--- type: source title: "Futardio: Manna Finance fundraise goes live" author: "futard.io" url: "https://www.futard.io/launch/5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5" date: 2026-03-03 domain: internet-finance format: data status: unprocessed tags: [futardio, metadao, futarchy, solana] event_type: launch --- ## Launch Details - Project: Manna Finance - Description: Lock SOL to mint solUSD at 0% interest rate. - Funding target: $120,000.00 - Total committed: $205.00 - Status: Refunding - Launch date: 2026-03-03 - URL: https://www.futard.io/launch/5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5 ## Team / Description # Manna — Futard.io Raise Description > **"Borrow against your SOL. Keep the upside."** > Manna is a zero-interest CDP protocol on Solana. Deposit SOL, mint solUSD, pay once. --- ## What We're Building Manna is a Liquity V1-style Collateralized Debt Position (CDP) protocol on Solana. Users deposit SOL as collateral, mint **solUSD** (a decentralized stablecoin pegged to $1), and pay only a **one-time borrowing fee — no ongoing interest, ever.** The peg is maintained by two hard mechanisms: 1. **Redemptions** — solUSD can always be exchanged for $1 of SOL, creating a hard floor. 2. **Liquidations** — vaults below the minimum collateral ratio are liquidated via the Stability Pool, where stakers earn SOL at a discount. Governance will be launched via **MetaDAO** — full futarchy from day one. The market decides what's value-accretive. --- ## Market & Differentiation ### Target Market | Segment | Pain Point | Manna's Answer | |---|---|---| | SOL holders | Want liquidity without selling | Borrow solUSD against SOL, zero interest | | Leveraged traders | Need cheap leverage on SOL | 125% min CR = max capital efficiency | | DeFi stablecoin users | Want a trust-minimized, decentralized USD | Non-custodial, no governance attack surface | | Stability Pool stakers | Want yield without impermanent loss risk | Earn SOL at a discount when liquidations happen | **Primary beachhead:** SOL holders with >10 SOL who want liquidity without triggering a taxable sell event. This is a large, underserved segment on Solana. ### Competitive Edge | | **solUSD (Manna)** | **USX (Solstice)** | **USDv (Solomon)** | **jupUSD (Jupiter)** | **USDGO (OSL)** | |---|---|---|---|---|---| | **Mechanism** | CDP · overcollateralized | Delta-neutral synthetic | Yield-bearing backed | RWA-backed (BlackRock BUIDL + USDe) | Fiat-backed · regulated | | **Backing** | SOL (native) | BTC, ETH, SOL + perp shorts, stablecoins, tokenized treasuries | On-chain dollar yield strategies | 90% USDtb (BlackRock BUIDL), 10% USDe (Ethena) | USD deposits · KYC-gated | | **User gives up asset?** | ❌ Keep SOL exposure | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | | **Ongoing Interest** | ✅ None | N/A | N/A | N/A | N/A | | **Minting** | Permissionless (open to all) | Permissioned (institutions only) via DEX otherwise | Permissionless | Permissionless | Permissioned (KYC required) | | **Decentralized** | ✅ Fully | ⚠️ Hybrid (custody: Copper + Ceffu) | ⚠️ Partial | ⚠️ Partial (backed by centralized instruments) | ❌ No | | **Hard $1 Floor** | ✅ On-chain redemptions | ⚠️ Soft (institutional redemptions) | ⚠️ Soft | ⚠️ Soft | ✅ Fiat-backed | | **SOL upside retained** | ✅ Full | ❌ | ❌ | ❌ | ❌ | | **Governance** | MetaDAO (Futarchy) | None | Unknown | JUP DAO | Centralized | | **Status** | Launching 2026 | Live (Sept 2025) · Largest Solana-native stablecoin | Live | Live (Jan 2026) | Live (Feb 2026) | **Manna's moat:** - **0% interest** — nobody on Solana offers this. The entire borrow cost is the one-time fee (0.5% base). - **Solana-native speed and cost** — transactions settle in 400ms at <$0.01. - **Futarchy governance** — the only CDP on Solana governed by prediction markets, not a multisig or token vote. - **SOL-only collateral** — simplicity is a security property. No oracle complexity, no multi-asset liquidation cascades. ### Go-To-Market **Phase 1 — Core DeFi users (Months 1–3 post-launch)** - Target: power users on Jupiter, Kamino, and MarginFi looking for a cheaper borrow - Channels: X/Twitter, Solana DeFi Twitter community, MetaDAO community - Metric: $5M TVL **Phase 2 — Stability Pool TVL (Months 3–6)** - Target: solUSD holders seeking yield; integrate solUSD into Orca/Raydium pools - Channels: integrations, liquidity mining incentives from protocol revenue - Metric: $2M in Stability Pool **Phase 3 — solUSD adoption as collateral (Months 6–12)** - Target: get solUSD listed as collateral on MarginFi, Drift, or Kamino - Channel: DAO-to-DAO proposals via MetaDAO governance - Metric: solUSD circulating supply >$10M --- ## Use of Funds **Raise Target: $120,000 USDC** **Runway: 12 months** **Monthly Spend Limit (onchain enforced): $10,000/mo** ### Monthly Burn Breakdown | Category | Monthly Cost | % of Burn | Notes | |---|---|---|---| | **Core Team** | $7,000 | 70% | 1 full-time founder + part-time contributor | | **Infrastructure** | $1,000 | 10% | RPC nodes (Helius), monitoring (Datadog), VPS, domains | | **Marketing & Community** | $1,500 | 15% | X ads, KOL outreach, content, bounties | | **Security & Legal** | $500 | 5% | Audit prep, Cayman entity maintenance, bug bounty fund | | **Total** | **$10,000** | **100%** | | **Runway math:** $120,000 ÷ $10,000/mo = **12 months** ### What this raise specifically funds: 1. **Smart contract security audit** — estimated $15,000–25,000 2. **Mainnet deployment and monitoring** for the first 3 months 3. **Founder runway** to work full-time on the protocol without distraction 4. **Liquidity bootstrapping** — initial Stability Pool seed to ensure liquidations work at launch --- ## Roadmap & Milestones ### ✅ Already Done - Core protocol design and architecture - Anchor/Rust smart contracts: 11 instructions (open_vault, borrow, repay, liquidate, redeem, stability pool, and more) - TypeScript SDK and test suite - Landing page (manna.finance) and brand identity ### 🔨 Month 1 — Audit Preparation (April 2026) - [ ] Fix known issues: Pyth oracle integration, base rate decay optimization, redistribution logic - [ ] Internal security review and fuzz testing - [ ] Submit to Ottersec or OShield for audit - [ ] Devnet deployment open to public testers ### 🔨 Month 2–3 — Audit & Fixes (May 2026) - [ ] Receive audit report - [ ] Fix all critical and high findings - [ ] Publish audit report publicly - [ ] Final devnet testnet period (2 weeks minimum) ### 🚀 Month 4 — Mainnet Launch (June 2026) - [ ] Mainnet deployment on Solana - [ ] Protocol TVL cap at $1M for first 4 weeks (safety) - [ ] Stability Pool live and open - [ ] solUSD trading pair on Orca ### 📈 Month 5–6 — Growth (July–August 2026) - [ ] Remove TVL cap after 30 days incident-free - [ ] Token launch preparation via MetaDAO - [ ] First DAO governance proposals - [ ] Integration proposals to MarginFi / Kamino ### 🏛 Month 7–12 — DAO Transition (September 2026+) - [ ] Full MetaDAO futarchy governance live - [ ] Governance token distributed to Stability Pool stakers, borrowers, and raise participants - [ ] Protocol revenue split: 50% to Stability Pool, 50% to DAO treasury - [ ] V2 planning: additional collateral types (mSOL, JitoSOL) via DAO vote --- ## Why Futard.io Manna's governance model is built on futarchy — the same philosophy powering Futard.io and MetaDAO. This isn't just a funding round; it's the first step in building a DAO that governs a real protocol by prediction markets. Raise participants will have **onchain governance exposure** to every major protocol decision — not through token votes that can be gamed, but through decision markets where the market price signals what's actually value-accretive. We're not pitching to VCs. We're raising from the community that will use and govern the protocol. --- *Manna Protocol — manna.finance* *Built on Solana. Governed by futarchy.* ## Links - Website: https://manna.finance/ - Twitter: https://x.com/MannaFinance ## Raw Data - Launch address: `5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5` - Token: DQu (DQu) - Token mint: `DQuz3AeodGAoyXV5MG56F1ZqvgRpn1VhFwFskW6Jmeta` - Version: v0.7 - Closed: 2026-03-04