#Mango Markets is shutting down.#
Hot Topic Overview
Overview
Mango Markets, a decentralized exchange on Solana, announced it will cease operations on Monday. The decision comes after a $110 million exploit in October 2022 and a settlement agreement with the U.S. Securities and Exchange Commission (SEC). The SEC settlement requires Mango's governance DAO to destroy its MNGO tokens and delist them from all exchanges, making most lending on Mango economically unviable. The closure of Mango Markets marks a significant loss for the Solana ecosystem and reflects the regulatory challenges facing the DeFi industry.
Ace Hot Topic Analysis
Analysis
Mango Markets, a decentralized exchange on Solana, announced it will cease operations on Monday. This decision stems from two factors: first, the Securities and Exchange Commission (SEC) proposed settlement with Mango Markets that requires its governance DAO and organization to destroy its MNGO tokens and delist them from all exchanges. Second, a Mango Markets DAO proposal made most lending on the exchange "economically unviable," which is set to go into effect on Monday, January 13th at 8 pm UTC. Mango Markets suffered a notorious $110 million exploit in October 2022, which led to the SEC investigation and settlement agreement. Due to the SEC's requirements and the DAO proposal's implementation, Mango Markets will be shutting down operations in a phased manner, including the closing of Mango v4 and Boost, and most lending on Mango will no longer be economically viable in the future.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Mango Markets closed operations due to an SEC settlement.
Mango Markets' DAO voted to close operations because the SEC settlement required the destruction of the MNGO token and its delisting from all exchanges.
Mango Markets' lending functionality would no longer be economically viable, leading to its closure.
Mango Markets suffered a $110 million exploit in October 2022, which may have been a contributing factor to its closure.