Grant for GM <> Mango Markets

Continuing the discussion from Grant for Trader Support and Customer Relationship Management:

Hi All,

It’s been great working with everyone over the past 4 months, both a fun challenge onboarding our own trading systems, backstop liquidity and that of other HFT MM’s in the space. The GM team is looking forward to expanding on this relationship under terms discussed with the core team at the start and over this period. All of the required contributions have been met & I’m very pleased to say that mango liquidity is at an all time high with spending at an all time low.

Some notable points that I’d like to make:

  • It’s a tricky sport combining trader/HFT privacy with onboarding targets & book targets but this can be confirmed by the orderbooks themselves and the product that @waterquarks had built for the purpose of the MM program & tracking Mango’s health: Mangolorians
  • The current GM team is 3 fold strong (waterquarks will quit his data science role at a CEX and full time mango data + full stack development, Crusher will focus on onboarding trading firms from the dev side as full time integration specialist - which is a huge lift off the core team so that they can focus on developing V4)
  • A close friend of GM and an exceptional developer will join the Mango Labs team under a separate proposal to focus on smart contract development with the core dev team
  • Goals have changed over the past 4 months, in particular around getting required tools necessary to manage risk - namely TIF (which was a 3 week sprint), focusing on pairs that matter (BTC, AVAX, LUNA, ETH, SOL) rather than smaller pairs where the benefit vs cost isn’t worth it.
  • We have had a few successful events in the short time - namely Prague (running a trader panel) & CryptoBahamas [and looking forward to a big Lisbon this year]

Going forward:

  • GM will expand to ensure that there is 24/7 coverage
  • Closely contribute alongside the core team for all things latency, connectivity and shape the development of core features required by trading firms / market makers & institutional players & core requests from the community–> So that Mango V4 (and V3) can support the flow of all the hordes of traders when the gates are properly opened
  • GM will work with key B2B partners (i.e. wallets, custody solutions, borrow/lenders, exchanges, additional languages) to insure the required integrations are delivered, hackathons are managed, events are held - all giving the core team more time to focus on the product at hand and free up a large chunk of their time

The initial grant of $150,000 USDC stood as a trial period & matched market rates. We are looking forward to expanding on this and working with Mango collectively as a core team member - if the DAO members & team are in agreement:

  • GM moves into BD role which encompasses liquidity, flow, volume, revenue & support
    Compensation of 500k/yr + 40m MNGO (5 year vesting with clawback)
    200k/yr expenses budget
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Love what you are doing and how you’ve meshed with the Mango team. I have no idea about how this proposal fits into the Mango budget however, and cannot vote intelligently (unfortunately). In case someone from the core team wants to add context: the key elements (to me) are whether this proposal officially integrates GM into Mango and if you’re all working with the same, or at least similar, incentive structures.

3 Likes

Thanks @Autocatalytic - appreciate the kind words, I think it would be fitting to get some feedback from the core team too on how we’ve meshed and how the next chapter could look. I believe this brings GM into the same realm in terms of incentive structures as what is live internally + what the market currently would offer. For the most part GM manages trading with partners / through partnerships so I can confidently say this reflects a commitment to be fully invested, time wise - into Mango.

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Hey some color from my side. I have been supervising the GM team with their work for the DAO so far as they have taken over a lot of the work I was doing previously.

whether this proposal officially integrates GM into Mango

First, it’s an independent company with it’s own leadership and employees. I participate in daily meetings with the whole team though to give feedback on their process and make sure they don’t re-invent the wheel and pursue duplicate efforts. The goal there is mainly to remove friction and to create some form of transparency towards the rest of the core devs. My goal for the next 3 months is to make the process transparent so that every contributor can easily follow their progress. There is currently no plan to make green mamba a part of Mango Labs or any other DAO affiliated organization.

if you’re all working with the same, or at least similar, incentive structures.

Great question. This came up before in different discussions before, so it’s good to explain it openly as well. I don’t think everyone working on this project has the same incentive structures.

People with individual grants from the DAO usually have contributed to the project a lot before and enjoy enough trust for that level of autonomy.
People employed by Mango Labs, are basically vetted by Tyler and Daffy. They made a lot of previous contributors quit there daytime jobs to start working full-time for Mango.
As far as I know, everyone under these arrangements is fully dedicated to Mango and not pursuing any other efforts at the moment.

There are a bunch of part-time contributors that receive grants from the DAO, but are not on the same incentive level, because their contributions don’t warrant a full time position or because they want to focus professionally on something different.

Green Mamba is a pre-existing firm that has been mostly dedicated (90%) in it’s work to Mango from what I know. There were offers from other solana native teams to work with them (zeta, juiced) but none of them accepted, because they value the opportunity Mango gives them. There is no exclusivity agreement that would bind them though. Most full-time contributors to Mango consider their relationship exclusive on the contrary.

In case you have more questions I’d invite you to come to the dev meetup tomorrow, invite is on discord. That will be the best place to discuss these questions further.

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GM seem to be doing good work and they already are using their own subDAO to administer the market making program, which is super cool. The grant size is large but GM have big plans for their team’s future. And see how they are embracing the DAO mentality, I look forward to seeing how their relationship with the mango DAO continues to grow.

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I support this proposal. GM provides a very unique skill set and a healthy ecosystem of market makers is critical for Mango’s long term success. Progress so far has been impressive given the network issues.

I look forward to seeing what they can achieve once Solana is reliably functioning and they have more time and resources to improve liquidity even more.

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Thank you all very much. I love the tone of this discussion, on discord and dev calls. Half mil a year for three productive, motivated contributors plus expansion to 24/7 coverage seems like a solid approach to realize Mango’s potential in the face of oncoming competition.

One quibble with the budget is expenses of $200K/yr ongoing seems a bit high considering how much flights and lodging have changed, but I also hate the idea of using a person to track expenses or having a request system to administer. Maybe this can just be a debit card with an $X account or something? If there’s money left at EOY it just gets topped back up to $X.

We like the Shadowy Super Quoters

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Thanks everyone for the trust - the vote passed, we’re all looking forward to the next couple of months.

As an update, I’m pleased to state that Waterquarks has now officially joined the GM team full-time. We’ll expand the team likely in the Asia region. Main goals for the next few months will be to ensure that liquidity is unmatched, all whilst getting ready, until we go all out for V4 launch and break all previous thresholds.

Klossie

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Just seeing this now, can we please have a breakdown/projection of how the 200k / yr in expense allowance was decided?

Also in the interest of transparency, can GM commit to a monthly or quarterly expense report? Given the amount, it wouldn’t be unreasonable to ask imo

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Expense reports are already a thing, reviewed by Max - if that ceases to be the case, happy to drop some form of an expense report for sure.

Regarding breakdown/projection, I expect that the budget is larger than what will be spent at this current point (given we’re just at the beginning of ramping up) - expenses would most likely fall into travel, events and conferences with events taking the largest portion.

1 Like