MNGO Mango

Key Features and Use Cases of Mango

Mango is a decentralized cryptocurrency that offers several key features and use cases:

• Decentralized and Secure: Mango operates on a peer-to-peer network, enabling direct transactions between users without the need for a centralized authority. This not only reduces costs but also speeds up transactions.

• Privacy-Centric: Mango employs advanced cryptography techniques to protect user identities and ensure that transactions cannot be traced back to individuals. This focus on privacy makes it appealing to those who value financial confidentiality.

• Scalability: Mango allows for an increasing number of transactions to be processed as the network grows, ensuring that it can handle a large volume of transactions without compromising speed or efficiency.

• Financial Inclusivity: Mango aims to provide financial inclusivity by eliminating barriers to entry. It allows individuals with limited access to traditional banking services to participate in the global economy, potentially empowering individuals in underserved regions and fostering economic growth.

• Cross-Margin Trading: Mango was initially part of Mango Markets, a decentralized exchange built on the Solana blockchain, which allowed for cross-margin trading using up to 5x leverage. This feature enabled traders to use multiple crypto assets as collateral for trades.

• Governance Token: The Mango token (MNGO) is primarily used as a governance token within the Mango Markets ecosystem, allowing users to participate in decision-making processes.

Transaction Process

• Blockchain Technology: Mango uses blockchain technology, which ensures security and transparency by recording and verifying all transactions on a distributed ledger system.

• Direct Transactions: Users can conduct direct transactions without intermediaries, making it faster and more efficient.

Benefits

• Efficiency: Mango offers fast and efficient financial transactions, making it an attractive option for those seeking quick and secure transactions.

• Accessibility: By eliminating the need for traditional banking services, Mango provides a platform for individuals in underserved regions to participate in the global economy.

• Privacy: The use of advanced cryptography techniques ensures that user identities and transactions remain private.

Network

• Solana Blockchain: Mango Markets was built on the Solana blockchain, which provides high transaction speeds and low transaction costs, enhancing the overall efficiency of the platform.

• Serum DEX: The integration with Serum DEX, a permissionless central limit order book, allows for margin trading and perpetual futures markets with up to 10x leverage, further increasing the platform's versatility.

Tokenomics

• Circulating Supply: The current circulating supply of MNGO is 1,154,996,400 tokens.
• Total Supply: The total supply of MNGO is 1,177,329,655.79 tokens.
• Market Cap: The market cap of MNGO is $38.07 million, with a fully diluted market cap of $38.81 million.

Pros of Mango

• High Transaction Speeds: Mango uses the Solana blockchain, which allows for high transaction speeds and low latency, making it appealing to crypto investors.
• Low Transaction Fees: The platform offers low transaction fees, making it cost-effective for users.
• Cross-Margin Trading: Mango enables cross-margin trades between different crypto assets as collateral, increasing flexibility and options for traders.
• Leverage Trading: Users can leverage trade with up to 5x leverage, providing opportunities for higher returns.
• Decentralized and Non-Custodial: Mango operates in a decentralized and non-custodial manner, ensuring that users maintain full control over their assets.
• Governance: The native token, MNGO, is a governance token, enabling holders to participate in decision-making and shaping the platform's future.

Cons of Mango

• Vulnerability to Exploits: Mango has been exploited in the past, highlighting potential security vulnerabilities. For example, an attacker manipulated the price oracle for the MNGO token to drain significant funds from the platform.
• Market Volatility: Even with fast transaction speeds, investors can lose money if the market suddenly swings out of favor, even during a transaction.
• Complexity: The use of oracles and cross-margin trading protocols can be complex and may require a good understanding of DeFi mechanics.

Founders of Mango

• Daffy Durairaj: Co-founder of Mango, currently working full-time as a developer in service of the Mango DAO.
• Maximilian Schneider: Co-founder of Mango, also Unity SDK Lead at Loom.ai, with extensive experience in leading tech teams to create novel Machine Learning products and virtual experiences.

Investors in Mango

The investors in Mango are not explicitly listed as individual entities but rather as participants in a token sale. Here are some key points about the investment:

• Token Sale: Mango raised around $70 million through its MNGO tokens sale on the Solana network.
• Participants: The sale involved hundreds of investors worldwide, including those in the U.S., who competed for token shares by investing over $500 million in USDC.
• Associated Entities: The entities involved in the creation and management of Mango include Mango DAO, Blockworks Foundation, and Mango Labs, which are associated with the project's development and operation. However, these are not investors but rather the organizations behind the project.

Halal Status of Cryptocurrencies

Mango

• Halal Status: Yes
• Reason: Mango is considered halal because it satisfies the criteria of being a valuable asset (mal) and having commercial value (mutaqawwam). It is accepted as a medium of exchange and serves as a unit of account, which aligns with Islamic jurisprudence principles.