Mango Markets, Crypto Exchange Atop Solana Blockchain, Sees Legal Bills Swell a Year After Alleged $116M Heist

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By BitcoinWiki News

Key Takeaways:

  • The Mango DAO treasury holds about $89 million, mostly in MNGO tokens.
  • The market for MNGO tokens may not guarantee quick and easy selling of the tokens.
  • A significant portion of funding, about $15.3 million, comes from dollar-linked stablecoins in the treasury.
  • The stablecoins are primarily denominated in USDC.
  • BTC and Bitcoin are not mentioned in the given text.

The Mango DAO Treasury

Overview

According to Realms, the website dedicated to discussing the Mango DAO treasury, the DAO currently holds approximately $89 million in assets. However, the majority of these assets are in the form of MNGO tokens. While MNGO tokens hold value, they may not be easily sold due to liquidity concerns in the market.

Funding Sources

Insiders of the Mango DAO project have revealed that the main source of funding is expected to come from a stash of dollar-linked stablecoins. This stash, totaling $15.3 million, is stored within the Mango DAO treasury and primarily denominated in USDC.

Liquidity Challenges

One of the main challenges faced by the Mango DAO treasury is the lack of liquidity for MNGO tokens. Although these tokens hold value, selling them quickly and easily may prove to be difficult due to limited market liquidity. As a result, the DAO is considering alternative options to ensure rapid access to funds.

Alternative Funding Plan

To address the liquidity concerns, the Mango DAO is exploring the use of the $15.3 million stash of dollar-linked stablecoins, predominantly in USDC. This alternative funding plan would provide a readily available and more easily tradable asset pool, ensuring the prompt availability of funds for the DAO’s operations.

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