Mango is back

We're so back

Mango

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In 2022 Mango DAO was hit with two big blows. First the market manipulation orchestrated by Avi Eisenberg, that led to the insurance fund paying out $45M USD within the shortest possible time on-chain governance allowed. Second, the FTX crash that led to nearly 30% of the DAO by votes losing access to their governance tokens. Last week both these issues were finally resolved.

Since this low point, Mango DAO has overhauled the risk engine (Mango V4), shipped new products (Boost, Mango Router, Mango Mints), improved Solana infra (Core Dev/Mangolana, Openbook V1 & V2, Realms, spl-governance) and delivered significant value back to & from the treasury (est. current book value > $0.038). Mango DAO has proven to be an anti-fragile organization committed to building permissionless finance on top of the world’s most performant blockchain - Solana.

The overhang is lifted

Avi was found guilty of all charges. The ad-hoc settlement of a 40% bug bounty was undeniably under duress. Mango Labs, a DAO affiliated developer entity has previously pledged to return what it can recover for the DAO.

Meanwhile the FTX estate evidently sold a very large illiquid portfolio of Solana ecosystem tokens, including MNGO. Since then a strategic investor has shown to control these MNGO tokens and become an active member in the DAO.

The DAO is restructuring towards success

Due to several members of Mango DAO having potential commitments related to the court case, communications focused on these points both internally and externally were delayed. Since the court case victoriously ended, the strategic investor was able to introduce a vision for the continuation of Mango DAO and coordinate with existing contributors. The goal being a rebirth of Mango: further decentralize the DAO, support Mango product development and drive on-chain liquidity.

Today, therefore marks an inflection point in Mango DAO’s history. As there may remain opposing views inside the DAO on how to continue the project, a regular and equitable buyback at discount to book value was proposed and has now been approved. The buyback program is funded by Mango DAO’s treasury which gained ~70% YoY (+$15M).

The future ahead

Mango DAO is fully on-chain governed, all decisions are subject to token voting. When activated this decision making and incentivization structure provides a competitive advantage and results in an aggressive and transparent business. Therefore, the ideal state of Mango DAO is a group of decentralized, but extremely aligned contributors. Entities who are opposed to a continuation of the project can fairly reduce their position to improve the situation for the good of the project.

As of today, Mango's products can more confidently lead the way within the Solana ecosystem as the safest place to leverage the widest selection of collateral to trade spot and derivatives backed by a robust fully on-chain governed treasury. If you are interested in contributing to Solana’s oldest and most successful DAO, its research & development or growth & marketing please reach out on discord.

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