. The goal is to democratize market making via more intuitive visual interactions. Checkout their beta app here or this video of their demo at the Miami hacker house.
- DeCommas received fifth place for their project automating the funding basis trade for users. Their Mango pool is live and open for deposits. Web link.
- Solrise Finance, which enables permissionless investment funds, integrated Mango trading to their product suite. Learn more here.
SECTION IV: CONTENT ROUNDUP
- Team members participated in the Solana hacker house and FTX conference in the Bahamas.
- Coinbureau reviewed Mango Markets and concluded “the future of protocols like Mango Markets is bright.”. We agree! Check out the full review here.
- The DAO held contributor meet-ups on April 14th and 28th in Discord. The agenda of discussion items for all meetups is posted on Notion and some older meetings have recordings posted on Mango’s Youtube channel.
- Mango hosted Twitter Spaces with hackathon winners Cell Protocol and Abas.
SECTION V: UPCOMING EVENTS
- Mango is a sponsor for the Athens DAO hackerhouse organized by Grape. The event runs from May 22–28 with a focus on advancing DAO governance and tools. Mango contributors will be participating. See details here or apply to attend here.
- The next community meetings are May 12th and May 26th with exact times to be announced. These are hosted in the Mango discord and open to all interested parties.
ADDITIONAL RESOURCES:
- Website: https://www.mango.markets
- Discord: https://discord.gg/mangomarkets
- Twitter: https://twitter.com/mangomarkets
- DAO Forum: https://forum.mango.markets
- Github: https://github.com/blockworks-foundation
