Mangrove

Enter the Mangrove.

For DeFi Investors & Traders

Seize profit.

Zero-slippage, keep your liquidity active at all times.

Access a unified order-book rooted in all corners of DeFi. Make your capital more efficient, by posting multiple orders leveraging the same assets, even when they are generating yield on other DeFi protocols.

Join us to learn more

For Professional Market Makers

Margin trading on DeFi.

Profit from the spread, borrow for your trades.

You can now post offers that are not fully provisioned and flash borrow capital to fulfill them. Stay close to the spread with conditional orders. Explore DeFi as a new territory for sophisticated market making strategies.

Get in touch to learn more

For Developers of Bots and Protocols

Build with us.

Create strategies tapping into DeFi liquidity.

Mangrove's composable and programmable order book is meant to be used by developers to create custom strategies. Yield generating protocols will benefit from low slippage trades and the ability to source liquidity from staking, lending and farming pools.

Get in touch to learn more

For Keepers

Keep the mangrove clean.

And get rewarded for it.

Mangrove's order book may be cluttered over time with irrelevant orders when market conditions evolve. Keepers are rewarded by the protocol when they snipe such orders and keep the book lean and gas-efficient.

Get in touch to learn more

FAQ

Is Mangrove a DEX?

Yes, Mangrove is a 100% trustless and on-chain DEX, but a very special one, as it is not based on pools like Uniswap-like DEXs. LPs do not have to lock in their liquidity.

What is so special again about Mangrove?

The main difference with other DEXs is that unlike regular DEXs, the liquidity on offer in the Mangrove books is not locked in a pool. This design choice has far-reaching consequences. As long as an offer posted on Mangrove is not taken, it can generate yield elsewhere on the chain, thus removing the opportunity cost of trading on a DEX for liquidity providers. In fact, the liquidity does not need to be available at all until an offer is taken and can be borrowed and/or bought on-the-fly.

How is Mangrove different from…Uniswap V3 ?

Uniswap V3 a) runs a market-making strategy which depends on the aggregate price preferences of its LPs b) locks LPs’ liquidity. Mangrove on the other hand a) is strategy-agnostic and lets its market makers implement arbitrary pricing strategies, and b) does not lock liquidity. You can LP on uniswap and put up offers on Mangrove with the same liquidity.

… Matcha.xyz and Kyber ?

Matcha.xyz, as well as Kyber draw from their authorized liquidity sources and pick the best source at order time. With Mangrove, registering as a liquidity source is permissionless: you just post an offer to the book.

… 1inch and Paraswap ?

Mangrove effectively is an onchain strategy aggregator. Unlike off-chain aggregators, it can be called by other contracts, making it a new DeFi lego block. The two in combination work great: Mangrove is one possible liquidity source for 1inch or Paraswap. Any offer on the Mangrove orderbook can be selected by the 1inch router.

Why would I use Mangrove?

As a sophisticated market maker, you can post orders on Mangrove while your liquidity is generating yield on the chain, without any capital locked. This competitive advantage makes it a no-brainer for pro DeFi liquidity providers to trade on Mangrove, generating a virtuous trading circle: the more on-chain liquidity, the best execution price, the more takers showing-up on Mangrove, attracting more liquidity providers etc…
In the future, a community of market-making strategists will make it possible for passive LPs to dive into Mangrove.
As a trader, you may expect to see prices and liquidity on Mangrove reflect the lower cost of capital that market makers have on Mangrove.

How does Mangrove work?

Mangrove lets you attach code to market offers.
This simple but powerful innovation opens up a world of possibilities. For instance, it is now possible to source the liquidity needed for a trade only when an offer is matched. It is also possible to have a “last look” on your offer and to renege it in case of unfavorable market conditions.
Algos fetching the liquidity promises listed on the order book are on-chain. Onchain code (called upon execution) can also select a new price and repost offers immediately. The new price can be determined through the post-trade state of the order book or through arbitrary oracles.
We expect both fully onchain and hybrid on/off-chain strategies to emerge. For instance, a market maker with a simple range strategy can maintain self-maintaining buy and sell offers on a DAI/USDC market at 0.99 and 1.01 purely through smart contracts, no bots necessary. Liquidity on offer can be locked anywhere in DeFi while the offers are standing.
Later, some additional features will be delivered, such as some advanced taker UIs and the possibility for Mangrove users to interact with other blockchains and layer-2s. Our mission is to onboard contributors to create new financial objects made possible by the “offer is code” paradigm, like the last look feature.

How to use Mangrove?

Mangrove will soon release a first alpha version on Polygon of its core order-book based DEX. Expect off-the-shelf market maker strategy contracts to be released in the near future. For now, you can access the Mangrove programmatically, while keeping in mind that this is a very early, technical release is primarily made available for developers, so they can start building strategies on top of the Mangrove.

For takers, come visit the testnet dapp at app.mangrove.exchange. Mangrove will show up as a global order book updating at the pace of the underlying blockchain.
‍
On the other side, makers will have to write their own strategies and a repository of template strategies will be made available. Check out our docs at docs.mangrove.exchange

How much fees do I have to pay to use the service?

If the offer succeeds, the gas costs are paid by the taker. If the offer fails, a provision supplied by the maker is paid to the taker in order to cover for the taker’s gas costs. The provision is denominated in ETH. Whenever an offer is updated, Mangrove uses a gas price oracle to estimate an adequate failure provision.Fees are governance-determined and will vary depending on the pair (e.g. fees on stablecoin trading will be comparatively very low).

What if gas costs are too high when my order is being matched?

As a taker, you should take gas costs into account whenever you make a market order, and take into account the possibility of excessive slippage (as one is used to when going through aggregators).
As a maker, your provision is capped by the amount you provisioned. To reduce your costs further in case of failure, you should try to fail as early as possible -- the provision will be reduced if you use less gas before you fail.
In the future, a community of market-making strategists will make it possible for passive LPs to dive into Mangrove.
As a trader, you may expect to see prices and liquidity on Mangrove reflect the lower cost of capital that market makers have on Mangrove.

What are the networks currently supported?

We are currently deploying on Mumbai (Polygon Testnet) and our first production release will be on Polygon.

Will there be a token associated with the Mangrove protocol?

Total Value, Unlocked.

Unlimited liquidity for DeFi.

Use DeFi protocols as your backend infrastructure for trading.

What is the Mangrove?

What is the Mangrove?

Value doesn't have to be locked anymore.

Features

Conditional Orders

Ghost liquidity

Programmable

Sourcing liquidity

Splitter

Double sensor

Last look

Non-custodial

Permissionless

Enter the Mangrove.

For DeFi Investors & Traders

Seize profit.

For Professional Market Makers

Margin trading on DeFi.

For Developers of Bots and Protocols

Build with us.

For Keepers

Keep the mangrove clean.

FAQ

Partners & Investors

Mangrove DAO - Building the Future of DeFi together

Part 2: Enter the Mangrove, the exchange where offer is code

Part 1: Total Value Unlocked - Who Benefits from Liquidity Capture?