We are excited to announce that Mango DAO will receive the $PYTH airdrop through the 2nd phase of Pyth’s Retrospective Airdrop program and that we plan to use the airdrop to participate in Pyth Network's governance.
08 Feb 2024
We are excited to share that Mango DAO is among the recipients of the $PYTH airdrop, courtesy of the second phase of Pyth’s Retrospective Airdrop program. This airdrop not only recognizes our collaborative efforts but also empowers us to actively engage in the on-chain governance of the Pyth Network.
Mango’s operation relies on accurate pricing data. Pyth has been the leading Oracle in the Solana ecosystem for a long time and we pride ourselves on being an early Pyth partner since the beginning of their journey.
Mango was not only the first derivatives protocol on Solana but also the first to integrate Pyth's oracle price feeds back in August 2021. This early integration, following Pyth's launch on Solana in April 2021, has been a key driver in Mango's growth, contributing to a trading volume of $2,505M in December 2021, the largest of any Pyth integration on Solana at the time.
In November 2023, Pyth carried out one of the biggest airdrops to date, with more than 90,000 eligible wallets across 27 different blockchains. Users of more than 200 Pyth-powered dApps received 2.5% of Pyth’s total token supply, totaling 250M $PYTH tokens. Since Mango has been a long-time Pyth partner, many of the airdrop recipients were Mango users.
The first phase of the airdrop program oversaw the distribution of $PYTH tokens to DeFi participants. The second phase of the airdrop program involves the distribution of $PYTH tokens to more than 160 decentralized applications.
Mango DAO will use the tokens from the PYTH airdrop to participate in the governance of the PYTH Network. We are excited to get the opportunity to help shape their continued success.
Mango uses Pyth's price feeds for several key functions of the exchange. Firstly, for asset pricing, where Mango utilizes oracle feeds to deliver real-time and accurate token pricing, which is indispensable for trade execution and liquidity management. In terms of risk management, Mango employs Pyth's data to dynamically adjust leverage ratios and margin requirements, in response to changing market conditions. Additionally, for our perp markets, Pyth allows us to calculate mark and index prices, ensuring fair valuations and a streamlined liquidation process.
Mango DAO's reception of the $PYTH airdrop marks a significant milestone in our journey with Pyth. This airdrop not only recognizes our longstanding partnership but also opens new avenues for active participation in Pyth’s governance, allowing us to contribute meaningfully to the growth of the ecosystem. The use of Pyth's price feeds allows us to continue offering a robust and transparent trading platform to our users. Mango looks forward to deepening this collaboration and jointly shaping the future of DeFi.
Transparency and integrity are core values in our mission to create products that empower individual financial freedom.
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