💱New Token Listing

Intent of this page is to serve as a helpful guide to create proposals to list new tokens or edit parameters of existing tokens on mango V4.

Fields, notes, and some examples

FieldNotese.g.

group

78b... is the primary group on mango-v4

name

all caps, usually match the well known ticker/symbol on popular exchanges and coin trackers e.g. coingecko, if is a wrapped or a bridged token, then would be nice if the name reflects that

WETH

mint

spl token mint

oracle

recommendation is that oracle should have at least 2 centralized exchanges with decent liquidity, and in total 4, data sources

confidence_filter

how much variation from true price should be tolerated

0.1 i.e. 10%

max_staleness_slots

price is considered valid when it is last udpated in <max_staleness_slots

120

delay_interval_seconds

60 * 60

delay_growth_limit

0.06

stable_growth_limit

0.0003

adjustment_factor

0.0004

util0

0.7

rate0

0.1 i.e. 10%

util1

0.85

rate1

0.2 i.e. 20%

max_rate

2 i.e. 200%

loan_origination_fee_rate

0.0005 i.e. 5bps

loan_fee_rate

0.005 i.e. 50 bps

maint_asset_weight

maintenance health contribution factor for deposits, is generally symmetric to maint_liab_weight on other side of 1

0.6

init_asset_weight

intial health contribution factor for deposits, is generally symmetric to maint_liab_weight on other side of 1

0.2

maint_liab_weight

maintenance health contribution for liabilities, usually indicates the amount of leverage an existing position can hold, e.g. 1 / (1.4 - 1) = 2.5x

1.4

init_liab_weight

initial health contribution for liabilities, usually indicates the amount of leverage an new position can hold, e.g. 1 / (1.8 - 1) = 1.25x

1.8

liquidation_fee

general rule of thumb - halfway between 1 and liab weights

0.2

min_vault_to_deposits_ratio

fraction of deposits that must remain in the token's shared vault when borrowing

0.2

net_borrow_limit_window_size_ts

24 * 60 * 60

net_borrow_limit_per_window_quote

1M * 10^6, i.e. 1M$

borrow_weight_scale_start_quote

This act as a soft limit for borrow, once the borrows on the bank exceed this quote value, init_liab_weight is scaled up. We currently set this and deposit_weight_scale_start_quote to the same value, the value is set to something what a liquidator can reasonably offload on chain immediately while staying within slippage lower than the liquidation fee

1M * 10^6, i.e. 1M$

deposit_weight_scale_start_quote

This act as a soft limit for deposits, once the deposits ws on the bank exceed this quote value, init_asset_weight is scaled down.

1M * 10^6, i.e. 1M$

In addition what is always useful is to know whether

  • the token has a mint and/or freeze authority, this can be checked on the mint's explorer page e.g. USDC, if either is set, this should negatively affect the collateral contribution of the token

  • what does the distribution look like, solana offers an api for this, also, solscan shows the distribution e.g. MNGO, when the distribution is uneven, this should negatively affect the collateral contribution of the token

  • how does the price impact look like for swapping in and out of the token, e.g. SOL-USDC, jupiter swap gives a decent indication of slippage incurred at a specific size

  • how much volume is generally traded for this token, solscan, openserum, jupiter, birdeye, all provide various levels of information on the traded volume

  • quality of the oracle e.g. pyth-SOL, switchboard-SOL, things to look out for are

    • quality and quantity of publishers

    • feed staleness

Last updated