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Solana Ecosystem

Mango Markets

A cross-margin trading protocol on Solana exploited in October 2022 for $114M by Avraham Eisenberg via oracle price manipulation. The exploit involved artificially inflating the MNGO token price to borrow against inflated collateral. The incident led to industry-wide improvements in oracle design, risk parameters, and protocol governance. Mango Markets was discontinued following the exploit and subsequent legal proceedings.

IDmango-marketsAliasMango
Plain meaning

Plain meaning

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A cross-margin trading protocol on Solana exploited in October 2022 for $114M by Avraham Eisenberg via oracle price manipulation. The exploit involved artificially inflating the MNGO token price to borrow against inflated collateral. The incident led to industry-wide improvements in oracle design, risk parameters, and protocol governance. Mango Markets was discontinued following the exploit and subsequent legal proceedings.

Mental model

Mental model

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Technical context

Technical context

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Teams, protocols, tools, and the wider Solana product landscape.

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Mango Markets (mango-markets)
Category: Solana Ecosystem
Definition: A cross-margin trading protocol on Solana exploited in October 2022 for $114M by Avraham Eisenberg via oracle price manipulation. The exploit involved artificially inflating the MNGO token price to borrow against inflated collateral. The incident led to industry-wide improvements in oracle design, risk parameters, and protocol governance. Mango Markets was discontinued following the exploit and subsequent legal proceedings.
Aliases: Mango
Related: DEX (Decentralized Exchange), Oracle, DeFi (Decentralized Finance)
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Concept graph

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Branch

DEX (Decentralized Exchange)

A protocol for trading tokens directly on-chain without a centralized intermediary. Solana DEXs use either AMM pools (Raydium, Orca, Meteora) or on-chain order books (Phoenix, OpenBook). DEXs are composable—aggregators like Jupiter route through multiple DEXs for optimal pricing.

AMM (Automated Market Maker)Order Book (On-Chain)
Open term
Branch

Oracle

A service that provides external data (prices, randomness) to on-chain programs. DeFi protocols rely on oracles for accurate price feeds to calculate collateral ratios, liquidation thresholds, and swap rates. Solana's primary oracles are Pyth (high-frequency price feeds) and Switchboard (general-purpose data feeds and VRF).

Pyth NetworkSwitchboard
Open term
Branch

DeFi (Decentralized Finance)

Financial services built on blockchain smart contracts that operate without traditional intermediaries (banks, brokers). DeFi includes lending, borrowing, trading, insurance, and derivatives. Key properties: permissionless (anyone can participate), composable (protocols can be combined), transparent (open-source, auditable). Solana DeFi TVL has exceeded $5B, led by Jupiter, Raydium, Marinade, and Kamino.

Lending Protocol
Open term
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DeFi

DEX (Decentralized Exchange)

A protocol for trading tokens directly on-chain without a centralized intermediary. Solana DEXs use either AMM pools (Raydium, Orca, Meteora) or on-chain order books (Phoenix, OpenBook). DEXs are composable—aggregators like Jupiter route through multiple DEXs for optimal pricing.

Open term
DeFi

Oracle

A service that provides external data (prices, randomness) to on-chain programs. DeFi protocols rely on oracles for accurate price feeds to calculate collateral ratios, liquidation thresholds, and swap rates. Solana's primary oracles are Pyth (high-frequency price feeds) and Switchboard (general-purpose data feeds and VRF).

Open term
Web3

DeFi (Decentralized Finance)

Financial services built on blockchain smart contracts that operate without traditional intermediaries (banks, brokers). DeFi includes lending, borrowing, trading, insurance, and derivatives. Key properties: permissionless (anyone can participate), composable (protocols can be combined), transparent (open-source, auditable). Solana DeFi TVL has exceeded $5B, led by Jupiter, Raydium, Marinade, and Kamino.

Open term
Solana Ecosystem

Maple Finance

An institutional lending protocol connecting capital providers with vetted institutional borrowers through on-chain credit pools. Pool delegates underwrite loans and manage risk on behalf of depositors. Maple offers Solana pools for US Treasury yield and direct institutional lending, bridging traditional credit markets with DeFi infrastructure for higher-quality borrowers.

Open term
Commonly confused with

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Solana Ecosystemzeta-markets

Zeta Markets

An options and perpetual futures DEX on Solana using a fully on-chain order book and risk engine. Zeta Markets enables undercollateralized trading with cross-margining, allowing traders to take leveraged positions on SOL and other assets. The protocol combines the capital efficiency of centralized exchanges with the transparency and self-custody of decentralized trading.

Open term
Related terms

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DeFidex

DEX (Decentralized Exchange)

A protocol for trading tokens directly on-chain without a centralized intermediary. Solana DEXs use either AMM pools (Raydium, Orca, Meteora) or on-chain order books (Phoenix, OpenBook). DEXs are composable—aggregators like Jupiter route through multiple DEXs for optimal pricing.

Open term
DeFioracle

Oracle

A service that provides external data (prices, randomness) to on-chain programs. DeFi protocols rely on oracles for accurate price feeds to calculate collateral ratios, liquidation thresholds, and swap rates. Solana's primary oracles are Pyth (high-frequency price feeds) and Switchboard (general-purpose data feeds and VRF).

Open term
Web3defi-general

DeFi (Decentralized Finance)

Financial services built on blockchain smart contracts that operate without traditional intermediaries (banks, brokers). DeFi includes lending, borrowing, trading, insurance, and derivatives. Key properties: permissionless (anyone can participate), composable (protocols can be combined), transparent (open-source, auditable). Solana DeFi TVL has exceeded $5B, led by Jupiter, Raydium, Marinade, and Kamino.

Open term
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Solana Ecosystem

Phantom

The most popular Solana wallet, available as a browser extension and mobile app with multi-chain support (Solana, Ethereum, Polygon, Bitcoin). Phantom provides token swaps, NFT management, staking, and a built-in dApp browser. Known for its clean UX and rapid feature adoption, it has become the default entry point for most Solana users and consistently ranks among the top crypto wallets by active users.

Open term
Solana Ecosystem

Solflare

A Solana-native wallet offering browser extension, mobile, and web interfaces with deep staking integration, hardware wallet support (Ledger), and a built-in dApp browser. Solflare was one of the first Solana wallets and provides advanced features like stake account management, token metadata display, and priority fee controls. It supports the Solana Wallet Standard for seamless dApp connectivity.

Open term
Solana Ecosystem

Backpack Wallet

A multi-chain wallet developed by Coral (the team behind xNFT protocol) that combines MPC and self-custody models. Backpack pioneered executable NFTs (xNFTs) that embed full applications inside NFTs, enabling a decentralized app store experience within the wallet. It supports Solana, Ethereum, and other chains with a focus on developer extensibility and programmable wallet experiences.

Open term
Solana Ecosystem

Backpack Exchange

A regulated cryptocurrency exchange built by the same team behind Backpack Wallet (Coral). Licensed in multiple jurisdictions, it offers spot and perpetual futures trading with a focus on the Solana ecosystem. Backpack Exchange integrates tightly with the Backpack Wallet for seamless fund transfers and aims to bridge the gap between centralized exchange liquidity and self-custodial wallet experiences.

Open term