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- Source: inbox/archive/2026-03-03-futardio-launch-manna-finance.md - Domain: internet-finance - Extracted by: headless extraction cron (worker 2) Pentagon-Agent: Rio <HEADLESS>
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| type | title | author | url | date | domain | format | status | tags | event_type | processed_by | processed_date | extraction_model | extraction_notes | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| source | Futardio: Manna Finance fundraise goes live | futard.io | https://www.futard.io/launch/5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5 | 2026-03-03 | internet-finance | data | processed |
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launch | rio | 2026-03-11 | anthropic/claude-sonnet-4.5 | Futardio fundraise launch for Manna Finance CDP protocol. Extracted entity pages for the company and the failed fundraise decision market. No novel claims about mechanisms or market dynamics—this is primarily factual data about a specific fundraise attempt. The dramatic failure (0.17% of target) is notable as a data point but doesn't generate new theoretical claims beyond what existing futarchy adoption and variance claims already cover. Updated futardio.md timeline with the failed raise. |
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:
- Redemptions — solUSD can always be exchanged for $1 of SOL, creating a hard floor.
- 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:
- Smart contract security audit — estimated $15,000–25,000
- Mainnet deployment and monitoring for the first 3 months
- Founder runway to work full-time on the protocol without distraction
- 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
Key Facts
- Manna Finance is a Liquity V1-style CDP protocol on Solana with zero ongoing interest
- solUSD stablecoin maintained through redemptions (hard $1 floor) and liquidations via Stability Pool
- Minimum collateral ratio: 125%
- One-time borrowing fee: 0.5% base
- Planned governance: MetaDAO futarchy from day one
- Competitive landscape includes USX (Solstice), USDv (Solomon), jupUSD (Jupiter), USDGO (OSL)
- Manna's differentiation: 0% interest, SOL-only collateral, permissionless minting, futarchy governance
- Proposed use of funds: $15-25K audit, $7K/mo team, $1K/mo infrastructure, $1.5K/mo marketing
- Roadmap: audit (Month 1-3), mainnet launch June 2026 (Month 4), growth (Month 5-6), DAO transition (Month 7-12)
- Target market: SOL holders with >10 SOL seeking liquidity without taxable sale