m3taversal
1073c231c8
Co-authored-by: m3taversal <m3taversal@gmail.com> Co-committed-by: m3taversal <m3taversal@gmail.com>
8.1 KiB
| type | title | author | url | date | domain | format | status | tags | event_type | ||||
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| source | Futardio: Manna Finance fundraise goes live | futard.io | https://www.futard.io/launch/5whxoTjxW4oKeSN4C8yf5JUur7pcSChkPWgmhSZQ8oD5 | 2026-03-03 | internet-finance | data | unprocessed |
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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:
- 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