Solana based Mango Markets raises $70 million in token sale

Karthik Subramanian

Mango Markets, a decentralized exchange residing on the Solana blockchain, has raised $70 million in its token sale which closed just a few hours back.

solana

This is one of the largest raises in recent times and shows the popularity of the DEX concept and the growing clout of the Solana blockchain which has been making news recently for its very high-speed transactions at very low gas fees which are seen as a direct challenge for Ethereum.

Another point to note is that at one point of time during the token sale, a total of $500 million in USDC was locked as investors and traders raced to get a share of the tokens. But this tapered off towards the close of the token sale as it closed at around $70 million which is still very strong for a token sale as they usually end up with only around $1 million to $15 million on average.

Mango Markets, apart from being a DEX, also offers spot markets, futures, and swaps as well. It gets its liquidity from its own liquidity pools ad also from Serum, which is the Uniswap equivalent on Solana. The blockchain has seen some strong support from developers and users over the last few months as it seems to currently solve many of the problems faced by ethereum users which revolve around congested networks and high gas fees.

Solana also has the strong backing of Sam Bankman-Fried, the founder of the large crypto exchange FTX, who has invested a lot into many of the projects that are being currently built on the Solana blockchain. The Mango token has already been listed on the exchange which is a further boost to the company and now that the token sale is over, it remains to be seen how many users onboard the exchange and how it plans to grow and expand shortly which will determine the token price and only then the investors into the token sale would be able to get some solid returns on their purchase.

The completion of this sale is also a shot in the arm for the Solana blockchain as it has been one of the largest token sales in recent months and it also demonstrated the robustness of the Solana network which was able to handle the movement of more than half a billion dollars across thousands of transactions in very quick time and with very low gas fees as well.

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