Mango Markets 備受爭議的代幣回購：操縱和市場扭曲的指控

當 Mango DAO 管理機構內部存在爭議時，一項以溢價回購 MNGO 代幣的計劃引發了對匿名 FTX 房地產買家有利的指控。批評者懷疑該提案的發起人 DonDuala 與買家之間存在聯繫，從而引發了「後門交易」的指控。支持者辯稱該計劃是支持代幣價格並向投資者分配利潤的機會，修訂版本最終獲得批准。

Mango Markets' Controversial Token Buyback: A Tale of Alleged Shady Deals and Market Efficiency

Mango Markets 備受爭議的代幣回購：涉嫌黑幕交易和市場效率的故事

Amidst the tumultuous aftermath of the FTX debacle, a proposed token buyback plan at decentralized finance protocol Mango Markets has sparked a heated debate within its governing body. The plan, initially put forth on April 7th, has raised questions about potential conflicts of interest, the undervaluation of the protocol's token, and the fundamental principles of market efficiency.

在 FTX 崩潰的混亂後果中，去中心化金融協議 Mango Markets 提出的代幣回購計畫在其管理機構內引發了激烈爭論。該計劃最初於 4 月 7 日提出，引發了有關潛在利益衝突、協議代幣低估以及市場效率基本原則的問題。

The Proposal: A Buyback with a Premium

提案：溢價回購

The proposal, authored by Mango DAO member DonDuala, called for the organization to purchase 275 million MNGO tokens from its current holders, offering 9.995 million Dai (DAI) stablecoin derivative CHAI in exchange. This implied a buyback price of $0.032 per MNGO token, a premium of over 27% compared to the market price of $0.02324 at the time.

該提案由 Mango DAO 成員 DonDuala 撰寫，呼籲該組織從現有持有者手中購買 2.75 億個 MNGO 代幣，並提供 999.5 萬個 Dai (DAI) 穩定幣衍生品 CHAI 作為交換。這意味著每個 MNGO 代幣的回購價格為 0.032 美元，與當時 0.02324 美元的市場價格相比溢價超過 27%。

A Mysterious FTX "Buyer" Emerges

神秘FTX“買家”出現

Just days after the proposal was unveiled, community member Donderper stumbled upon a startling discovery: a mysterious account had received a significant amount of MNGO tokens from the estate of the bankrupt FTX exchange. This same account proceeded to vote in favor of the buyback proposal, raising eyebrows among the community.

該提案公佈幾天后，社區成員 Donderper 偶然發現了一個驚人的發現：一個神秘帳戶從破產的 FTX 交易所的財產中收到了大量 MNGO 代幣。該帳戶隨後投票支持了回購提議，引起了社區的關注。

Donderper speculated that the account might be linked to an over-the-counter deal, whereby an unknown entity purchased FTX's MNGO stash at a discounted price and subsequently sought to profit from the buyback at a higher valuation.

Donderper 推測該帳戶可能與一項場外交易有關，即一個未知實體以折扣價購買了 FTX 的 MNGO 儲備，隨後尋求以更高的估值從回購中獲利。

Allegations of Shady Deals and Conflicts of Interest

對黑幕交易和利益衝突的指控

As the community delved deeper, suspicions arose that DonDuala and another DAO member, Maximilian, may have had connections to the FTX-related account. Members questioned whether they were fully disclosing potential conflicts of interest and accused them of engaging in "shady" or "backdoor" deals.

隨著社區深入研究，人們開始懷疑 DonDuala 和另一位 DAO 成員 Maximilian 可能與 FTX 相關帳號有聯繫。成員們質疑他們是否充分披露了潛在的利益衝突，並指責他們參與了「不正當」或「後門」交易。

DonDuala, however, sidestepped these allegations, arguing that the focus should be on the merits of the proposal rather than the actions of individual accounts.

然而，唐杜阿拉迴避了這些指控，認為重點應該放在提案的優點上，而不是個人帳戶的行為。

The Debate: Market Efficiency vs. Alleged Manipulation

爭論：市場效率與涉嫌操縱

Proponents of the buyback plan argued that it would support the market efficiency of MNGO by reducing its circulating supply and creating a floor price. They maintained that the token was undervalued and that the buyback would ultimately benefit the entire community by distributing profits.

回購計畫的支持者認為，它將透過減少流動供應量和設定底價來支持 MNGO 的市場效率。他們堅稱代幣被低估，回購最終將透過分配利潤使整個社區受益。

Opponents, on the other hand, raised concerns about the potential manipulation of the token price. They argued that the buyback would create an artificial demand and could lead to further sell-offs once the purchased tokens were released into the market.

另一方面，反對者對代幣價格潛在的操縱行為表示擔憂。他們認為，回購會產生人為需求，一旦購買的代幣推出市場，可能會導致進一步拋售。

A Revised Proposal and Eventual Passage

修改後的提案和最終通過

In response to the backlash, DonDuala submitted an amended version of the proposal, reducing the number of tokens to be bought back and extending the distribution of options to all users who had deposited into Mango DAO's governance system.

為了因應強烈反對，DonDuala 提交了提案的修訂版本，減少了回購代幣的數量，並將選擇權分配範圍擴大到所有存入 Mango DAO 治理系統的用戶。

After intense debate and deliberation, the amended proposal was approved on April 24th with over 67.9% of votes in favor.

經過激烈辯論和審議，修改後的提案於4月24日以超過67.9%的贊成票獲得通過。

Execution of the Buyback and Remaining Controversy

回購的執行及尚存爭議

As of April 30th, approximately 73 million MNGO had been bought back, with 46.67% of the options exercised. Despite the successful execution of the buyback, some community members continued to express concerns about the potential consequences of the plan.

截至4月30日，約7,300萬個MNGO已被回購，其中46.67%的選擇權已被行使。儘管回購成功執行，但一些社區成員仍對該計劃的潛在後果表示擔憂。

Corporate Raiding: A Hypothetical Threat

公司襲擊：一種假設的威脅

The buyback has also raised questions about the potential for "corporate raiding" in the world of decentralized finance. If a company's market cap falls below its book value, investors may purchase its shares, gain control, and liquidate it. This strategy, known as corporate raiding, is legal in certain jurisdictions, raising the possibility of similar tactics being employed within the decentralized finance space.

這次回購也引發了人們對去中心化金融領域「企業攻擊」潛力的質疑。如果一家公司的市值低於其帳面價值，投資者可以購買其股票，獲得控制權並清算它。這種被稱為企業攻擊的策略在某些司法管轄區是合法的，這增加了在去中心化金融領域採用類似策略的可能性。

The Future of Mango Markets and Market Efficiency

芒果市場的未來與市場效率

The Mango Markets buyback saga highlights the complex challenges and potential pitfalls of decentralized finance governance. While the concept of collective decision-making is central to the Web3 ethos, it also carries the risk of conflicts of interest, allegations of manipulation, and debates over market efficiency.

Mango Markets 的回購傳奇凸顯了去中心化金融治理的複雜挑戰和潛在陷阱。雖然集體決策的概念是 Web3 精神的核心，但它也帶來了利益衝突、操縱指控和市場效率論點的風險。

As Mango Markets and other decentralized finance protocols navigate the ever-evolving landscape, it remains to be seen how these challenges will be addressed and whether the principles of market efficiency and decentralized governance can be reconciled.

隨著 Mango Markets 和其他去中心化金融協議在不斷變化的環境中前進，如何應對這些挑戰以及市場效率和去中心化治理的原則是否能夠協調一致還有待觀察。