DEX Mangrove Launches On Polygon Testnet, As It Plans To Go Live In June On Mainnet

Updated: 22 May 2023

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On Monday, the Decentralized Exchange (DEX), Mangrove firm went live on Polygon’s Testnet with a programmable order book. Mangrove, based in Paris, has raised around $10 million. The firm is backed by trading and market-making powerhouses like Winterhouse and Cumberland. However, the platform has noted that the mainnet launch will probably launch at the commencement of June.

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In the 2020s, ‘’Summer-of-DeFi,’’ opened to the thought that any individual can be inclusive in providing liquidity to financial markets, not only well-known firms and institutions. However, the original DeFi tools were referred to as blunt, as developers have been sharpening the infrastructure required to evolve the space ever since.

Mangrove Co-founder’s Remarks

Mangrove’s “advanced limit order” innovation shows that an intention to trade can take the form of a piece of code and function like an IOU, so an offer to sell some ETH at a specific price, for example, can exist on-chain without the need to lock up funds. In an interview with CoinDesk, Mangrove co-founder Vincent Danos stipulated that ‘’this allows traders to use those assets elsewhere without cancelling the offer and recovering the funds.’’

Further, Danos noted:

If you declare your trading intention on Mangrove, a market engine will call that piece of code and ascertain whether the liquidity as promised is available and deliver it. If not, you must pay a little compensation or penalty for the amount of gas the taker incurred, triggering a promised trade you won’t fulfill.

This more flexible version of a limit order allows traders on Mangrove to propose selling some digital assets at a given price while depositing those assets as collateral on a lending platform and generating passive yield. Danos further added: