Project Insight: Mango Markets

The platform offers trading options that diversify it from other competitors on the Solana blockchain.

By
Wilfred Victor
on
May 15, 2021
Category:
Project Insight

Introducing Mango

The Solana ecosystem is drawing more attraction from investors as the community develops. Projects are announcing or releasing seemingly every day, suggesting the growth is far from stopping. Despite its rapid development, there is still an inexistence of a well-developed trading protocol on its blockchain. Mango Markets comes with an intuitive, sleek UI/UX and extra CEX features to improve on trades done on the Solana chain.


About Mango Markets

Mango Markets is a decentralized cross-margin trading platform where users can use up to 5x leverage with lightning-fast network speed and near-zero transaction costs. The platform is built and launched on the Solana chain, relying on Solana’s efficient high-speed framework for their markets.

Mango Markets

The token marketplace features a sleek UI, chart, stat systems and will be the first leverage market on the Solana chain, featuring both limit and market orders.

Key Features

  • Limit and Market Order Trades
  • Leveraged Trades
  • Chart system
  • Lending
  • Near-Zero Fees

Project Components

The platform will be a DEX-based protocol on which Serum users can trade their tokens with leverage up to 5x.

BTC/USDT Chart on Mango Market


Please note: The marketplace is in its unaudited Alpha release phase featuring an embedded TradingView chart without warranty of any kind. 

Mango Market Alert


The warning is the first notification every user will have to accept before continuing with the market.


Limit and Market Orders

Placing limit and market orders using the Mango Markets trading interphase is a simple process.

Limit and Market Order 


Only three markets are currently available: BTC, ETH, and USDT. The team is working towards opening more markets as the platform develops.

Limit orders will fill if the market price reaches the buy or sell targets. For market orders, the trade is executed instantly, picking the next price available on the order book.

 

Leveraged Market 

Mango Markets will be the first to introduce the leverage market system on Serum, allowing investors to use up to 5x leverage in the margin trade. To make a margin trade, place an order that is larger than your deposit value.

Margin Trade

Funds are automatically borrowed and appear in the ‘Borrows’ section of your margin account. Interest is accumulated and deducted continuously. Rates are on an annual basis and can be found in red next to the asset.

The perpetual market will be introduced in the future as an addition to the margin market. Follow the tutorial guide on how to place a trade on the spot and leverage markets.


Near-Zero Fees

Due to the hiked fees on the Ethereum chain, the Mango Market is built on the Solana chain to reduce trading fees. No fees on interest.

Serum uses a tiered structure that determines fee rates based on the amount of SRM held in an account; the more SRM users hold in an account, the less they pay in fees and earn as a maker. Mango Market leverages this on its margin structure. 

SRM deposits are combined with all users to collectively reach a higher tier and benefit when trading on the platform. However, it should be noted that SRM deposits are exempt from liquidation and not counted toward margin collateral on the Mango Market margin platform.


Lending Protocol

Mango Markets lending protocol will help users earn maximal interests on deposits, protect against inflation and utilize idle investments. Although not fully developed yet, the platform will enable users to maintain custody of their funds continually.

Sample numbers: Deposit BTC or ETH as collateral and withdraw USDT at 8.02% APY.


Alert System

Users can receive alerts on margin calls. The alert system is getting optimized for Telegram, Email, and SMS as announced by the team on May 13th.

Alert System currently optimized.


Never miss out on essential updates when your maintenance collateral ratio is at or below your specified ratio.

Current Mango Stats across its three listed markets


The current stats are indicating growing assets on the platform lending protocol since its launch.


Roadmap

Closed Alpha

  • First weeks of March 2021
  • Strict borrow limits
  • Closed source liquidator and contracts

Public Beta

  • It begins mid-march 2021 and runs for multiple months
  • Removal of borrow limits
  • Step-wise open sourcing of the project as independent reviews are finishing
  • Improvements to margin trading user-interface
  • Launch additional trading pairs

Its roadmap design is geared towards platform development, more trading pairs, and an improved margin trade platform. As a first-of-its-kind project on Serum, adding these upgrades will improve its chances at growing market value.


In Conclusion

Traders have a cheaper option to exchange their tokens in unique markets in Mango. The project takes advantage of the near-zero fees available while bringing key CEX features into a DEX platform.

More platform improvements are currently worked on, allowing automatic transactions with Sollet.io and more releases in the future.

To learn more about Mango Markets, check out the following resources and media pages:

Website

Twitter 

Discord

Doc


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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.