add boost intro to terms of use modal
This commit is contained in:
saml33
parent
abadeefd2a
commit
d5b4c86e8e
|
|
@ -4,7 +4,6 @@ import mangoStore from '@store/mangoStore'
|
|||
import TopBar from './TopBar'
|
||||
import useLocalStorageState from '../hooks/useLocalStorageState'
|
||||
import { ACCEPT_TERMS_KEY, SECONDS } from '../utils/constants'
|
||||
import { useWallet } from '@solana/wallet-adapter-react'
|
||||
import useInterval from './shared/useInterval'
|
||||
import { Transition } from '@headlessui/react'
|
||||
import { useTranslation } from 'next-i18next'
|
||||
|
|
@ -13,6 +12,7 @@ import SunburstBackground from './SunburstBackground'
|
|||
import Footer from './Footer'
|
||||
import useIpAddress from 'hooks/useIpAddress'
|
||||
import RestrictedCountryModal from './shared/RestrictedCountryModal'
|
||||
import { useRouter } from 'next/router'
|
||||
|
||||
export const NON_RESTRICTED_JURISDICTION_KEY = 'non-restricted-jurisdiction-0.1'
|
||||
|
||||
|
|
@ -66,15 +66,17 @@ const Layout = ({ children }: { children: ReactNode }) => {
|
|||
export default Layout
|
||||
|
||||
const TermsOfUse = () => {
|
||||
const { connected } = useWallet()
|
||||
const { asPath } = useRouter()
|
||||
const [acceptTerms, setAcceptTerms] = useLocalStorageState(
|
||||
ACCEPT_TERMS_KEY,
|
||||
'',
|
||||
)
|
||||
|
||||
const showTermsOfUse = useMemo(() => {
|
||||
return (!acceptTerms || acceptTerms < termsLastUpdated) && connected
|
||||
}, [acceptTerms, connected])
|
||||
return (
|
||||
(!acceptTerms || acceptTerms < termsLastUpdated) && asPath !== '/risks'
|
||||
)
|
||||
}, [acceptTerms, asPath])
|
||||
|
||||
return (
|
||||
<>
|
||||
|
|
|
|||
|
|
@ -2,459 +2,90 @@ import { ModalProps } from '../../types/modal'
|
|||
import Modal from '../shared/Modal'
|
||||
import { useTranslation } from 'next-i18next'
|
||||
import Button from '@components/shared/Button'
|
||||
import { ArrowTopRightOnSquareIcon } from '@heroicons/react/20/solid'
|
||||
import { useEffect, useState } from 'react'
|
||||
import { CheckCircleIcon } from '@heroicons/react/20/solid'
|
||||
import { useState } from 'react'
|
||||
import Checkbox from '@components/forms/Checkbox'
|
||||
import BoostLogo from '@components/BoostLogo'
|
||||
|
||||
const TermsOfUseModal = ({ isOpen, onClose }: ModalProps) => {
|
||||
const { t } = useTranslation('common')
|
||||
const [acceptTerms, setAcceptTerms] = useState(false)
|
||||
|
||||
useEffect(() => {
|
||||
//scroll start is in the middle of modal
|
||||
//scroll hack lol
|
||||
setTimeout(() => {
|
||||
const testDiv = document?.getElementById('scrollHack')
|
||||
if (testDiv) {
|
||||
testDiv.scrollTop = 0
|
||||
}
|
||||
}, 0)
|
||||
}, [])
|
||||
return (
|
||||
<Modal
|
||||
isOpen={isOpen}
|
||||
onClose={onClose}
|
||||
disableOutsideClose
|
||||
hideClose
|
||||
panelClassNames="md:max-w-2xl"
|
||||
panelClassNames="md:max-w-2xl bg-gradient-to-br from-th-bkg-2 to-th-bkg-1"
|
||||
>
|
||||
<h2 className="mb-4 text-center">{t('accept-terms')}</h2>
|
||||
<div
|
||||
id="scrollHack"
|
||||
className="thin-scroll h-72 snap-start overflow-auto rounded-xl bg-th-bkg-2 p-6"
|
||||
>
|
||||
<p className="mb-3">
|
||||
<b>KEY INVESTOR INFORMATION:</b> This document provides you with key
|
||||
investor information about the Mango Markets Boost! Leverage Staking
|
||||
product. It is not marketing material. The information is required to
|
||||
help you understand the nature and risks of investing in this
|
||||
product.You are advised to read it so you can make an informed
|
||||
decision about whether to invest.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
<b>IMPORTANT INFORMATION: CAPITAL AT RISK</b> The value and income of
|
||||
investments in the following product can fall as well as rise and are
|
||||
not guaranteed. Investors may not get back the amount originally
|
||||
invested.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
<b>IMPORTANT INFORMATION:</b> Investments in the leverage staking
|
||||
product are subject to market fluctuations. The value of your
|
||||
investment, as well as the income derived from it, can increase or
|
||||
decrease. There is no assurance of recovering the initial investment
|
||||
amount. It's crucial to understand that decentralized finance
|
||||
(DeFi) lending products, including those offered on permissionless
|
||||
blockchains, operate independently of Mango Markets DAO.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
This leverage product, known as Boost! v2, allows users to deposit JLP
|
||||
tokens, to be used as collateral in the borrowing USDC at a variable
|
||||
interest rate. The USDC is used to purchase additional tokens,
|
||||
creating increased exposure.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The product entails various fees, including variable collateral fee
|
||||
rates, loan origination fees, and variable loan maintenance fees. The
|
||||
value of your position is directly affected by changes in the USDC
|
||||
interest rate and the market value of the deposited tokens. Typically,
|
||||
an increase in USDC interest rates, or a decrease in value of the
|
||||
deposited tokens, will lead to a decrease in the value of your
|
||||
position, potentially resulting in liquidation.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The Boost! leverage staking product relies on external oracles to
|
||||
provide real-time price feeds for deposited tokens and USDC. These
|
||||
oracles are essential for ensuring accurate collateral valuation.
|
||||
However, investors should be aware that oracle data is subject to
|
||||
risks of manipulation, delay, or inaccuracies. Such issues with oracle
|
||||
feeds can lead to improper valuation of deposited assets, potentially
|
||||
triggering unintended liquidations or affecting the overall
|
||||
performance of your investment.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
Investors should also be aware of the inherent smart-contract risks
|
||||
associated with the Boost! leverage staking on the Mango Markets DAO.
|
||||
These risks include, but are not limited to, vulnerabilities in the
|
||||
contract code that could potentially be exploited, leading to
|
||||
financial loss.
|
||||
</p>
|
||||
<p className="mb-6 font-bold">
|
||||
Please consider these risks carefully before using Mango Markets
|
||||
Boost! Leverage Staking.
|
||||
</p>
|
||||
<h3 className="mb-3">1. Why Boost JLP?</h3>
|
||||
<p className="mb-6">
|
||||
Increased Exposure and Returns: Amplifies investment in JLP,
|
||||
leveraging USDC to enhance yield potential and market position without
|
||||
the need for extra capital.
|
||||
</p>
|
||||
<h3 className="mb-3">2. Why Not Boost JLP?</h3>
|
||||
<p className="mb-6">
|
||||
Risk of Liquidation: High volatility in the JLP and USDC market can
|
||||
rapidly depreciate collateral value, triggering liquidations and
|
||||
potential loss of investment.
|
||||
</p>
|
||||
<h3 className="mb-3">3. Boost JLP</h3>
|
||||
<p className="mb-3">
|
||||
The Boost JLP product offers a significant advantage by amplifying
|
||||
investors' exposure to JLP and it's associated yield through
|
||||
USDC borrowing, which facilitates the acquisition of additional
|
||||
amounts of JLP, enhancing potential gains. This strategic leverage
|
||||
allows investors to expand their market position and potentially
|
||||
increase returns without the need for additional capital investment
|
||||
upfront. The product operates within a framework of carefully
|
||||
calibrated risk parameters, managed by the Mango Markets DAO, to
|
||||
balance growth opportunities against the inherent risks of the JLP and
|
||||
USDC market.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
However, this increased exposure is not without its costs. The primary
|
||||
risk associated with leveraging investments in this way is the
|
||||
heightened potential for liquidation. In volatile market conditions,
|
||||
the value of collateralized assets can rapidly decline, possibly
|
||||
triggering liquidations to cover outstanding liabilities. Moreover,
|
||||
the mechanism of leveraging and the associated fixed rate fees on
|
||||
collateral, along with dynamic USDC and JLP borrow and collateral
|
||||
rates based on platformwide borrowing activity, introduce additional
|
||||
costs that can impact the overall profitability of investments.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
Investors considering the Boost JLP product must, therefore, carefully
|
||||
evaluate the balance between the benefits of increased exposure to
|
||||
underlying assets and the risks of liquidation, losses, and fees. The
|
||||
high-risk nature of leveraged cryptocurrency products demands a
|
||||
thorough understanding of market dynamics and risk management
|
||||
strategies to navigate potential downturns effectively
|
||||
</p>
|
||||
<h3 className="mb-3">4. JLP token</h3>
|
||||
<p className="mb-3">
|
||||
JLP (Jupiter Liquidity Provider) tokens are assets that users receive
|
||||
when they become liquidity providers on the Jupiter Perpetuals
|
||||
platform. Holding JLP allows users to earn a portion of the fees
|
||||
generated by the platform, with the token's value and yield being
|
||||
dynamically influenced by trading activities and market conditions.
|
||||
JLP is a native Solana Program Library (SPL) token. It represents a
|
||||
significant component of the platform's liquidity provision,
|
||||
directly linking holders to the platform's financial ecosystem
|
||||
and its associated risks and rewards.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The value of JLP tokens is closely tied to the operational dynamics of
|
||||
the Jupiter Perpetuals platform. It reflects a share in the pool
|
||||
containing the trading fees generated, trader's profit and loss
|
||||
and 70 percent of generated fees. Inspired by GMXv1, JLP's worth
|
||||
increases with the platform's trading volume and fee generation,
|
||||
offering holders a direct stake in the platform's success. This
|
||||
dynamic pricing mechanism ensures that JLP holders benefit from the
|
||||
platform's financial activities.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The current composition of the JLP pool reflects a mix of major
|
||||
cryptocurrencies, including SOL, ETH, WBTC, USDC, and USDT, each with
|
||||
specific target allocations and utilization rates. Target rates in the
|
||||
JLP pool ensure that the pool remains diversified and resilient to
|
||||
market volatility. While offering a mix of low volatility and high
|
||||
yield, JLP represent a high risk investment due to potential smart
|
||||
contract vulnerabilities and market-related risks. As an index fund of
|
||||
major cryptocurrencies, JLP provides broad exposure, diversifying
|
||||
portfolios but also introducing complex market risks.
|
||||
</p>
|
||||
<h4 className="mb-2">4.1 Performance and Composition</h4>
|
||||
<p className="mb-6">CHARTS HERE...</p>
|
||||
<h3 className="mb-3">5. Objectives and Policy</h3>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Boost! v2 augments the investor's exposure to the deposited
|
||||
tokens by leveraging USDC borrowing to finance the acquisition of
|
||||
additional amounts of the deposited asset, which is designated as
|
||||
"Collateral".
|
||||
<div className="mb-6">
|
||||
<div className="mb-4 border-b border-th-bkg-3 pb-4">
|
||||
<div className="group mb-2 flex items-center justify-center">
|
||||
<BoostLogo className="h-auto w-12 shrink-0 cursor-pointer group-hover:animate-shake" />
|
||||
<span className="text-shadow ml-2 hidden text-[32px] font-black text-th-bkg-1 md:block">
|
||||
Boost!
|
||||
</span>
|
||||
<div className="ml-2.5 hidden rounded border border-th-fgd-1 bg-th-active px-1.5 py-1 md:block">
|
||||
<span className="block font-mono text-xxs font-black leading-none text-th-fgd-1">
|
||||
v2
|
||||
</span>
|
||||
</div>
|
||||
</div>
|
||||
<p className="text-center text-lg">
|
||||
Earn boosted yield on your JLP and liquid staking tokens.
|
||||
</p>
|
||||
</div>
|
||||
<ul className="space-y-2 border-b border-th-bkg-3 pb-4">
|
||||
<li className="flex items-center">
|
||||
<CheckCircleIcon className="mr-2 h-5 w-5 text-th-success" />
|
||||
<span>Easily add leverage to boost your yield.</span>
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The magnitude of USDC leveraged and the volume of deposited assets
|
||||
acquired are predicated on specific risk parameters, notably the
|
||||
"Initialisation" asset weight of the deposited tokens. The
|
||||
Mango Markets DAO exercises governance over this critical parameter,
|
||||
adjusting it in accordance with their risk management strategy.
|
||||
<li className="flex items-center">
|
||||
<CheckCircleIcon className="mr-2 h-5 w-5 text-th-success" />
|
||||
<span>No lockup. Remove your assets when you want.</span>
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The collateral of deposited tokens is subject to a fixed rate fee,
|
||||
which is imposed in direct proportion to the extent of the
|
||||
collateral that is secured by outstanding liabilities. In the
|
||||
context of liquidations, a distinct and typically lower value, known
|
||||
as the "maintenance asset weight", comes into play,
|
||||
representing the "weighted assets" threshold for
|
||||
triggering liquidation.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The USDC borrow rate is dynamically adjusted based on the total
|
||||
volume of USDC borrowed and deposited across the platform, adhering
|
||||
to an exponential curve. This mechanism ensures that the borrow rate
|
||||
increases with the aggregate borrowing activity, influencing the
|
||||
cost of leveraging and the overall economic incentives for borrowers
|
||||
and depositors alike. This rate adjustment strategy is crucial for
|
||||
managing liquidity and risk on the platform.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The effectiveness of leveraging JLP and the associated USDC
|
||||
borrowing rates are directly influenced by Boost USDC, a distinct
|
||||
service on the platform designed for USDC lending. The interplay
|
||||
between JLP leverage and Boost USDC underscores the importance of
|
||||
understanding the inherent risks of Boost USDC when utilizing JLP
|
||||
for investment strategies.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
A liquidation event is initiated when the combined value of the
|
||||
borrowed USDC, along with the accumulated interest, surpasses the
|
||||
"weighted assets" value. This mechanism ensures that USDC
|
||||
depositors are prioritized for reimbursement in the event of a
|
||||
market downturn.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The aforementioned risk parameters, such as the
|
||||
"Initialisation" asset weight, play a crucial role in the
|
||||
determination of both the borrowing capacity and the purchasing
|
||||
power regarding the deposited assets, underlining the significance
|
||||
of the Mango Markets DAO's oversight.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Recommendation: Investors should be cognizant of the High Risk
|
||||
nature of this product. The cryptocurrency markets are characterized
|
||||
by their extreme volatility, which can lead to abrupt and
|
||||
unanticipated liquidations, thereby posing a substantial risk to
|
||||
capital.
|
||||
<li className="flex items-center">
|
||||
<CheckCircleIcon className="mr-2 h-5 w-5 text-th-success" />
|
||||
<span>
|
||||
Powered by{' '}
|
||||
<a
|
||||
href="https://app.mango.markets"
|
||||
target="_blank"
|
||||
rel="noopener noreferrer"
|
||||
>
|
||||
Mango v4's
|
||||
</a>{' '}
|
||||
extensively audited contracts.
|
||||
</span>
|
||||
</li>
|
||||
</ul>
|
||||
<p className="mb-6">
|
||||
For more information on Mango Boost, risks and charges please contact{' '}
|
||||
</div>
|
||||
<Checkbox
|
||||
checked={acceptTerms}
|
||||
onChange={(e) => setAcceptTerms(e.target.checked)}
|
||||
>
|
||||
<p className="flex flex-wrap text-base">
|
||||
I accept the
|
||||
<a
|
||||
href="https://discord.gg/pV5mybZYY8"
|
||||
className="mx-1"
|
||||
href="/risks"
|
||||
target="_blank"
|
||||
rel="noopener noreferrer"
|
||||
>
|
||||
https://discord.gg/pV5mybZYY8
|
||||
Risks
|
||||
</a>
|
||||
and
|
||||
<a
|
||||
className="mx-1"
|
||||
href="https://docs.mango.markets/legal/terms-of-use"
|
||||
rel="noopener noreferrer"
|
||||
target="_blank"
|
||||
>
|
||||
{t('terms-of-use')}
|
||||
</a>
|
||||
</p>
|
||||
<h3 className="mb-3">6. Interdependence with Boost USDC</h3>
|
||||
<p className="mb-6">
|
||||
The "Boost JLP" product intricately relies on the
|
||||
"Boost USDC" , serving as a mechanism for deposits within
|
||||
the ecosystem. Specifically, the Boost USDC product facilitates the
|
||||
deposit of USDC, which is a critical component in enabling the
|
||||
leveraging features of Boost JLP. This interdependence underscores a
|
||||
strategic approach to liquidity management and leverage within the
|
||||
platform, where the availability and conditions of USDC deposits
|
||||
directly influence the operational dynamics of Boost JLP. As such,
|
||||
users engaging with Boost JLP are implicitly interacting with the
|
||||
underlying mechanisms and risks associated with Boost USDC.
|
||||
</p>
|
||||
<h3 className="mb-3">7. Charges</h3>
|
||||
<p className="mb-3">
|
||||
The charges are used to pay the costs of running the product,
|
||||
including the costs of marketing, development and distributing it.
|
||||
These charges reduce the potential growth of your leverage position,
|
||||
and increase the likelihood of liquidation. At any point in time,
|
||||
Mango Markets DAO can choose to increase, decrease or remove fees:
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Loan Origination Fee: This is a one-time fee applied to the USDC
|
||||
borrowed, which increases the borrower's liabilities. It
|
||||
typically ranges from 1 to 100 basis points.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Loan Fee Rate, This represents a percentage fee applied to the USDC
|
||||
borrowed, also contributing to an increase in liabilities. The fee
|
||||
rate falls within a 0-10 percent Annual Percentage Rate (APR).
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Collateral Fee Rate, This is a percentage fee assessed on the
|
||||
collateral deposited by the borrower. It fluctuates based on the
|
||||
ratio of weighted liabilities to weighted collateral, affecting the
|
||||
overall cost of borrowing.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Swap Fees, When positions are initiated by swapping USDC for a
|
||||
derived token through the most efficient route, swap fees may be
|
||||
incurred as part of the slippage. This fee affects the cost and
|
||||
efficiency of the transaction.
|
||||
</li>
|
||||
</ul>
|
||||
<h3 className="mb-3">8. JLP Specific Risks</h3>
|
||||
<h4 className="mb-2">8.1 Disclaimer on Jupiter Token Management</h4>
|
||||
<p className="mb-3">
|
||||
It is important for users to understand that the Boost platform does
|
||||
not have any control over the management, performance, or operational
|
||||
strategies of the Jupiter project or its associated tokens, including
|
||||
JLP. Users should conduct their own due diligence and assess the risks
|
||||
involved when engaging with Jupiter tokens. Our platform accepts no
|
||||
responsibility for any financial outcomes related to the fluctuation
|
||||
in value, liquidity, or regulatory changes affecting Jupiter tokens.
|
||||
</p>
|
||||
<h4 className="mb-2">
|
||||
8.2 Risks Associated with Accepting JLP Deposits
|
||||
</h4>
|
||||
<p className="mb-3">
|
||||
Accepting Jupiter Liquidity Provider (JLP) tokens as deposits in a
|
||||
lending platform introduces specific risks:
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Value Fluctuation Risk: The value of JLP tokens can be highly
|
||||
volatile, affecting the collateral value of loans.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Smart Contract Risk: Potential vulnerabilities in the JLP
|
||||
token's smart contract could lead to loss of funds.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Market Risk: Changes in the overall crypto market could
|
||||
disproportionately affect the JLP liquidity pool, impacting JLP
|
||||
token stability and value.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Regulatory Risk: Changes in regulatory landscapes may affect the
|
||||
operation of liquidity pools and the usability of JLP as collateral.
|
||||
</li>
|
||||
</ul>
|
||||
<h3 className="mb-3">9. General Risks</h3>
|
||||
<p className="mb-3">
|
||||
The below describes the potential risks faced by users of Boost,
|
||||
categorized into general risks, platform-specific risks, and market
|
||||
operation risks
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Legal and Taxation Risks: Users are responsible for understanding
|
||||
and complying with the legal and tax implications of their actions
|
||||
within Mango Markets.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Market Risks: Market prices are subject to rapid and unpredictable
|
||||
changes. Historical trends do not guarantee future performance.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Unknown Risks: Additional, unspecified risks may exist, affecting
|
||||
users' experiences and outcomes
|
||||
</li>
|
||||
</ul>
|
||||
<h4 className="mb-2">9.1 Platform-Specific Risks</h4>
|
||||
<p className="mb-3">
|
||||
Solana Network Risks: Solana's architecture, designed for high
|
||||
throughput and low transaction costs, faces challenges that can impact
|
||||
users on the Boost platform. Key areas of concern include:
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Wallet Loss: The decentralized nature of blockchain technology means
|
||||
that wallet security is paramount. Users losing access to their
|
||||
private keys will find themselves permanently unable to access their
|
||||
funds on Boost, with no centralized authority to facilitate
|
||||
recovery.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Infrastructure Risks: The Solana network is not immune to downtimes
|
||||
or degraded service quality. These can arise from various factors,
|
||||
including network congestion, protocol upgrades, or malicious
|
||||
attacks. During such downtimes, users may experience delayed
|
||||
transactions, inability to access their funds, or temporary loss of
|
||||
platform functionality. Extended outages could lead to significant
|
||||
disruption, affecting trading strategies and access to assets.
|
||||
</li>
|
||||
</ul>
|
||||
<h4 className="mb-2">9.2 Oracle Provider Risks</h4>
|
||||
<p className="mb-3">
|
||||
The use of oracle providers like Switchboard introduces several risks,
|
||||
necessitating a thorough understanding for informed decision-making.
|
||||
Key points include:
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Accuracy and Reliability: Oracle providers are responsible for
|
||||
delivering accurate and timely data feeds. Any discrepancies or
|
||||
delays in data can affect trades, liquidations, and the stability of
|
||||
the market.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Customization and Community Governance: Switchboard is a
|
||||
permissionless, customizable, multi-chain oracle network that relies
|
||||
on community governance to curate and manage data feeds. While this
|
||||
democratizes data provision, it also introduces variability in the
|
||||
quality and reliability of the data, depending on community
|
||||
engagement and oversight.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Technical Risks: The complexity of managing oracle queues, running
|
||||
local oracles for testing, and integrating with smart contracts
|
||||
introduces technical risks, including potential vulnerabilities or
|
||||
misconfigurations that could be exploited.
|
||||
</li>
|
||||
</ul>
|
||||
<h4 className="mb-2">9.3 Disclaimer on Oracle Management</h4>
|
||||
<p className="mb-6">
|
||||
It is crucial for platform users to acknowledge that JLP Boost does
|
||||
not control or manage the oracle services provided by Switchboard,
|
||||
Pyth, or any other third-party oracle providers. As such, we are not
|
||||
liable for any discrepancies, inaccuracies, or failures of the oracle
|
||||
services. In the event of data inaccuracies provided by these oracles,
|
||||
our platform will proceed with liquidations or other contract
|
||||
executions based on the received data, underscoring the importance of
|
||||
users' awareness of these oracle provider risks.
|
||||
</p>
|
||||
<h3 className="mb-3">10. Boost! Specific Risks</h3>
|
||||
<p className="mb-3">
|
||||
The "Boost" products within the Mango Markets ecosystem,
|
||||
designed to enhance user engagement through leveraged positions and
|
||||
liquidity provision, carry their own set of specific risks. These
|
||||
risks stem from operational complexities, market volatilities, and
|
||||
dependencies on external services. Understanding these risks is
|
||||
crucial for participants to navigate the platform effectively and
|
||||
mitigate potential losses.
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Operational Risks: Bugs or vulnerabilities in the deployed Boost
|
||||
program or governance mechanisms could lead to incorrect behavior or
|
||||
loss of funds.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Liquidation and Socialized Loss Risks: Market conditions can trigger
|
||||
liquidations, potentially leading to cascading market impacts and
|
||||
socialized losses under certain conditions.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Service and UI Risks: Reliance on external services and user
|
||||
interfaces may introduce additional vulnerabilities, including data
|
||||
accuracy and access issues.
|
||||
</li>
|
||||
</ul>
|
||||
<Checkbox
|
||||
checked={acceptTerms}
|
||||
onChange={(e) => setAcceptTerms(e.target.checked)}
|
||||
>
|
||||
<p className="flex flex-wrap text-base">
|
||||
<span className="mr-1">I accept the risks and</span>
|
||||
<a
|
||||
className="flex items-center"
|
||||
href="https://docs.mango.markets/legal/terms-of-use"
|
||||
rel="noopener noreferrer"
|
||||
target="_blank"
|
||||
>
|
||||
{t('terms-of-use')}
|
||||
<ArrowTopRightOnSquareIcon className="ml-1 h-4 w-4 shrink-0" />
|
||||
</a>
|
||||
</p>
|
||||
</Checkbox>
|
||||
</div>
|
||||
</Checkbox>
|
||||
<Button
|
||||
className="mt-6 w-full"
|
||||
disabled={!acceptTerms}
|
||||
|
|
|
|||
|
|
@ -0,0 +1,416 @@
|
|||
import type { NextPage } from 'next'
|
||||
import { serverSideTranslations } from 'next-i18next/serverSideTranslations'
|
||||
|
||||
export async function getStaticProps({ locale }: { locale: string }) {
|
||||
return {
|
||||
props: {
|
||||
...(await serverSideTranslations(locale, ['common'])),
|
||||
},
|
||||
}
|
||||
}
|
||||
|
||||
const Risks: NextPage = () => {
|
||||
return (
|
||||
<div className="rounded-2xl border-2 border-th-fgd-1 bg-th-bkg-1 p-6">
|
||||
<h1 className="mb-4">Risks</h1>
|
||||
<p className="mb-3">
|
||||
<b>KEY INVESTOR INFORMATION:</b> This document provides you with key
|
||||
information about the Mango Markets Boost! Leveraged Staking product and
|
||||
the risks involved. It is not marketing material. The information is
|
||||
required to help you understand the nature and risks of investing in
|
||||
this product.You are advised to read it so you can make an informed
|
||||
decision about whether to invest.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
<b>IMPORTANT INFORMATION: CAPITAL AT RISK</b> The value and income of
|
||||
investments in the following product can fall as well as rise and are
|
||||
not guaranteed. Investors may not get back the amount originally
|
||||
invested.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
<b>IMPORTANT INFORMATION:</b> Investments in the leverage staking
|
||||
product are subject to market fluctuations. The value of your
|
||||
investment, as well as the income derived from it, can increase or
|
||||
decrease. There is no assurance of recovering the initial investment
|
||||
amount. It's crucial to understand that decentralized finance
|
||||
(DeFi) lending products, including those offered on permissionless
|
||||
blockchains, operate independently of Mango Markets DAO.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
This leverage product, known as Boost! v2, allows users to deposit JLP
|
||||
and SOL liquid staking tokens (LSTs), to be used as collateral in the
|
||||
borrowing of USDC (if boosting JLP) or SOL (if boosting LSTs) at a
|
||||
variable interest rate. The USDC or SOL is used to purchase additional
|
||||
tokens, creating increased exposure.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The product entails various fees, including variable collateral fee
|
||||
rates (if boosting JLP), loan origination fees, and variable loan
|
||||
maintenance fees. The value of your position is directly affected by
|
||||
changes in the USDC or SOL interest rate and the market value of the
|
||||
deposited tokens. Typically, an increase in borrow interest rates, or a
|
||||
decrease in value of the deposited tokens, will lead to a decrease in
|
||||
the value of your position, potentially resulting in liquidation.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The Boost! leverage staking product relies on external oracles to
|
||||
provide real-time price feeds for deposited tokens, USDC and SOL. These
|
||||
oracles are essential for ensuring accurate collateral valuation.
|
||||
However, investors should be aware that oracle data is subject to risks
|
||||
of manipulation, delay, or inaccuracies. Such issues with oracle feeds
|
||||
can lead to improper valuation of deposited assets, potentially
|
||||
triggering unintended liquidations or affecting the overall performance
|
||||
of your investment.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
Investors should also be aware of the inherent smart-contract risks
|
||||
associated with the Boost! leverage staking on the Mango Markets DAO.
|
||||
These risks include, but are not limited to, vulnerabilities in the
|
||||
contract code that could potentially be exploited, leading to financial
|
||||
loss.
|
||||
</p>
|
||||
<p className="mb-6 font-bold">
|
||||
Please consider these risks carefully before using Mango Markets Boost!
|
||||
Leveraged Staking.
|
||||
</p>
|
||||
<h3 className="mb-3">1. Why Boost JLP or LSTs?</h3>
|
||||
<p className="mb-6">
|
||||
Increased Exposure and Returns: Amplifies investment in JLP/LSTs,
|
||||
leveraging USDC/SOL to enhance yield potential and market position
|
||||
without the need for extra capital.
|
||||
</p>
|
||||
<h3 className="mb-3">2. Why Not Boost JLP or LSTs?</h3>
|
||||
<p className="mb-6">
|
||||
Risk of Liquidation: High volatility in the JLP/LST and USDC/SOL market
|
||||
can rapidly depreciate collateral value, triggering liquidations and
|
||||
potential loss of investment.
|
||||
</p>
|
||||
<h3 className="mb-3">3. Boosting</h3>
|
||||
<p className="mb-3">
|
||||
Boosting offers a significant advantage by amplifying investors'
|
||||
exposure to JLP/LSTs and their associated yield through USDC or SOL
|
||||
borrowing, which facilitates the acquisition of additional amounts of
|
||||
JLP or LSTs, enhancing potential gains. This strategic leverage allows
|
||||
investors to expand their market position and potentially increase
|
||||
returns without the need for additional capital investment upfront. The
|
||||
product operates within a framework of carefully calibrated risk
|
||||
parameters, managed by the Mango DAO, to balance growth opportunities
|
||||
against the inherent risks of the JLP/LST and USDC/SOL markets.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
However, this increased exposure is not without its costs. The primary
|
||||
risk associated with leveraging investments in this way is the
|
||||
heightened potential for liquidation. In volatile market conditions, the
|
||||
value of collateralized assets can rapidly decline, possibly triggering
|
||||
liquidations to cover outstanding liabilities. Moreover, the mechanism
|
||||
of leveraging and the associated costs and fees of borrowing, introduce
|
||||
additional costs that can impact the overall profitability of
|
||||
investments.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
It's critical to carefully evaluate the balance between the
|
||||
benefits of increased exposure to underlying assets and the risks of
|
||||
liquidation, losses, and fees. The high-risk nature of leveraged
|
||||
cryptocurrency products demands a thorough understanding of market
|
||||
dynamics and risk management strategies to navigate potential downturns
|
||||
effectively
|
||||
</p>
|
||||
<h3 className="mb-3">4. JLP token</h3>
|
||||
<p className="mb-3">
|
||||
JLP (Jupiter Liquidity Provider) tokens are assets that users receive
|
||||
when they become liquidity providers on the Jupiter Perpetuals platform.
|
||||
Holding JLP allows users to earn a portion of the fees generated by the
|
||||
platform, with the token's value and yield being dynamically
|
||||
influenced by trading activities and market conditions. JLP is a native
|
||||
Solana Program Library (SPL) token. It represents a significant
|
||||
component of the platform's liquidity provision, directly linking
|
||||
holders to the platform's financial ecosystem and its associated
|
||||
risks and rewards.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The value of JLP tokens is closely tied to the operational dynamics of
|
||||
the Jupiter Perpetuals platform. It reflects a share in the pool
|
||||
containing the trading fees generated, trader's profit and loss and
|
||||
70 percent of generated fees. Inspired by GMXv1, JLP's worth
|
||||
increases with the platform's trading volume and fee generation,
|
||||
offering holders a direct stake in the platform's success. This
|
||||
dynamic pricing mechanism ensures that JLP holders benefit from the
|
||||
platform's financial activities.
|
||||
</p>
|
||||
<p className="mb-3">
|
||||
The current composition of the JLP pool reflects a mix of major
|
||||
cryptocurrencies, including SOL, ETH, WBTC, USDC, and USDT, each with
|
||||
specific target allocations and utilization rates. Target rates in the
|
||||
JLP pool ensure that the pool remains diversified and resilient to
|
||||
market volatility. While offering a mix of low volatility and high
|
||||
yield, JLP represent a high risk investment due to potential smart
|
||||
contract vulnerabilities and market-related risks. As an index fund of
|
||||
major cryptocurrencies, JLP provides broad exposure, diversifying
|
||||
portfolios but also introducing complex market risks.
|
||||
</p>
|
||||
<h3 className="mb-3">5. Objectives and Policy</h3>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Boost! v2 augments the investor's exposure to the deposited
|
||||
tokens by leveraging USDC or SOL borrowing to finance the acquisition
|
||||
of additional amounts of the deposited asset, which is designated as
|
||||
"Collateral".
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The magnitude of USDC or SOL leveraged and the volume of deposited
|
||||
assets acquired are predicated on specific risk parameters, notably
|
||||
the "Initialisation" asset weight of the deposited tokens.
|
||||
The Mango DAO exercises governance over this critical parameter,
|
||||
adjusting it in accordance with their risk management strategy.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
When boosting JLP the collateral of deposited tokens is subject to a
|
||||
fixed rate fee, which is imposed in direct proportion to the extent of
|
||||
the collateral that is secured by outstanding liabilities. In the
|
||||
context of liquidations, a distinct and typically lower value, known
|
||||
as the "maintenance asset weight", comes into play,
|
||||
representing the "weighted assets" threshold for triggering
|
||||
liquidation.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The USDC and SOL borrow rates are dynamically adjusted based on the
|
||||
total volume of USDC/SOL borrowed and deposited across the platform,
|
||||
adhering to an exponential curve. This mechanism ensures that the
|
||||
borrow rate increases with the aggregate borrowing activity,
|
||||
influencing the cost of leveraging and the overall economic incentives
|
||||
for borrowers and depositors alike. This rate adjustment strategy is
|
||||
crucial for managing liquidity and risk on the platform.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The effectiveness of leveraging JLP and the associated USDC borrowing
|
||||
rates are directly influenced by Boost! USDC, a distinct service on
|
||||
the platform designed for USDC lending. The interplay between JLP
|
||||
leverage and Boost USDC underscores the importance of understanding
|
||||
the inherent risks of Boost USDC when utilizing JLP for investment
|
||||
strategies. JLP and USDC are isolated from the LST pool.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
A liquidation event is initiated when the combined value of the
|
||||
borrowed USDC or SOL, along with the accumulated interest, surpasses
|
||||
the "weighted assets" value. This mechanism ensures that
|
||||
USDC depositors are prioritized for reimbursement in the event of a
|
||||
market downturn.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
The aforementioned risk parameters, such as the
|
||||
"Initialisation" asset weight, play a crucial role in the
|
||||
determination of both the borrowing capacity and the purchasing power
|
||||
regarding the deposited assets, underlining the significance of the
|
||||
Mango DAO's oversight.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Recommendation: Investors should be cognizant of the High Risk nature
|
||||
of this product. The cryptocurrency markets are characterized by their
|
||||
extreme volatility, which can lead to abrupt and unanticipated
|
||||
liquidations, thereby posing a substantial risk to capital.
|
||||
</li>
|
||||
</ul>
|
||||
<p className="mb-6">
|
||||
For more information on Mango Boost, risks and charges please contact{' '}
|
||||
<a
|
||||
href="https://discord.gg/pV5mybZYY8"
|
||||
target="_blank"
|
||||
rel="noopener noreferrer"
|
||||
>
|
||||
https://discord.gg/pV5mybZYY8
|
||||
</a>
|
||||
</p>
|
||||
<h3 className="mb-3">6. Interdependence with Boost USDC</h3>
|
||||
<p className="mb-6">
|
||||
The "Boost JLP" product intricately relies on the "Boost
|
||||
USDC" , serving as a mechanism for deposits within the ecosystem.
|
||||
Specifically, the Boost USDC product facilitates the deposit of USDC,
|
||||
which is a critical component in enabling the leveraging features of
|
||||
Boost JLP. This interdependence underscores a strategic approach to
|
||||
liquidity management and leverage within the platform, where the
|
||||
availability and conditions of USDC deposits directly influence the
|
||||
operational dynamics of Boost JLP. As such, users engaging with Boost
|
||||
JLP are implicitly interacting with the underlying mechanisms and risks
|
||||
associated with Boost USDC.
|
||||
</p>
|
||||
<h3 className="mb-3">7. Charges</h3>
|
||||
<p className="mb-3">
|
||||
The charges are used to pay the costs of running the product, including
|
||||
the costs of marketing, development and distributing it. These charges
|
||||
reduce the potential growth of your leverage position, and increase the
|
||||
likelihood of liquidation. At any point in time, Mango DAO can choose to
|
||||
increase, decrease or remove fees:
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Loan Origination Fee: This is a one-time fee applied to the USDC or
|
||||
SOL borrowed, which increases the borrower's liabilities. It
|
||||
typically ranges from 1 to 100 basis points.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Loan Fee Rate, This represents a percentage fee applied to the USDC or
|
||||
SOL borrowed, also contributing to an increase in liabilities. The fee
|
||||
rate falls within a 0-10 percent Annual Percentage Rate (APR).
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Collateral Fee Rate, This is a percentage fee for boosting JLP,
|
||||
assessed on the collateral deposited by the borrower. It fluctuates
|
||||
based on the ratio of weighted liabilities to weighted collateral,
|
||||
affecting the overall cost of borrowing.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Swap Fees, When positions are initiated by swapping USDC or SOL for a
|
||||
derived token through the most efficient route, swap fees may be
|
||||
incurred as part of the slippage. This fee affects the cost and
|
||||
efficiency of the transaction.
|
||||
</li>
|
||||
</ul>
|
||||
<h3 className="mb-3">8. JLP and LST Specific Risks</h3>
|
||||
<h4 className="mb-2">8.1 Disclaimer on Jupiter Token Management</h4>
|
||||
<p className="mb-3">
|
||||
It is important for users to understand that the Boost platform does not
|
||||
have any control over the management, performance, or operational
|
||||
strategies of JLP or any of the LSTs. Users should conduct their own due
|
||||
diligence and assess the risks involved when engaging with these tokens.
|
||||
Boost! accepts no responsibility for any financial outcomes related to
|
||||
the fluctuation in value, liquidity, or regulatory changes affecting
|
||||
these tokens.
|
||||
</p>
|
||||
<h4 className="mb-2">
|
||||
8.2 Risks Associated with Accepting JLP/LST Deposits
|
||||
</h4>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Value Fluctuation Risk: The value of JLP/LSTs can be highly volatile,
|
||||
affecting the collateral value of loans.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Smart Contract Risk: Potential vulnerabilities in the JLP/LST smart
|
||||
contract could lead to loss of funds.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Market Risk: Changes in the overall crypto market could
|
||||
disproportionately affect the JLP/LSTs liquidity pools, impacting the
|
||||
tokens stability and value.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Regulatory Risk: Changes in regulatory landscapes may affect the
|
||||
operation of liquidity pools and the usability of JLP/LSTs as
|
||||
collateral.
|
||||
</li>
|
||||
</ul>
|
||||
<h3 className="mb-3">9. General Risks</h3>
|
||||
<p className="mb-3">
|
||||
The below describes the potential risks faced by users of Boost!,
|
||||
categorized into general risks, platform-specific risks, and market
|
||||
operation risks
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Legal and Taxation Risks: Users are responsible for understanding and
|
||||
complying with the legal and tax implications of their actions within
|
||||
Mango Markets.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Market Risks: Market prices are subject to rapid and unpredictable
|
||||
changes. Historical trends do not guarantee future performance.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Unknown Risks: Additional, unspecified risks may exist, affecting
|
||||
users' experiences and outcomes
|
||||
</li>
|
||||
</ul>
|
||||
<h4 className="mb-2">9.1 Platform-Specific Risks</h4>
|
||||
<p className="mb-3">
|
||||
Solana Network Risks: Solana's architecture, designed for high
|
||||
throughput and low transaction costs, faces challenges that can impact
|
||||
users on the Boost platform. Key areas of concern include:
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Wallet Loss: The decentralized nature of blockchain technology means
|
||||
that wallet security is paramount. Users losing access to their
|
||||
private keys will find themselves permanently unable to access their
|
||||
funds on Boost, with no centralized authority to facilitate recovery.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Infrastructure Risks: The Solana network is not immune to downtimes or
|
||||
degraded service quality. These can arise from various factors,
|
||||
including network congestion, protocol upgrades, or malicious attacks.
|
||||
During such downtimes, users may experience delayed transactions,
|
||||
inability to access their funds, or temporary loss of platform
|
||||
functionality. Extended outages could lead to significant disruption,
|
||||
affecting trading strategies and access to assets.
|
||||
</li>
|
||||
</ul>
|
||||
<h4 className="mb-2">9.2 Oracle Provider Risks</h4>
|
||||
<p className="mb-3">
|
||||
The use of oracle providers like Switchboard and Pyth introduce several
|
||||
risks, necessitating a thorough understanding for informed
|
||||
decision-making. Key points include:
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Accuracy and Reliability: Oracle providers are responsible for
|
||||
delivering accurate and timely data feeds. Any discrepancies or delays
|
||||
in data can affect trades, liquidations, and the stability of the
|
||||
market.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Customization and Community Governance: Switchboard is a
|
||||
permissionless, customizable, multi-chain oracle network that relies
|
||||
on community governance to curate and manage data feeds. While this
|
||||
democratizes data provision, it also introduces variability in the
|
||||
quality and reliability of the data, depending on community engagement
|
||||
and oversight.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Technical Risks: The complexity of managing oracle queues, running
|
||||
local oracles for testing, and integrating with smart contracts
|
||||
introduces technical risks, including potential vulnerabilities or
|
||||
misconfigurations that could be exploited.
|
||||
</li>
|
||||
</ul>
|
||||
<h4 className="mb-2">9.3 Disclaimer on Oracle Management</h4>
|
||||
<p className="mb-6">
|
||||
It is crucial for platform users to acknowledge that Boost! does not
|
||||
control or manage the oracle services provided by Switchboard, Pyth, or
|
||||
any other third-party oracle providers. As such, we are not liable for
|
||||
any discrepancies, inaccuracies, or failures of the oracle services. In
|
||||
the event of data inaccuracies provided by these oracles, our platform
|
||||
will proceed with liquidations or other contract executions based on the
|
||||
received data, underscoring the importance of users' awareness of
|
||||
these oracle provider risks.
|
||||
</p>
|
||||
<h3 className="mb-3">10. Boost! Specific Risks</h3>
|
||||
<p className="mb-3">
|
||||
The "Boost" products within the Mango Markets ecosystem,
|
||||
designed to enhance user engagement through leveraged positions and
|
||||
liquidity provision, carry their own set of specific risks. These risks
|
||||
stem from operational complexities, market volatilities, and
|
||||
dependencies on external services. Understanding these risks is crucial
|
||||
for participants to navigate the platform effectively and mitigate
|
||||
potential losses.
|
||||
</p>
|
||||
<ul className="ml-6 list-outside list-disc">
|
||||
<li className="mb-3">
|
||||
Operational Risks: Bugs or vulnerabilities in the deployed Boost
|
||||
program or governance mechanisms could lead to incorrect behavior or
|
||||
loss of funds.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Liquidation and Socialized Loss Risks: Market conditions can trigger
|
||||
liquidations, potentially leading to cascading market impacts and
|
||||
socialized losses under certain conditions.
|
||||
</li>
|
||||
<li className="mb-3">
|
||||
Service and UI Risks: Reliance on external services and user
|
||||
interfaces may introduce additional vulnerabilities, including data
|
||||
accuracy and access issues.
|
||||
</li>
|
||||
</ul>
|
||||
</div>
|
||||
)
|
||||
}
|
||||
|
||||
export default Risks
|
||||
Loading…
Reference in New Issue