The most anticipated day of 2024 has arrived: the Blast mainnet and Mangrove v1 launch!

TL;DR

• Mangrove v1 on-chain orderbook is live on Blast Mainnet after winning the Blast Big Bang Competition in February 2024 and successful test phases on testnet and beta mainnet in mid-2023 on Polygon.

• Key Features: Market orders, Yield Bearing Limit Orders (YBLOs) and Amplified Orders (multiple YBLOs on different assets with different limit prices using the same liquidity).

• 100% Blast Dev Airdrop will be redistributed to the community 🫶

• Mangrove Season 1 Points Program (MS1): A dynamic system rewarding Liquidity Providers, Traders, and active community members. More info on the MS1 docs.

• Successfully audited by ChainSecurity & Nethermind.

Introduction

Mangrove v1 has officially launched on Blast Mainnet, marking a new era in decentralised trading. Mangrove v1, is a testament to our commitment to revolutionising DeFi with enhanced security, innovative trading mechanisms, and superior capital efficiency.

After winning the Blast Big Bang Competition, following comprehensive phases on testnet, beta mainnet, and extensive audits by ChainSecurity & Nethermind, Mangrove v1 is now live on app.mangrove.exchange. This launch is a significant milestone after its successful testing and community validation.

What's new with Mangrove?

Mangrove introduces an on-chain order book, featuring industry-first features, enabling more intricate trading strategies and improved liquidity management, without the need to lock liquidity.

With Mangrove v1 you can restake your liquidity in Yield Bearing Limit Orders and Amplified Orders. Additionally, Mangrove will soon introduce the Kandel AMM strategy. These combined features reveal new possibilities unlocking dual earnings from both yield and spread.

Mangrove v1 includes a dynamic points system named Mangrove Season 1 (MS1), designed to attract liquidity and encourage trading activity.

Thanks to its liquidity sourcing feature, Mangrove will allow users to earn from up to 8 sources of yield:

• Mangrove Blast Dev Airdrop (100% distributed to the users),

• Mangrove MS1 points,

• Partners’ Blast Dev Airdrop,

• Partners’ points,

• Partners’ yield,

• Blast points (100% distributed to the users),

• Blast Native Yield (100% distributed to the users),

• Revenue from the spread (Mangrove’s AMM strategy coming soon).

For the launch, we'll start listing these pairs:

• WETH/USDB,

• mwstETH-WPUNKS:20 (Metastreet LCT’s),

• mwstETH-WPUNKS:40 (Metastreet LCT’s).

Yield Bearing Limit Orders (YBLO)

Yield bearing limit orders allow traders to earn yields on their capital while their limit orders are pending execution. The liquidity is sourced from their balances on external protocols, such as Orbit, optimising the allocation of traders' assets.

A key aspect of YBLO is the flexibility it offers traders. They have complete control over the management of their funds, deciding the origin of the liquidity for their orders and the destination of the liquidity following a trade.

You can choose to reinvest back into the originating source, transfer to a different protocol, or withdraw to a wallet. This flexibility ensures traders can align their trading strategies with their financial goals and liquidity preferences seamlessly.

Moreover, Mangrove is designed to integrate with any on-chain yield-bearing liquidity source. This modular approach allows for a broader range of liquidity options.

Amplified Orders (AO)

Amplified Orders allow traders to deploy the same liquidity to place multiple limit orders for a diverse range of assets, each with a specific limit price.

For example, consider a trader with 1,000 USDB, the Blast native stablecoin. Using amplified orders they can strategically allocate this amount to set distinct limit orders for various assets like WETH, BLAST, or WBTC. This method of order placement amplifies the utility of a single liquidity source, thereby enabling trading across multiple markets.

Traders can source their liquidity from a chosen protocol or from their wallet and, post-trade, send the resulting assets to the same or a different destination, offering a tailored liquidity management experience.

When one of the offers is taken, the Mangrove smart contract executes the order and automatically adjusts or cancels the remaining ones, in response to the updated liquidity state. This automated adjustment ensures that traders' strategies remain responsive to market dynamics and their liquidity is optimised at all times.

Points

In addition to distributing 100% of Blast Dev Airdrop tokens to the community, Mangrove v1 introduces a dynamic points system with a leaderboard, designed to attract liquidity and encourage trading activity.

These incentives are directed to the various early adopters of Mangrove:

• Makers/Liquidity providers accumulate points, not just for the duration their liquidity is active (uptime), but also for how closely their offers align with the prevailing market price, and the trading volume their liquidity generates.

• Takers/Traders earn points based on trading volume on the order book

• Community members earn from referring new participants to Mangrove’s Market

This system will also include a tiered boost mechanism, with points multipliers ranging from 1x (level 0) to 4x (level 5). This structure is crafted to reward users incrementally for their trading frequency and the volume they contribute to the platform.

We reserve the right to update point calculations at any time as the flexibility of this points system is a critical aspect. It is designed to adjust to changing market conditions and the overall performance of the program, aligning with the dynamic nature of DeFi.

For a comprehensive understanding of how these points are calculated and distributed, check the Mangrove Season 1 Points Program documentation.

What’s next?

The team is cooking:

• Pairs listings.

• New liquidity sourcing for limit orders and amplified orders.

• Release of an on-chain AMM strategy that buy low and sell high, sourcing liquidity from anywhere on Blast.

Technical Information

The Mangrove code is open source and available on GitHub - it is audited by Chainsecurity & Nethermind, with all findings mitigated.

For a deep dive into the technical aspects of Mangrove and its features, we encourage you to explore our Whitepaper & Developer Docs.

The complete list of Mangrove v1 smart contract addresses on Blast is available here.

Get Involved

⚡️Trade now on Mangrove dApp.

🌐 Follow us on Twitter and join our community on Discord.

🔧 Ready to build hooks or AMMs? For developers and teams eager to build on Mangrove, access our Developer Documentation and protocol code on GitHub.

🌿 Check out Mangrove’s multi stakeholder Governance! We invite everyone to participate and shape the future of Mangrove through our brand new Governance forum.

--

Cheers