#Mango Markets has ceased operations.#
Hot Topic Overview
Overview
Mango Markets, a Solana-based decentralized exchange, has announced that it will cease operations after suffering a $110 million exploit in October 2022. The decision stems from two key factors: first, Mango Markets reached a settlement with the U.S. Securities and Exchange Commission (SEC), which made operations more challenging for the exchange. Second, the exchange's DAO (decentralized autonomous organization) voted in favor of a proposal that will make most of the exchange's lending "economically infeasible," and this proposal will take effect on Monday, January 13th at 8 PM UTC.
Ace Hot Topic Analysis
Analysis
Mango Markets, a Solana-based decentralized exchange, has announced it will gradually shut down operations following a settlement with the U.S. Securities and Exchange Commission (SEC) and controversy surrounding its Decentralized Autonomous Organization (DAO). The exchange, which suffered a notorious $110 million exploit in October 2022, has been facing pressure from both regulatory and internal conflicts. The SEC settlement requires Mango Markets to cease operations, while a DAO proposal that would have rendered most of the exchange's lending "economically unviable" is set to go into effect at 8 p.m. UTC on Monday, January 13th. These events highlight the continued challenges facing the decentralized finance (DeFi) industry with regards to regulation and governance. The closure of Mango Markets serves as a cautionary tale for other DeFi projects, reminding them of the need to navigate regulatory risks and internal conflicts with care.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Mango Markets closed due to a $110 million attack in October 2022.
Mango Markets reached a settlement with the U.S. Securities and Exchange Commission (SEC).
The Mango Markets DAO proposed making most of the exchange's lending "economically infeasible."
Mango Markets will gradually shut down operations.