-67%

est. 2Y upside i

Series A

Mangrove is an order book-based DEX that allows liquidity providers to post arbitrary smart contracts as offers. This new flexibility enables liquidity providers to post offers that are not fully provisioned. The Mangrove's order book lists promises instead of locked commitments.

Rank

#1154

Sector

DeFi / Decentralized Exchange

Est. Liquidity

~4Y

Data Quality

Data: Low

Mangrove operates in a rapidly expanding DeFi market, with DEX revenue projected for high growth.

Last updated: March 10, 2026

Bull (30%)+300%

Mangrove's 'offer-is-code' approach gains significant traction, attracting a large base of sophisticated liquidity providers and traders due to its capital efficiency. It expands its presence across multiple EVM chains and potentially into perpetuals, capturing a meaningful share of the rapidly growing DEX market (68.7% CAGR for DEX revenue). This leads to substantial transaction volume and fee revenue, justifying a $240M+ valuation by 2028.

Base (35%)+50%

Mangrove maintains its niche in the order-book DEX space, growing alongside the broader DeFi market. It continues to attract a segment of users valuing its capital efficiency but struggles to significantly challenge the market dominance of larger, more established DEXs like Uniswap and PancakeSwap. Revenue grows steadily, leading to a next funding round or acquisition at a $90M valuation by 2028.

Bear (35%)-80%

Intense competition from incumbents, increased regulatory scrutiny on DEXs, or a prolonged crypto market downturn severely limits Mangrove's ability to gain traction and scale its TVL beyond its current low levels of $4.29M. Its unique 'offer-is-code' feature fails to achieve widespread adoption, resulting in a down round or acquisition at a distressed valuation of $12M, significantly eroding common stock value.

Est. time to liquidity~3.5 years

Preference Stack Risk

high

Investors hold $10M in liquidation preferences. In an exit at or below the assumed current $60M valuation, common stock holders would receive value only after this $10M is paid out.

Dilution Risk

high

As a Series A company, Mangrove will likely require additional funding rounds, which will result in further dilution for existing equity holders.

Secondary Liquidity

none

Given its early stage and private status, there is currently no active secondary market for Mangrove's equity.

Questions to Ask at the Interview

Strategic questions based on Mangrove's data — designed to show you've done your homework.

  • 1

    “Given the dominance of AMM-based DEXs like Uniswap and PancakeSwap, how does Mangrove plan to significantly increase its TVL and trading volume to compete effectively in the next 2-3 years?”

  • 2

    “With the DeFi market growing rapidly but also facing increasing regulatory scrutiny, how is Mangrove positioning itself to navigate potential regulatory changes, particularly concerning KYC/AML and securities laws?”

  • 3

    “Considering the Series A funding and the typical timeline for liquidity events, what is the company's strategic roadmap for future funding rounds or an eventual exit, and how does that align with a 2-year horizon for employee equity?”

Community

Valuation Sentiment

Our model estimates -67% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.