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This is the first moment for non-developers to participate in helping build the Mango protocol by supporting the inception of the protocol's Insurance Fund.
Mango is a decentralized autonomous organization. Its purpose is to contribute maximum value for the defi ecosystem and its developer community to create commercially viable decentralized trading and lending products for traders.
Mango protocol is powered by lenders providing their capital for the community to use for trading and borrowing purposes. The insurance fund is the last line of defense for protecting our mango lenders.
We believe that substantial rewards to a strong developer community and liquidity incentives are the essential drivers for growth and therefore the foundation of the Mango DAO.
Mango Governance tokens ($MNGO) will serve as the incentive for those who can prove their work is useful to the DAO.
$MNGO {' '} were only provided to contributors who helped build the protocol.
We take the view that token sales should be simple, transparent and minimize randomness and luck in the distribution.
Users deposit USDC into a vault during the event period to set their contribution amount.
The event will span over a 2 day period split into two sections,{' '} Unrestricted {' '} and{' '} Restricted.
Unrestricted
During the unrestricted period users may deposit or withdraw their USDC from the vault. During the unrestricted period price can fluctuate.
Restricted
After 24 hours deposits will be restricted and only withdrawals allowed. During the restricted period price can only go down.
Simple mechanisms are easier to build, explain, understand and are harder to exploit. A transparent mechanism increases participation because buyers are more confident there are no hidden tricks that could harm them.
Elements of luck engineered into the mechanism distribute value randomly to those who are most willing to do the arbitrary, worthless tasks to get the free value.
{/*We believe all "excess" value should be captured by token holders in the DAO.
*/}At event conclusion $MNGO gets distributed in propotion to a users USDC contribution.{' '}