Mango Markets

Mango Markets is a decentralized trading and lending protocol on Solana that offers spot trading, perpetual futures, and margin lending with cross-collateralization. It was one of the earliest comprehensive DeFi protocols on Solana and pioneered many features that later became standard across the ecosystem. The protocol operates an on-chain order book for both spot and perpetual futures markets, with cross-margin capabilities that allow traders to use their entire portfolio as collateral. This capital efficiency means traders can take positions across multiple markets without needing to allocate separate margin for each position. Mango's lending markets enable users to earn interest on deposited assets, while borrowers can take margin loans against their portfolio. The interest rates are variable, adjusting based on supply and demand in each lending pool. The cross-collateral system means all deposits earn interest while simultaneously serving as trading margin. Mango Markets has a complex history — it experienced a major exploit in 2022 that temporarily drained significant funds, but the protocol was rebuilt (Mango V4) with improved security and governance. The MNGO governance token provides voting rights over protocol parameters, and the DAO manages protocol upgrades and treasury allocations through decentralized governance.