12 August 2021 05:00, UTC
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The Mango Markets decentralized exchange project on the Solana blockchain completed the last round of ICO this morning. Within 48 hours, investors bought back MNGO tokens in the amount of $ 70 million, which allowed the startup to exceed its fundraising plan by 20 million.
In total, DEX Mango Markets raised $ 520 million in fees to create a spot cryptocurrency exchange platform, create a token-based perpetual futures market, and a cryptocurrency-secured lending service.
The startup expects to launch the site on its own liquidity, attracting farmers through the accrual of crops in MNGO tokens. Utility cryptocurrency gives the right to vote for protocol changes or other decisions in the DAO format.
Some of the liquidity will come from the Serum DEX exchange, which also runs on the Solana blockchain. This project is supported by Sam Bankman, founder of FTX. The centralized exchange became the first platform to launch trading in MNGO tokens.
As you can see from the picture, the debut after a successful ICO was not so successful, the cryptocurrency lost 70% of its value during the first hour of trading.
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