Mango Markets is a decentralized, full-position margin trading platform that integrates with Serm DEX's order book for listing.

Mango Markets aims to combine the convenience and liquidity of a centralised exchange with the permissionless nature of DeFi to create a trader - and make-friendly decentralised trading platform.

Current on-chain lending agreements, such as Aave and Compound, provide margin traders with twice as much leverage, but have many drawbacks. On the one hand, the miner's fee of Ethereum is beyond the reach of most traders. On the other hand, margin trading can only be done through market orders or Swap, and limit orders cannot be used, making it difficult for traders to close at the desired price and completely useless for market makers. Centralised trading platforms can offer leverage similar to Mango's Markets, but their rules and data are less transparent and end up hosting traders' money. This creates additional security risks.

Mango Markets is a decentralized, full-position margin trading platform that integrates with Serm DEX's order book for listing. Makers and takers can earn interest when they put money into a platform or start a leveraged trade. Users can also mortgage the SRM to the shared pool, reducing fees for all traders. When traders use Mango Markets, they can earn income from unliquidated positions, deposits and collateral. Permanent features on Serum's full chain, such as order book and spot margin, benefit Mango Markets. Every asset in Mango Markets is cross-collateralized and can be used as collateral to open leveraged positions.

The total number of tokens issued is 1,000,000,000, of which 90% are locked in governance funds, 5% are locked in insurance policies, and the remaining 5% are locked in contributor tokens.

Token Mngos have three main uses: insurance funds, governance tokens, and liquidity mining incentives for market makers

1. No charge; 2. Cross margin; 3. Margin limit orders are allowed; 4. Margin positions pay interest; 5. Pooling SRM to reduce costs.

Mango Markets provides a convenient and powerful platform. Users can use limit or market orders to trade with five times long or short leverage. Rates are determined based on the number of SRMS held in the account. The more SRMS in the account, the less fees are paid. The Structure of the Mango Markets Margin account enables SRM deposits to be integrated with all users to achieve higher grades and benefit from trading on the platform. As a result, Users of Mango Markets can save substantial sums on Serum DEX transaction fees, and SRM deposits are not liquidated and do not count towards collateral margin. 4. Lending and clearing Mango Markets' lending pool works in a similar way to the lending pool on Aave, where users earn interest on both deposits and positions (and therefore may earn net interest on margin positions). Users simply deposit money into a margin account to automatically earn interest. The interest rate is a function of utilization: the total borrowed by all users divided by the total saved by all users. The higher the utilization, the slower the rate goes up, and the higher the utilization goes above 70%, the faster the rate goes up, to encourage more people to deposit their money. The user also needs to maintain a 110% collateral ratio. If the collateral ratio falls below 110%, the account is liquidated and the liquidator absorbs the account's position and becomes the new account owner.

Mango Markets' agreement does not charge for interest, so there is no insurance fund. When a margin account has negative equity, losses are shared among lenders. When a user's account assets fall below the 110% maintenance collateral ratio (MCR), there is a risk that the user will lose his margin account to the liquidator. 2. After the project is completely open source, it is easy for hackers to attack the vulnerabilities of smart contracts. Mango's code is unaudited, but smart contracts have been reviewed.

Mango Markets V2 is the latest version of Mango, supporting SOL, SRM, BTC, ETH, USDC transactions, lending. 2. Mango Markets is working with the Solana team to get other experienced developers to read smart contracts carefully before Mango Markets open source. With open source, there will be bug bounties to incentivise developers to find any bugs in their code. In the long run, open source and transparent protocols like Mango Markets will be a more secure way to trade and store money than centralised alternatives.