Mango Markets 备受争议的代币回购：操纵和市场扭曲的指控

在 Mango DAO 管理机构内部存在争议时，一项以溢价回购 MNGO 代币的计划引发了对匿名 FTX 房地产买家有利的指控。批评者怀疑该提案的发起人 DonDuala 与买家之间存在联系，从而引发了“后门交易”的指控。支持者辩称该计划是支持代币价格并向投资者分配利润的机会，修订版本最终获得批准。

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

Mango Markets 备受争议的代币回购：涉嫌黑幕交易和市场效率的故事

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 崩溃的混乱后果中，去中心化金融协议 Mango Markets 提出的代币回购计划在其管理机构内引发了激烈争论。该计划最初于 4 月 7 日提出，引发了有关潜在利益冲突、协议代币低估以及市场效率基本原则的问题。

The Proposal: A Buyback with a Premium

提案：溢价回购

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.

该提案由 Mango DAO 成员 DonDuala 撰写，呼吁该组织从现有持有者手中购买 2.75 亿个 MNGO 代币，并提供 999.5 万个 Dai (DAI) 稳定币衍生品 CHAI 作为交换。这意味着每个 MNGO 代币的回购价格为 0.032 美元，与当时 0.02324 美元的市场价格相比溢价超过 27%。

A Mysterious FTX "Buyer" Emerges

神秘FTX“买家”出现

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.

该提案公布几天后，社区成员 Donderper 偶然发现了一个惊人的发现：一个神秘账户从破产的 FTX 交易所的财产中收到了大量 MNGO 代币。该账户随后投票支持了回购提议，引起了社区的关注。

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 推测该账户可能与一项场外交易有关，即一个未知实体以折扣价购买了 FTX 的 MNGO 储备，随后寻求以更高的估值从回购中获利。

Allegations of Shady Deals and Conflicts of Interest

对黑幕交易和利益冲突的指控

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.

随着社区深入研究，人们开始怀疑 DonDuala 和另一位 DAO 成员 Maximilian 可能与 FTX 相关账户有联系。成员们质疑他们是否充分披露了潜在的利益冲突，并指责他们参与了“不正当”或“后门”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，唐杜阿拉回避了这些指控，认为重点应该放在提案的优点上，而不是个人账户的行为上。

The Debate: Market Efficiency vs. Alleged Manipulation

争论：市场效率与涉嫌操纵

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.

回购计划的支持者认为，它将通过减少流动供应量和设定底价来支持 MNGO 的市场效率。他们坚称代币被低估，回购最终将通过分配利润使整个社区受益。

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，反对者对代币价格潜在的操纵行为表示担忧。他们认为，回购会产生人为需求，一旦购买的代币投放市场，可能会导致进一步抛售。

A Revised Proposal and Eventual Passage

修改后的提案和最终通过

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.

为了应对强烈反对，DonDuala 提交了提案的修订版本，减少了回购代币的数量，并将期权分配范围扩大到所有存入 Mango DAO 治理系统的用户。

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

经过激烈辩论和审议，修改后的提案于4月24日以超过67.9%的赞成票获得通过。

Execution of the Buyback and Remaining Controversy

回购的执行及尚存争议

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，约7300万个MNGO已被回购，其中46.67%的期权已被行使。尽管回购成功执行，但一些社区成员仍然对该计划的潜在后果表示担忧。

Corporate Raiding: A Hypothetical Threat

公司袭击：一种假设的威胁

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.

这次回购还引发了人们对去中心化金融领域“企业袭击”潜力的质疑。如果一家公司的市值低于其账面价值，投资者可以购买其股票，获得控制权并清算它。这种被称为企业袭击的策略在某些司法管辖区是合法的，这增加了在去中心化金融领域采用类似策略的可能性。

The Future of Mango Markets and Market Efficiency

芒果市场的未来和市场效率

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 的回购传奇凸显了去中心化金融治理的复杂挑战和潜在陷阱。虽然集体决策的概念是 Web3 精神的核心，但它也带来了利益冲突、操纵指控和市场效率争论的风险。

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.

随着 Mango Markets 和其他去中心化金融协议在不断变化的环境中前进，如何应对这些挑战以及市场效率和去中心化治理的原则是否能够协调一致还有待观察。