The DAO agreed to fund Mango Labs previously back in late 2021 for funding of 1.5m following a vote. Here’s that forum post: Draft: Mango Labs. Brian Smith also produced a general accounting of the DAO’s finances including the grant given to Mango Labs back in July: https://forum.mango.markets/t/mango-financial-report-initial-release/582.
Over 2022, 992k was spent on salaries and 751k on other expenses for a total of $1.74m. The amount exceeding 1.5m was through short term loans which have to be paid back.
Here is an overview of DAO projects that Labs assisted with in the last 12 months.
Mango Pay App
The app is intended to be non-custodial Venmo for crypto. It’s not quite ready for publishing, but there is an alpha channel in discord where you can try it out. There is an android and iOS version now. The primary purpose of this app is to facilitate payments across borders and among friends who reside in different countries in a seamless way. Towards that end work is ongoing on getting the offramp payment processors setup .
Following the relevant DAO votes, delegating certain forward looking research and development tasks to Mango Labs, Mango Labs made contributions to Mango v4. Mango v4 is currently in testing and awaiting full launch. A lot of the changes coming in v4, especially the safety ones, were discussed in the discord call last Sunday. As always, the UI code and the program code will be or already are open sourced. The monorepo is available here: GitHub - blockworks-foundation/mango-v4: mango-v4 monorepo, contains program, ts client, and py client
We decided to pay for the Neodyme security audit for Mango v3 from the Labs budget instead of petitioning the DAO directly because Neodyme needed an entity, preferably in the US, for invoice. We paid for this expecting that we can come ask the DAO for reimbursement later. A security audit will also be necessary for v4.
The Mango v3 exploit in October opened up the DAO to many new legal challenges. There are substantial expenses related to the federal investigations into Avi. There are also now expenses related to our own civil suit against Avi to recoup the 47m, following depositors’ transfer of rights to Mango Labs. Any proceeds which Mango Labs recovers from this litigation it intends to transfer to the DAO
I am requesting 2m for Mango Labs the next year with another report in Jan 2024. The reason for the increase is we expect the legal costs to be substantial and unpredictable. I’ll make a formal DAO proposal shortly after this post. Feel free to vote against this proposal for any reason including needing more time for debate.