m3taversal
1073c231c8
Co-authored-by: m3taversal <m3taversal@gmail.com> Co-committed-by: m3taversal <m3taversal@gmail.com>
188 lines
8.1 KiB
Markdown
188 lines
8.1 KiB
Markdown
---
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type: source
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title: "Futardio: Manna Finance fundraise goes live"
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author: "futard.io"
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url: "https://www.futard.io/launch/5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5"
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date: 2026-03-03
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domain: internet-finance
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format: data
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status: unprocessed
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tags: [futardio, metadao, futarchy, solana]
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event_type: launch
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---
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## Launch Details
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- Project: Manna Finance
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- Description: Lock SOL to mint solUSD at 0% interest rate.
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- Funding target: $120,000.00
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- Total committed: $205.00
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- Status: Refunding
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- Launch date: 2026-03-03
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- URL: https://www.futard.io/launch/5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5
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## Team / Description
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# Manna — Futard.io Raise Description
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> **"Borrow against your SOL. Keep the upside."**
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> Manna is a zero-interest CDP protocol on Solana. Deposit SOL, mint solUSD, pay once.
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---
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## What We're Building
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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.**
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The peg is maintained by two hard mechanisms:
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1. **Redemptions** — solUSD can always be exchanged for $1 of SOL, creating a hard floor.
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2. **Liquidations** — vaults below the minimum collateral ratio are liquidated via the Stability Pool, where stakers earn SOL at a discount.
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Governance will be launched via **MetaDAO** — full futarchy from day one. The market decides what's value-accretive.
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---
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## Market & Differentiation
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### Target Market
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| Segment | Pain Point | Manna's Answer |
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|---|---|---|
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| SOL holders | Want liquidity without selling | Borrow solUSD against SOL, zero interest |
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| Leveraged traders | Need cheap leverage on SOL | 125% min CR = max capital efficiency |
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| DeFi stablecoin users | Want a trust-minimized, decentralized USD | Non-custodial, no governance attack surface |
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| Stability Pool stakers | Want yield without impermanent loss risk | Earn SOL at a discount when liquidations happen |
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**Primary beachhead:** SOL holders with >10 SOL who want liquidity without triggering a taxable sell event. This is a large, underserved segment on Solana.
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### Competitive Edge
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| | **solUSD (Manna)** | **USX (Solstice)** | **USDv (Solomon)** | **jupUSD (Jupiter)** | **USDGO (OSL)** |
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|---|---|---|---|---|---|
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| **Mechanism** | CDP · overcollateralized | Delta-neutral synthetic | Yield-bearing backed | RWA-backed (BlackRock BUIDL + USDe) | Fiat-backed · regulated |
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| **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 |
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| **User gives up asset?** | ❌ Keep SOL exposure | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
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| **Ongoing Interest** | ✅ None | N/A | N/A | N/A | N/A |
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| **Minting** | Permissionless (open to all) | Permissioned (institutions only) via DEX otherwise | Permissionless | Permissionless | Permissioned (KYC required) |
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| **Decentralized** | ✅ Fully | ⚠️ Hybrid (custody: Copper + Ceffu) | ⚠️ Partial | ⚠️ Partial (backed by centralized instruments) | ❌ No |
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| **Hard $1 Floor** | ✅ On-chain redemptions | ⚠️ Soft (institutional redemptions) | ⚠️ Soft | ⚠️ Soft | ✅ Fiat-backed |
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| **SOL upside retained** | ✅ Full | ❌ | ❌ | ❌ | ❌ |
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| **Governance** | MetaDAO (Futarchy) | None | Unknown | JUP DAO | Centralized |
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| **Status** | Launching 2026 | Live (Sept 2025) · Largest Solana-native stablecoin | Live | Live (Jan 2026) | Live (Feb 2026) |
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**Manna's moat:**
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- **0% interest** — nobody on Solana offers this. The entire borrow cost is the one-time fee (0.5% base).
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- **Solana-native speed and cost** — transactions settle in 400ms at <$0.01.
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- **Futarchy governance** — the only CDP on Solana governed by prediction markets, not a multisig or token vote.
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- **SOL-only collateral** — simplicity is a security property. No oracle complexity, no multi-asset liquidation cascades.
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### Go-To-Market
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**Phase 1 — Core DeFi users (Months 1–3 post-launch)**
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- Target: power users on Jupiter, Kamino, and MarginFi looking for a cheaper borrow
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- Channels: X/Twitter, Solana DeFi Twitter community, MetaDAO community
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- Metric: $5M TVL
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**Phase 2 — Stability Pool TVL (Months 3–6)**
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- Target: solUSD holders seeking yield; integrate solUSD into Orca/Raydium pools
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- Channels: integrations, liquidity mining incentives from protocol revenue
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- Metric: $2M in Stability Pool
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**Phase 3 — solUSD adoption as collateral (Months 6–12)**
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- Target: get solUSD listed as collateral on MarginFi, Drift, or Kamino
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- Channel: DAO-to-DAO proposals via MetaDAO governance
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- Metric: solUSD circulating supply >$10M
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---
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## Use of Funds
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**Raise Target: $120,000 USDC**
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**Runway: 12 months**
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**Monthly Spend Limit (onchain enforced): $10,000/mo**
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### Monthly Burn Breakdown
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| Category | Monthly Cost | % of Burn | Notes |
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|---|---|---|---|
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| **Core Team** | $7,000 | 70% | 1 full-time founder + part-time contributor |
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| **Infrastructure** | $1,000 | 10% | RPC nodes (Helius), monitoring (Datadog), VPS, domains |
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| **Marketing & Community** | $1,500 | 15% | X ads, KOL outreach, content, bounties |
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| **Security & Legal** | $500 | 5% | Audit prep, Cayman entity maintenance, bug bounty fund |
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| **Total** | **$10,000** | **100%** | |
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**Runway math:** $120,000 ÷ $10,000/mo = **12 months**
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### What this raise specifically funds:
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1. **Smart contract security audit** — estimated $15,000–25,000
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2. **Mainnet deployment and monitoring** for the first 3 months
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3. **Founder runway** to work full-time on the protocol without distraction
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4. **Liquidity bootstrapping** — initial Stability Pool seed to ensure liquidations work at launch
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---
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## Roadmap & Milestones
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### ✅ Already Done
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- Core protocol design and architecture
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- Anchor/Rust smart contracts: 11 instructions (open_vault, borrow, repay, liquidate, redeem, stability pool, and more)
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- TypeScript SDK and test suite
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- Landing page (manna.finance) and brand identity
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### 🔨 Month 1 — Audit Preparation (April 2026)
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- [ ] Fix known issues: Pyth oracle integration, base rate decay optimization, redistribution logic
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- [ ] Internal security review and fuzz testing
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- [ ] Submit to Ottersec or OShield for audit
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- [ ] Devnet deployment open to public testers
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### 🔨 Month 2–3 — Audit & Fixes (May 2026)
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- [ ] Receive audit report
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- [ ] Fix all critical and high findings
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- [ ] Publish audit report publicly
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- [ ] Final devnet testnet period (2 weeks minimum)
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### 🚀 Month 4 — Mainnet Launch (June 2026)
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- [ ] Mainnet deployment on Solana
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- [ ] Protocol TVL cap at $1M for first 4 weeks (safety)
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- [ ] Stability Pool live and open
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- [ ] solUSD trading pair on Orca
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### 📈 Month 5–6 — Growth (July–August 2026)
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- [ ] Remove TVL cap after 30 days incident-free
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- [ ] Token launch preparation via MetaDAO
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- [ ] First DAO governance proposals
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- [ ] Integration proposals to MarginFi / Kamino
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### 🏛 Month 7–12 — DAO Transition (September 2026+)
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- [ ] Full MetaDAO futarchy governance live
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- [ ] Governance token distributed to Stability Pool stakers, borrowers, and raise participants
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- [ ] Protocol revenue split: 50% to Stability Pool, 50% to DAO treasury
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- [ ] V2 planning: additional collateral types (mSOL, JitoSOL) via DAO vote
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---
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## Why Futard.io
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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.
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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.
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We're not pitching to VCs. We're raising from the community that will use and govern the protocol.
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---
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*Manna Protocol — manna.finance*
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*Built on Solana. Governed by futarchy.*
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## Links
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- Website: https://manna.finance/
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- Twitter: https://x.com/MannaFinance
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## Raw Data
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- Launch address: `5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5`
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- Token: DQu (DQu)
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- Token mint: `DQuz3AeodGAoyXV5MG56F1ZqvgRpn1VhFwFskW6Jmeta`
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- Version: v0.7
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- Closed: 2026-03-04
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