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DEX Mangrove Debuts on Polygon Testnet, Unveils New Logo & Comprehensive Branding Suite

Shayan Chowdhury by Shayan Chowdhury
May 22, 2023 - 9:00 am
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The world of decentralized finance is about to experience another robust shift as DEX protocol Mangrove, one of the most eagerly anticipated projects in the cryptosphere, has just launched on the Polygon Testnet. With this exciting news, the team also unveiled a fresh and striking new logo, accompanied by a comprehensive set of branding assets. Mangrove offers a practical solution for enthusiasts and traders who have long been seeking a secure, scalable, and efficient blockchain infrastructure for their operations.

Mangrove Goes Live On Polygon Testnet

Mangrove, a trailblazing decentralized exchange (DEX), has made its official debut on Polygon’s testnet, a key development announced Monday. A significant feature of this launch is the introduction of a programmable order book, a novel approach that could greatly enhance users’ trading experiences.

The Mangrove team has a big update to share with all of you! 🌳🥳

We're proud to reveal our new brand logo, along with a complete set of branding assets.

But that's not all — we're also excited to announce the launch of our new website!

Join us on this thread as we take you on… pic.twitter.com/P1fM7UtEco

— Mangrove 🌳 (@MangroveDAO) May 22, 2023

The DEX, based in Paris, previously raised around $7.4 million in funding to fuel its growth and technological advancements. Its noteworthy supporters include some of the most powerful entities in trading and market-making, such as Wintermute and Cumberland. These backers signal a strong vote of confidence in Mangrove’s potential to disrupt the current DeFi landscape.

Not stopping at the testnet, Mangrove has unveiled plans for its imminent mainnet launch, which is expected to take place at the start of the following month. This planned progression represents a crucial step in the company’s strategy, allowing it to move beyond testing and development and towards providing robust and reliable services to its users on a larger scale.

Moreover, Mangrove has unveiled its new brand logo and assets that symbolize its core values and principles. Emphasizing its commitment to empowering its community, Mangrove has made all of its brand assets available for free use and reuse. As part of the branding refresh, Mangrove has also launched its new website, touted as the first programmable DEX. This site is designed to provide an unparalleled trading experience.

Mangrove’s platform further allows traders to maintain full control over their offers. Users can customize their trading strategies, and market offers with snippets of code, leveraging the competitive advantage of “smart offers” and enabling the concurrent use of their liquidity.

Mangrove Introduces Advanced Limit Order 

The so-called “summer of DeFi” in 2020 ushered in a new understanding that providing liquidity to financial markets wasn’t exclusive to well-known firms and institutions – anyone could participate. Yet, the early DeFi tools available for this transformation were rather basic, prompting developers to refine and enhance the necessary infrastructure to facilitate the growth of this space.

In this context, Mangrove’s revolutionary “advanced limit order” innovation stands out. This technology allows trading intentions to be expressed as pieces of code that act as IOUs. For instance, an offer to sell a certain amount of ETH at a specific price can be recorded on-chain without necessitating the locking up of funds. According to Mangrove’s co-founder, Vincent Danos, this capability enables traders to utilize those assets elsewhere without having to cancel the offer and reclaim the funds.

Danos said, “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 actually available and deliver it. If it’s not, then you have to pay a little compensation or penalty related to the amount of gas the taker incurred, triggering a promised trade that you’re not going to fulfill.”

Mangrove’s enhanced version of a limit order grants traders a higher degree of flexibility. It allows them to suggest selling certain digital assets at a predetermined price while simultaneously using those assets as collateral on a lending platform to earn passive income. It’s like having a savings account and the ability to sell at a chosen exit price at the same time.

Mangrove is not just a trading platform but a whole ecosystem. Users are encouraged to explore and exploit the myriad of opportunities to build on the Mangrove protocol. This includes the development of their own Automated Market Makers (AMMs), creating their own composable strategies, and coding their own rules for bootstrapping pools.

Mangrove’s new branding and enhanced capabilities demonstrate its commitment to growing together with its community, presenting a true reflection of its “Plant your seed” mantra. This exciting development holds the promise of the company’s future trajectory in revolutionizing the DeFi space.

Tags: DeFiDEXMATICPolygonTestnet
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Shayan Chowdhury

Shayan Chowdhury

Shayan Chowdhury is a freelance writer and digital nomad. He loves thinking, learning and writing about the crypto space. He is a crypto enthusiast who has gathered 3 years of writing experience. Through his in-depth research about the Web3 and analysis, he delivers high-quality engaging articles with clarity.Besides being a skilled journalist, he is a professional video editor. In the era of blockchain, he aspires to touch overwhelming success. He now works for BlockchainReporter as a news writer.

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