Mango Monitor: August Issue
Mango DAO closed out the summer with several major announcements, the conclusion of our trading competition and UI feature additions. Below we highlight key updates from the community.
Announcement: Mango v4
The core developer team has been working stealthily on Mango’s new version all year (v3 is the current release). As the launch approaches, we announced expected new features. v4 will offer unlimited tokens versus the current 15-token cap. The upgrade will also enable flash loans so external trading via programs like Jupiter is possible within your Mango account.
The alpha release should become available in October with additional access and features added throughout the fall. Read the full v4 feature preview here.
Audit Completion
We have published our audit from Neodyme, a leading Solana consultancy. The auditors made several recommendations and all have since been resolved. The report’s completion is later than we would have preferred but that is an unfortunate byproduct of high demand for Solana audits and the complexity of Mango’s program.
We are glad to have a successful review and hope it instills additional confidence within our community. Another audit will be commissioned for v4 when appropriate. Review the full audit report here.
Serum Trading Competition
Our inaugural trading competition is ending in mid-September after 8 successful weeks. Each week participants were awarded 40k SRM for volume-based metrics in addition to 10k SRM grants for PNL prizes. An aggregate of 400k SRM were distributed. Further, select winners received NFTs including a Mango Cap (no cap) and Serum Surfers as special rewards.
The competition catalyzed a substantial increase Mango’s share of spot maker volumes and reduced trading spreads for applicable markets. A full analysis of the competition’s impact on Serum markets should be released in mid-September.
New Feature: Save Custom Charts
Users can now save their custom chart settings in the Mango UI. Mango utilizes TradingView’s chart software with a variety of options such as indicators or scaling options. Whether traders are partial to Bollinger Bands or moving averages, these preferences can be saved with the drop-down in the top-right of the chart and reopened in later sessions via the same drop-down.
Note, these are tied to a specific wallet address so users must be connected to save and reopen any saved views. Ask in our discord support channel for any questions on this highly requested functionality.
Governance Update: Mangolana
The Mangolana initiative, a JV focused on Solana optimization, was approved for initial funding of $600k from the Mango DAO. This capital will be used to setup the new structure and recruit dedicated engineers for the project. The Solana Foundation should provide funding going forward based on performance criteria (up to 200k SOL per year). Review the community’s discussion of this effort on our governance forum (here).
OpenSerum Integration
Our friends at OpenSerum are continually providing the best spot-market analytics in the Solana ecosystem. Their site shows real-time visualization of the orderbook for all Serum markets including the source for specific orders (e.g., Mango, Atrix). They also have tagged key Solana addresses such Wintermute or Alameda so users can spot their quotes within a given order book.
We enjoy seeing Mango users dominate liquidity provision within high volume markets like SOL-USDC. The site is highly recommended for traders looking to dig deeper within the spot markets they are active in.
Events
- Co-founder Daffy participated in a twitter spaces hosted by Coinbase about the Solana DeFi ecosystem. Catch the recording here.
- Market making guru Klossie joined SolStreet for a spaces discussion on Solana’s DeFi lego’s and the sector’s outlook for the next several years. Tune in to the event here.
- DAO community meetings continue on a biweekly schedule at 5 PM UTC on Thursdays. The September meetings will be on September 15 and 29 in the Mango Discord. Users must have an upgraded role but these can be requested in the Support channel.
Additional Resources
- Website: https://www.mango.markets
- Discord: https://discord.gg/mangomarkets
- Referral link for fee discount: https://trade.mango.markets?ref=bsmith
- Twitter: https://twitter.com/mangomarkets
- DAO Forum: https://forum.mango.markets
- Github: https://github.com/blockworks-foundation
