Mangrove Testnet Launch Offers Early Users Exclusive NFT Rewards
Mangrove, a decentralized exchange protocol, has recently launched on the Polygon Testnet, providing users with an opportunity to explore its features before the anticipated mainnet launch in June.
Early adopters of the Mangrove DEX testnet will have the chance to unlock some exclusive rewards. Participants in the testnet will be eligible to redeem up to three special non-fungible tokens (NFTs). The first two NFTs will be available to all who engage in the Mangrove questlines. Additionally, a limited edition collectible NFT will be exclusively reserved for the winners of special competitions hosted on the Mangrove Discord server.
To earn these unique NFTs, participants can complete a variety of off-chain and on-chain tasks. Engaging with Mangrove's Galxe campaigns and successfully fulfilling the associated objectives will enable users to claim their NFT badges. Participants will have the opportunity to progress through the ranking system, which comprises three levels: Mangrove Seed, Mangrove Tree, and Mangrove Forest.
Mangrove DEX aims to address key issues in DeFi such as fragmented liquidity, high slippage, and under-utilized capital. By utilizing an order book-based model, Mangrove provides flexibility and reactive liquidity, ensuring a seamless trading experience for users.
One of Mangrove's distinctive features is its ability to allow liquidity providers to post arbitrary smart contracts as offers. This unique characteristic means that the listed offers can point to pieces of code, referred to as Smart Offers. This innovation empowers participants to post offers that are not fully provisioned. Rather than locking up assets, the Mangrove order book lists promises, enabling promised liquidity to be shared, borrowed, and lent elsewhere while remaining available on Mangrove for sourcing when an offer is taken. This approach eliminates liquidity fragmentation and asset lockups, making capital more versatile and accessible across multiple platforms.
Leading the charge at Mangrove is its co-founder, Vincent Danos. The Mangrove team is claimed to be comprised of a talented group of engineers and researchers. In February, the company successfully raised USD 7.4 million in its Series A fundraising round. Notable investors such as Cumberland, Greenfield Capital, CMT, and gumi Cryptos Capital (gCC) led this round, following the company's earlier seed funding round of USD 2.7 million in July 2021. Prominent venture capital firms including Wintermute Ventures, QCP Soteria Node, Monday Capital, Noia Capital, Zeeprime, Atka Capital, Stake Capital, and John Lilic supported Mangrove during its initial stages.