Mango Markets, the Solana-based DeFi platform that was exploited for $117 million in 2022, has announced its complete shutdown. A governance proposal to cease operations has received unanimous approval with 23,347,212 votes.
The platform has set January 13, 2025, at 8 PM UTC as the deadline for users to close their positions, as the shutdown proposals will become executable at that time. In preparation for the closure, Mango V4 will begin adjusting its lending parameters.
These changes include a significant reduction in the target lending ratio from 50% to 0.1% of deposits. Furthermore, the platform will implement steep interest rate hikes across major cryptocurrencies, including SOL, USDC, USDT, ETH, MSOL, mangoSOL, and INF.
The announcement also states that new positions will face significantly higher barriers to entry, with collateral requirements increasing tenfold.
