Mango
Crypto Overview
Overview
Mango Markets is a decentralized trading platform built on the Solana blockchain. The MNGO token serves as the protocol's governance token, allowing holders to participate in decision-making regarding protocol parameters and treasury management.
Purpose and Utility
The primary purpose of MNGO is to provide governance rights over the Mango Markets protocol. Token holders can vote on protocol upgrades, risk parameters, and other key decisions. Additionally, MNGO tokens can be staked to earn a portion of the protocol's trading fees.
Business Model and Operations
Mango Markets operates as a decentralized exchange (DEX) and lending platform, offering spot trading, perpetual futures, and lending services. While the spot trading aspects align with Islamic principles, the lending and perpetual futures components raise significant concerns from a Shariah perspective.
Development and Adoption
The platform has faced significant challenges, including a major exploit in October 2022 that resulted in a $100+ million loss. Following this incident, the platform underwent restructuring and continues to operate, though with reduced activity levels. Development continues through the Mango DAO.
Token Distribution
The token distribution includes allocations to the DAO treasury, insurance fund, and early contributors. The project maintains relative transparency regarding token allocations and vesting schedules.
Crypto Impact
To assign a comfort level investing in Mango from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Mango.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.