TechFlow News, the order book DEX Mangrove has launched on the Polygon testnet and announced plans to go live on Polygon's mainnet in early June.
Mangrove's innovative "advanced limit orders" allow trading intents to take the form of a piece of code that functions like an IOU. This means an offer to sell some ETH at a specific price can exist on-chain without requiring funds to be locked. Vincent Danos, co-founder of Mangrove, explained in an interview that this enables traders to use those assets elsewhere without needing to cancel bids or withdraw funds.
Previously, it was reported that decentralized exchange Mangrove raised $7.4 million in a Series A funding round led by Cumberland and Greenfield Capital, with participation from CMT, Gumi Crypto Capital (gCC), and others. Mangrove will first launch on Polygon and expand to multiple Ethereum-compatible EVM chains later this year.
