What is Mangrove Exchange? Mangrove Exchange is a Dex Orderbook protocol built and developed on Polygon. After 2 rounds of capital, Mangrove has raised more than $10 million from large funds such as Wintermute, CMT Digital, gumi Cryptos Capital, Monday Capital.
So what is Mangrove Exchange? What makes it stand out? Let’s find out in this article!
What is Mangrove Exchange?
Overview of Mangrove Exchange
Mangrove Exchange is a Dex Orderbook protocol built and developed on Polygon. Mangrove is the basis for implementing trading strategies with assets being used in other protocols.
Mangrove is based on the Order Book model from traditional financial exchanges. However, Mangrove is unique in that it allows liquidity providers to post arbitrary smart contracts as incentives.
The promised liquidity can be shared, borrowed, lent somewhere and at the same time displayed on Mangrove, ready to be served when a matched offer is made. Ket The payoff is huge, because it eliminates liquidity fragmentation and asset locking, allowing it to be used in many places.
Additionally, Mangrove provides an SDK so other protocols can easily integrate Mangrove products and utilize its new technologies.
Mechanism of action
Makers will initially place orders on the order book as if providing liquidity for Takers to trade. But the assets pledged with those orders may be in other protocols and not available on Mangrove.
When Taker submits an order, Mangrove executes the offer logic (i.e. Token) of all smart offers it triggers: If the first order is successful and the promise of liquidity is fulfilled, the order is removed from the books. Mangrove moves on to the next offer until Taker’s entire order is filled (whether it is a limit order or a market order).
If during the course of implementation, a Maker withdraws his offer and unmatched liquidity, a fine will be paid to the Taker and Mangrove executes the next offer logic from the order book, until the desired volume is fully matched.
After a successful transaction, Maker will receive back Taker’s assets used for exchange and add a small transaction fee. Takers will receive the assets they purchased and lose a transaction fee.
Three components participate and use Mangrove Exchange:
- Makers: They create and own the offers on Mangrove. They can be viewed as liquidity providers placing a number of orders on the order book to create liquidity for Takers to trade. But these commands are only pledged using their assets on other protocols.
- Takers: Just like a classic order book, Takers can buy or sell assets on Mangrove, with commands market or limit. Offers can be made using general orders or individually, as part of the strategies enabled by Mangrove’s platform design.
- Keepers: Mangrove’s order books can become cluttered over time with unrelated orders as market conditions change. Therefore, bots (or Keepers) continuously scan books. They are responsible for detecting failed incentives and causing them to fail on-chain by “sniping” them, with the gas price set so that the incentive’s bonus compensates for the gas spent. They act as guardians of the Mangrove ecosystem. They are also responsible for updating gas prices to determine Taker’s compensation for removing failed offers from the list.
Development Roadmap
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Core Team
Jean Krivine: Co-founder & CTO
- In 2002, Jean graduated with a Bachelor’s degree in Computer Science from Université Paris Cité. He then graduated with a PhD in Computer Science from Pierre and Marie Curie University in 2006.
- Jean spent about 13 years working at CNRS, where he held positions such as Visiting Scientist, Chargé de recherche.
- Currently, Jean is Chief Technology Officer at Giry Labs and Chief Technology Officer at Mangrove.
Vincent Danos: Co-Founder
- In 1990, Vincent successfully obtained his PhD in Mathematics from Université Paris Cité.
- In 2006, Vincent became a Visiting Professor at Harvard Medical School.
- In 2008, Vincent worked as an External faculty member at Santa Fe Institute.
- Vincent has worked for more than 15 years at the University of Edinburgh, holding positions such as Director of Synthsys, Chair of Computational Systems Biology.
- Currently, Vincent is Directeur de Recherchesn at CNRS and Co-Founder at Mangrove.
Gabija Tuinaite: Product Lead
- In 2019, Gabija simultaneously graduated with a Bachelor of Financial Mathematics from Vilniaus universitetas and a Bachelor of Mathematics and Statistics from the University of Melbourne. She then went on to successfully obtain a Master’s degree in Financial Economics at ISM University of Management and Economics.
- In 2019, Gabija worked as a Consultant at CGI, specializing in analyzing business requirements, developing with SQL, managing agile projects and defining user stories. In addition, Gabija also works as a Quantitative Analyst at Danske Bank.
- In 2021, Gabija worked as Product Owner at kevin, responsible for the product vision, roadmap and full cycle of the integrated product.
- Currently, she is Product Lead at Mangrove.
Espen Højsgaard: Core Engineer
- In 2006, Espen graduated with a Bachelor’s degree in Computer Science from Københavns Universitet – University of Copenhagen. He then went on to graduate with a Master’s and Doctorate in Computer Science at IT-Universitetet i København.
- In 2012, Espen worked as a Software developer at Edlund A/S.
- In 2014, Espen worked as a Software assessment SME at LB Forsikring A/S and worked as an IT Management Consultant at PA Consulting Group.
- Espen spent 9 months working at Nordea, where he held positions such as Code Base Intelligence SME, Project Manager.
- In 2015, he worked as IT Project Manager at PANDORA, Software Consultant at Novo Nordisk, Software assessment SME at Danske Spil A/S.
- In 2017, Espen worked as Chief Solution Architect – Life & Pension and Banking Nordics at Keylane.
- In 2018, Espen worked as Chief Development Officer at Festina Finance A/S.
- Currently, Espen is an Independent Consultant at espen.dk and a Core Engineer at Mangrove.
Philippe Honigman: Coordination & Governance Lead
- In 2016, Philippe worked as Technology Advisor at U Change.
- In 2017, Philippe worked as an Advisor at Chain Accelerator, Co-founder & Partner at Tribute and Strategic Advisor at
Blockchain Certified Data. - In 2019, Philippe worked as Co-Editor at OrgTech Review.
- In 2020, Philippe is a Contributor at polywrap.
- Philippe spent more than 14 years as CEO & co-founder at ftopia, a software-as-a-service (SaaS) provider headquartered in Paris, France.
- Currently Philippe is Coordination & Governance Lead at Mangrove and Human at dOrg.
Investors
- July 2021: Seed round successfully raised $2.7M from investment funds Wintermute Ventures, QCP Soteria Node, Monday Capital, Noia Capital, Zeeprime, Atka Capital and Stake Capital.
- February 2023: Series A round successfully raised $7.4M led by Cumberland, Greenfield and with participation from funds such as CMT Digital, gumi Cryptos.
Tokenomics
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Exchanges
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Information Channel of Mangrove Exchange
- Website: https://www.mangrove.exchange/
- Twitter: https://twitter.com/MangroveDAO
- Blog:
Summary
Mangrove Exchange is the first protocol to introduce a model of providing liquidity using assets that are participating in activities on other protocols. This continues to be a good idea to help unlock large sources of liquidity on protocols. And can be used to earn trading fees on Mangrove or implement other trading strategies.
This model also clearly reveals many limitations such as the authorizer is at risk of losing all assets when the protocol is hacked, transactions will take longer to match when having to call/withdraw assets from another protocol, transaction fees will be higher. higher especially with one Taker order but must be matched by multiple Maker orders.
But anyway, this is a fairly new idea and from a personal perspective, this model can be applied to CLMM AMMs, creating an infinite liquidity pool that completely solves liquidity fragmentation on AMMs. . But to do it is really not simple.
So I have clarified what Mangrove Exchange is? Mangrove Exchange cryptocurrency overview. Hope this article provides you with a lot of useful information!
