Mango Markets, a decentralized exchange (DEX) on Solana, raised $70M from the sale of its governance token $MNGO.
Over a two-day sale period ending on August 11, buyers claimed 500M $MNGO tokens, in what the team called a “fair launch.”
Mango tokens give holders entry to the Mango DAO that governs the Mango Markets protocol. Anyone with at least 0.1% of Mango tokens staked can propose governance actions and protocol upgrades. The maximum $MNGO supply is 10B, with 1B currently in circulation.
The entire $70M raised from the token launch will go to Mango DAO’s insurance fund to provide cushion for Mango Protocol lenders in the event of extreme volatility causing excess losses in the system, according to the protocol’s Litepaper.
Mango Markets offers margin trading and perpetual futures, with a focus on low latency, low transaction costs and full decentralization.