Mango

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.