Mango Markets is a platform that aims to provide leveraged cross-margin trading for perpetual futures and lending at the lowest cost, by combining ample liquidity, convenience, and flexibility. decentralization of current centralized and decentralized exchanges. In addition, Mango Markets also integrates with the order-book system of Serum DEX.
Mango Markets allows users to deposit tokens to borrow and trade with extremely fast transaction speeds with almost zero fees (Solana Blockchain). Furthermore, users can deposit SRM into the shared pool to reduce transaction fees.
Is one of the two projects that won the first prize in the Solana X Serum Hackathon
The collateral ratio is the value of a user’s deposit and position divided by the value of their loan. For new users, Mango will require an initial collateral rate of 120% and a maintenance collateral rate of 110%. If the user’s collateral ratio falls to 110%, the account will be completely liquidated and the user will lose the entire account. The value of the account will be calculated using a moving average of a centralized exchange price feed, powered by a decentralized Oracle.
The Mango protocol charges 0 on interest, so the protocol has no insurance funds. This carries a risk of:
When traders use too much leverage right at the time of market volatility, the collateral ratio falls to less than $110 to maintain the position, even worse, falls to <110%. then the user’s debt is greater than the total account value. Then the user will be “burnt” the account and the lender also has to bear a part of the risk with the trader.
The higher the leverage a user uses, the higher the interest rates will be received by the lenders on the Mango platform.
Lending rate is a function of utilization rate (Number of tokens being borrowed divided by the amount deposited into the platform)
Mango Markets is built on the Solana platform with a block generation time of nearly one second. Although 1 second is still a large number, so the transaction speed has not been maximized, but in the future Solana platform will continue to upgrade and reach the dream number: 400ms per block, from which trading on Mango Markets can achieve extremely low latency.
Why is low latency so important? Imagine, when you trade leverage or a smart contract, you pressed the confirmation button a minute ago, your position is still unconfirmed – not just for the experience. poor users but also makes it impossible to develop highly leveraged tools.
The low latency makes the platform more liquid, because the spread is shortened when the transaction processing time is shorter. The problem of latency is even more important because Mango Markets wants to combine with the abundant liquidity of centralized exchanges.
To be able to cooperate or compete with decentralized exchanges, the transaction fees of Mango Markets must be extremely low. And the Solana platform is a very reasonable choice of the Mango Markets team to minimize the amount of transaction fees.
If only latency and low transaction costs can be achieved but a decentralized protocol cannot be developed, then in the long run, all of the above will become meaningless. If decentralization is not achieved, the security and composability of the protocol will be severely affected. Those who control the protocol will become the ones who decide which tokens or other protocols are allowed to trade and interact with Mango Markets. And this is definitely unacceptable.
- Token Name: Mango Market.
- Ticker: MNGO.
- Blockchain: Solana.
- Token Standard: SPL.
- Contract: MangoCzJ36AjZyKwVj3VnYU4GTonjfVEnJmvvWaxLac
- Token Type: Utility, Governance.
- Total Supply: 10,000,000,000 MNGO.
- Circulating Supply: 1,000,000,000 MNGO.
Mango Markets là dự án đạt được giải nhất Hackathon của Solana & Serum cùng với PsyOptions . Hai vị trí chiến thắng đầu tiên, mỗi dự án được 50.000 USD bằng token USDC-SPL.