Mango Monitor: July Update
July included a major partnership announcement and the kickoff of our trading competition. Meanwhile, Mango’s dev team remains laser-focused with new features planned for imminent release. Catch up below on all the latest developments in the Mango community.
“Mangolana”
The DAO has entered into an expansive new partnership with the Solana Foundation. The joint venture is a recognition of Mango’s contribution to the Solana protocol and the symbiotic nature of ongoing collaboration. The structure will incentivize ongoing collaboration from Mango with funding provided by the Solana Foundation.
Mango is seeding a sub-DAO focused on optimizing Solana to fulfill its founding ethos: NASDAQ on the blockchain. The Solana Foundation has authorized a 1mm SOL grant (yes, ~$40mm USD at current prices) to fund operations. This grant will be spread evenly over five years with specific performance and vesting requirements.
Solana’s funding will enable Mango to grow the development team and dedicate resources to Solana’s DeFi utility. The initial focus is testing the current architecture’s limits, identifying specific bottlenecks and then resolving those constraints. Mangolana should become the leading DeFi research hub within the Solana ecosystem.
Read more discussion around the proposal on our governance forum. Updates will be ongoing as Mangolana ramps up its contributions.
Serum Trading Competition
Our Serum-sponsored trading competition is in full swing with three weeks concluded and five more to go. Early results from the competition are impressive with Mango’s share of Serum maker volumes more than doubling and trading spreads reduced by 50%.
So far, over 80 users have won a total of 150k SRM and there is another 250k SRM left in the prize pool. Furthermore, we have partnered with a few blue-chip NFT projects to award some lucky competitors with a non-fungible bonus. NFT prizes for the remaining weeks will include a coveted Mango cap and 81 special edition Serum Surfers (collection).
There are still 5 weeks left in the competition. See full participation details and real-time participant tracking at our analytics site.
Other Governance Updates
- The DAO now has the ability to force closure and delisting of assets. This tool was unfortunately necessary after Luna’s collapse. The community previously voted to delist Luna and recently did the same with COPE’s spot listing. The upside is Mango now has open oracle spots to list additional assets. Early suggestions include MATIC, OP and spot ETH (switching to Portal ETH from Sollet ETH since it has been discontinued). Chime in the discord with your favorite unlisted token and keep an eye out for new votes on this topic.
- Liquidity mining incentives were eliminated on all perpetual markets except for the majors (BTC, ETH, SOL) (vote). These were previously reduced after the DAO concluded they were not producing adequate results and they now have been formally set to 0. The DAO will be rolling out a new market making incentive scheme later this year.
Upcoming Events
- After months of work behind the scenes, Mango v4 is approaching its initial debut. This release is a wholesale upgrade including many features the community has been requesting since Mango’s v1 launch. Expect more concrete news on this front in the very near future!
- Contributors have been busy with Solana’s summer conference series. Team members presented at the Paris hacker house in July. Mango is also co-hosting a month-long event in Berlin. Lastly, some contributors are attending the mtnDAO conference held throughout August in Salt Lake City. If any other community members are in attendance, be sure to reach out in Mango’s discord IRL channel.
- The next three community meeting dates have been announced. They will be at 5 PM UTC on August 18, September 1 and September 15. As always, they will be hosted in the Mango discord. Save those times in your calendar now.
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
