DEX’s mangrove starts operation on Polygon’s testnet ── Offers “advanced limit order” | coindesk JAPAN | Coindesk Japan

Mangrove, a decentralized exchange (DEX) for cryptocurrencies, has launched a programmable order book and went live on the Polygon testnet, May 22. Announced.

Paris-based Mangrove has raised about $10 million to date, backed by big names like market maker Wintermute and cryptocurrency exchange Cumberland. there is The mainnet release is expected to occur around the beginning of next month, Mangrove said.

The so-called “DeFi summer” of 2020 has delivered a realization that anyone can participate in providing liquidity to financial markets, not just big name companies and institutional investors. However, this original DeFi tool was rather insensitive, so developers have since beefed up the infrastructure needed to evolve this space.

Mangrove’s innovation with ‘advanced limit orders’ means that trading intentions take the form of a piece of code and act like an IOU. For example, an order to sell ETH at a certain price can exist on-chain without the need to lock the funds. This will allow traders to use the asset elsewhere without having to cancel the order and recover the funds, Mangrove co-founder Vincent Danos said in a statement with CoinDesk. explained in an interview.

“When you declare your intention to trade in Mangrove, the market engine calls that piece of code to see if liquidity is actually available and provide it,” Danos said. “If you do not trade, you will have to pay a small compensation or penalty in relation to the fees incurred by the taker for your non-fulfilling trade.”

This more flexible limit order allows Mangrove users to offer to sell a crypto asset at a given price while simultaneously depositing the asset as collateral on the lending platform to generate a passive yield. . “So you can have a savings account and sell it at a certain exit price,” Danos said.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: DEX Mangrove Launches on Polygon Testnet, Plans to Go Live on Mainnet in June