#Mango Markets has ceased operations.#
Hot Topic Overview
Overview
Decentralized exchange Mango Markets on Solana announced it will cease operations on Monday. The decision comes after the $110 million exploit in October 2022 and a settlement agreement with the US Securities and Exchange Commission (SEC). The SEC settlement requires Mango Markets’ governance DAO to burn its MNGO tokens and delist them from all exchanges. Additionally, the DAO proposed making most of the exchange’s lending “economically infeasible,” which will go into effect on Monday, January 13th, at 8 PM UTC. Mango Markets will gradually shut down, with Mango v4 and Boost being phased out.
Ace Hot Topic Analysis
Analysis
Mango Markets announced it would be shutting down on Monday following a settlement with the U.S. Securities and Exchange Commission (SEC) and a vote by its governance DAO. The exchange suffered a $110 million exploit in October 2022, and the SEC settlement required Mango's governance DAO to destroy its MNGO tokens and delist them from all exchanges. The DAO's vote also resulted in the majority of the exchange's lending becoming "economically unviable." The closure of Mango Markets marks another setback for the Solana ecosystem, which has been struggling to recover from last year's bear market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Mango Markets faced economic hardship due to a $110 million exploit in October 2022, ultimately leading to its closure.
The SEC reached a settlement with Mango Markets, requiring it to burn MNGO tokens and delist them from all exchanges, accelerating its closure.
Mango Markets' DAO voted to shut down the exchange as most lending became economically infeasible.
The closure of Mango Markets reflects the challenges DeFi projects face regarding security and regulation.