MangroveDAO – Launches Programmable Order Book DEX on Polygon Testnet
PARIS, France – May 22th, 2023 – MangroveDAO announces the launch of its EVM-compatible, order book decentralized exchange (DEX) on Polygon’s Testnet. Following the Series A fundraising of USD 7.4 million in February, Mangrove introduces a novel “Offer-is-Code” approach, enabling liquidity providers to post smart-contract offers and advancing DeFi trading. The platform is designed to address issues such as fragmented liquidity, high slippage, and under-utilized capital, offering a more efficient, flexible, and user-friendly trading experience.
As part of the launch, users can now access Mangrove DEX on the Polygon Testnet at testnet.mangrove.exchange. The platform enables trading with an order book model, utilizing market and limit orders.
Mangrove’s advanced limit orders differentiate from traditional DEX’s limit orders by keeping funds in the maker’s wallet until the order is taken. This allows makers to spend funds elsewhere without canceling the offer and recovering locked funds. Additionally, custom code embedded in limit orders can make them reactive, providing access to advanced features usually available only on centralized exchanges such as “Immediate or Cancel”, “Good ‘til time” or “Fill or kill” limit orders.
Initially, Mangrove’s Testnet launch includes the following markets: WETH/DAI, WETH/USDC, and DAI/USDC. The platform offers an easy-to-use interface suitable for all experience levels. For a comprehensive guide on placing orders and tracking them, users can consult the Mangrove dApp documentation.
Mangrove’s ecosystem comprises Makers, Takers and Keepers. Makers post and own custom smart-contract offers, also known as smart offers. Takers buy or sell assets with market or limit orders, while Keepers manage failing offers. The introduction of reactive liquidity, amplified liquidity, persistence and last look aims to consolidate DeFi liquidity and provide users with enhanced control, flexibility, and efficiency in their trading experience.
Early adopters of the Mangrove DEX Testnet, known as “Mangrovians,” can earn exclusive NFTs by completing questlines on Galxe or winning special competitions.
In the coming weeks, Mangrove will unveil exciting features related to on-chain market-making strategies on the Mangrove DEX. To stay informed on the latest developments and be among the first to explore upcoming features, follow Mangrove on Twitter.
About Mangrove DAO
Mangrove DAO has created an ecosystem featuring Mangrove DEX, a trustless and on-chain decentralized exchange (DEX) built on an order book model.
Now live on the Polygon Testnet, Mangrove offers a unique advantage to liquidity providers. Instead of locking up their assets in pools, they can create smart offers using code to represent promises for liquidity. This innovative approach allows assets to be utilized in multiple ways simultaneously, giving Mangrove a competitive edge and paving the way for it to become the industry’s most liquid DEX.
Media Contact
Company Name: Mangrove
Contact Person: Bryce Masseron
Email: Send Email
Country: France
Website: https://www.mangrove.exchange/
