Among the mainstream centralized exchanges (CEX), the spot trading support for mango network price is relatively low. According to CoinMarketCap’s data in July 2024, MANGO was only listed on five secondary platforms such as BitMart and LBank, with an average daily trading volume of approximately 480,000 (accounting for 0.0321MB of the global spot market total). MANGO’s liquidity depth is significantly insufficient – the BitMart order book shows that the best bid-ask spread is 2.7%, and a $10,000 market order can trigger a ±3.5% price slippage. The 2019 Coinbase delisting of XRP has demonstrated that the rate of decline in the spot liquidity of tokens without the support of top exchanges can be as high as 18% per month.
Decentralized exchanges (DEXs) constitute the main trading scenarios. Currently, approximately 80% of the spot transactions of mango network price occur on the Raydium platform, concentrated in the MANGO/SOL trading pair (with a total liquidity pool of approximately 2.1M). On-chain analysis shows that Raydium’s centralized liquidity market-making model (CLMM) keeps the transaction fee stable at 0.2550,000, but still needs to bear a slippage cost of 0.8-1.2%. The data of Uniswap V3 in 2023 reveals that the average slippage of transactions of the same scale on mainstream DEXs is 0.3%, reflecting that the market depth of MANGO is still relatively weak.
The activity of spot trading is restrained by the pledge rate. At present, of the total supply of MANGO amounting to 3.5 billion pieces, 62% is locked in the Mango Markets lending agreement to obtain an annualized return of 9.7%, resulting in only 1.33 billion pieces (approximately $106 million) in circulation. Token economics model analysis shows that when the staking ratio exceeds 55%, the median daily turnover rate of spot drops to 1.2% (the industry average is 5.8%). The Celsius collapse in 2022 has confirmed that in a bear market, the spot selling pressure on high-collateral assets can reach 420% of the outstanding shares, triggering a single-day price collapse of 30%.
The absence of fiat currency channels raises the transaction threshold. Compliance investigations show that due to the regulatory policies of the US SEC, MANGO has not yet launched fiat currency trading pairs such as USD and EUR. Users need to purchase SOL or USDT first and then exchange them, increasing at least two transaction frictions (with a combined cost of 1.8-2.5%). In contrast, 98% of the tokens supported by Coinbase have a direct fiat currency entry. The case of Kraken delisting 11 small-cap tokens due to compliance risks in 2024 further highlights the expansion resistance of MANGO in the fiat spot market.
The volatility of spot prices affects availability. The 30-day historical volatility analysis indicates that the standard deviation of mango network price reached ±32.5% (±19.7% for BTC during the same period), resulting in the activity of DEX arbitrage robots being only 3.2 transactions per minute (28 transactions per minute for the main ETH pair). High volatility combined with low liquidity means that buy orders over $50,000 need to be split into 15 to 20 small transactions for execution, increasing the time consumption by 6 to 8 minutes. The MEV robot attack incident of SushiSwap in 2023 indicates that in such a market environment, the risk of loss for a single transaction can reach 4.7% of the principal.
Therefore, although MANGO offers spot trading on DEXs such as Raydium, due to the depth of liquidity, compliance constraints, and volatility risks, its actual trading efficiency is lower than that of mainstream tokens. Investors should give priority to using the TWAP strategy to place orders at different times and pay attention to the Solana network status (98% of trading failures are due to network congestion), incorporating slippage control into the decision-making model.