FTX Estate Backs Mango Markets Buyback Proposal to Boost MNGO Value

On April 23, 2024, Mango Markets announced the results of a vote by MNGO token holders purchased from the FTX estate. The vote approved a proposal to use the Mango Treasury to repurchase MNGO, demonstrating the ongoing support for the decentralized finance (DeFi) ecosystem.

FTX Estate Votes in Support of Mango Markets Buyback Proposal

New York, April 23, 2024 - The FTX estate, which holds a significant number of MNGO tokens purchased during the exchange's collapse, has voted in favor of a governance proposal to use the Mango Treasury to repurchase MNGO tokens.

The proposal, which was submitted by a group of Mango Markets stakeholders, aims to reduce the circulating supply of MNGO and potentially increase its value. The FTX estate's votes represent a significant endorsement of the proposal, given its sizable stake in the platform.

Strong Support for Buyback

The vote comes amid growing support for the buyback proposal. Several influential market participants, including Alameda Research and Jump Trading, have also signaled their support for the plan.

"We believe that a buyback is the most effective way to stabilize the MNGO token and rebuild confidence in the platform," said a spokesperson for Alameda Research.

Positive Impact on Market

Analysts predict that the buyback could have a positive impact on the MNGO market. By reducing the circulating supply, the proposal could increase the demand for the token, leading to higher prices.

"The buyback could provide a much-needed boost to the MNGO ecosystem," said an analyst at a leading crypto exchange. "It demonstrates the commitment of key stakeholders to the long-term health of the platform."

The Mango Markets buyback proposal is expected to undergo further governance votes before it is implemented. However, the support from the FTX estate and other major players provides a strong indication that the proposal will ultimately be successful.