Mango Markets
A Dashboard That Shows The Current state Of Mango Perpetual Markets
Mango is a decentralized cross-margin trading platform with up to 5x leverage, integrated limit orders on Serum DEX's on-chain order book, and lightning-speed trade execution. The platform competes head-on with centralized exchanges without any compromise, offering lending options, spot and margin trading solutions, and perpetual futures, as well as built-in exchange functions and money management tools. Mango Markets is currently in public beta and is managed by the Mango DAO organization, which utilizes the MNGO token. This token is used to offer and vote on protocol changes, and is released via a reward mechanism for using the platform. Perpetual futures contracts are available for online trading through the order book, with MNGO tokens distributed to market makers to maintain market liquidity.
On October, a hacker stole roughly $112 million from cryptocurrency exchange Mango Markets. They did it by purchasing a large amount of MNGO tokens on the exchange on two separate accounts, going long (betting on price going up) on one, and going short (betting on price going down) on the other. Then they used more funds to manipulate the price of MNGO to sharply go up and cashed out on the account that was long, effectively draining essentially all of the liquidity on Mango Markets. This resulted in a loss of over $112 million. The Platform just relaunched with a version 4 this analysis is based on analyzing activties of the new version.

Based on the research question: Mango Markets, the popular Solana trading platform has returned, much to the pleasure of Solana degens, with a revamped DEX after recovering from their exploit. Create a dashboard that shows key KPI metrics and how growth from the launch has gone.
- Are old users returning to Mango or is it mainly new wallets?
- Where does liquidity seem to be flowing from onto the exchange?
- Are whales trading and providing liquidity on the exchange or is it mainly retail right now?
- How does Mango trading activity compare to other perp trading platforms like Drift and Zeta. What is the crossover in their userbase?
I have been able to answer all questions and found some insights into mango market and Analysis is broken in four tabs:
- Activity. This contains information about the over all transactions and user activities.
- Liquidity. This is for volume based metrics and answering questions related to liquidity and whale activity.
- Users. Here I use a variety of metrics to analyze the mango market users and answer the questions related to users.
- Key Insights. This is the conclusion page.
Note That every tab is broken down into overview which answers the research questions through different metrics and Mango vs other perp trading platforms which answers the last question through transactions, volume and users of all three perp trading platforms.
I mostly used the solana.core.fact_events
, solana.core.fact_transfers
and solana.core.dim_tokens
tables to obtain the necessary information for mango markets and other data analyzed on the dashboard.
I utilized the following smart contracts addresses to obtain the necessary information: mv3ekLzLbnVPNxjSKvqBpU3ZeZXPQdEC3bp5MDEBG68
version 3, 4MangoMjqJ2firMokCjjGgoK8d4MXcrgL7XJaL3w6fVg
version 4, JD3bq9hGdy38PuWQ4h2YJpELmHVGPPfFSuFkpzAd9zfu
version 1, 5fNfvyp5czQVX77yoACa3JJVEhdRaWjPuazuWgjhTqEH
version 2.