The regulating body behind Solana’s Mango Markets dismissed calls to invest a fraction of its almost $700 million treasury in BTC. Mango DAO is the governing body for Solana-based crypto trading hub Mango Markets. Mango DAO recently authorized a $1 million treasury investment in Solana associated tokens almost hours after dismissing calls to do the same for BTC. Mango DAO’s almost $700 million treasury will presently adjust beyond USDC stablecoins for the 1st time. Mango Markets is a lending, borrowing and trading decentralized finance or DeFi protocol on Solana. Its Mango DAO regulating body is one of Solanaland’s more built-out decentralized autonomous organizations or DAOs. MNGO token owners poll on everything.
Numbers of DAOs have started on treasury diversification campaigns in the past. Brian Smith, a Mango DAO contributor said that the mSOL suggestion was profitable because it avoids some of the future rate threats that Mango Markets incurs by regulating its trading poles with SOL. Moreover, mSOL, the Marinade Finance issued a liquid staking token and gives the advantage of risking earnings. Smith said that part of society’s caution with BTC was the safety threats of purchasing a wrapped asset. And the edition of BTC, they would have to purchase will soon lose assistance on Solana, he said.
However, there were indications on Tuesday that Mango voters may invest in bitcoin. Some members of the program’s Discord said mSOL was a more logical test case for Mango’s 1st treasury diversification vote than BTC. Governing decentralized governance can be a real challenge for Solana-based programs. Instead of its rising importance in DeFi circles, Solana has nowhere near as much DAO activity as ETH does. That is because it lacks the administrative infrastructure that Ethereum programs have. But that is starting to change, Smith said.
Have a look at this- Mango Markets Raised $70M in a Token Sale