Manna Finance
RefundingLock SOL to mint solUSD at 0% interest rate.
$2050%
$120kraise goal
Raise Unsuccessful
Committed$205.00
Funders2
Raise Goal$120k
This raise did not reach its goal. All committed USDC is being returned to contributors. to claim your refund.
About
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.
IP & Legal
github: https://github.com/Manna-Finance domain: https://manna.finance
Details
Implied FDV$275K
Launch Price$0.012
Raise Goal$120k
FDV Calculation
Launch Price$0.012
× Total Supply22.9M
= Implied FDV$275K
Supply Breakdown
Initial Float (43.7%)10.0M
Performance Package (43.7%)10.0M
Meteora LP (3.9%)900,000 at $0.012
Futarchy AMM (8.7%)2.0M + $24K
Total Supply22.9M
Governance & Vesting
Monthly Spending Limit$10k
The team can spend up to this amount per month from the treasury without a governance proposal. Larger expenditures must be approved by token holders.
Team Token Unlock
Team tokens are locked for an 18-month cliff. After the cliff, the team can trigger a 3-month TWAP evaluation. Tokens unlock in 20% tranches at each price milestone relative to the ICO price of $0.012.
| Tranche | Price Target | Unlocked |
|---|---|---|
| 2× ICO price | $0.024 | 20% |
| 4× ICO price | $0.048 | 40% |
| 8× ICO price | $0.096 | 60% |
| 16× ICO price | $0.192 | 80% |
| 32× ICO price | $0.384 | 100% |
Each tranche unlocks 20% of team tokens. The price target is measured via a 3-month time-weighted average price (TWAP) to prevent short-term manipulation.
Token
Base Mint
Contributors(2)
97.6%$200
2.4%$5
Legal Terms & Disclosures
By contributing to the fundraise for tokens ("Tokens"), you acknowledge and agree to the Futardio Terms of Service. Without limiting the foregoing, you also acknowledge and agree to all of the following information, terms and conditions:
The above descriptions, terms, and other content were created, determined, and supplied exclusively by prospective project contributors related to the ICO and are being republished on futard.io for convenience of reference only, as third-party content. Furtard.io is a technology platform being used by the prospective project contributors, and the owners and operators of Fudardio.fi and their respective affiliates are not the persons creating, endorsing, sponsoring, or discretionarily operating the ICO. Fudard.io and its owners and operators and their respective affiliates assume no (and by participating in the ICO or otherwise using futard.io, you agree that they shall not have any) responsibility or liability for the accuracy or completeness of the above descriptions, terms and other content, or any other representations, statements, opinions, projections, terms, or information made by or on behalf of the prospective project contributors in connection with the ICO.
The following terms and conditions apply between you, on the one hand, and, on the other hand, both the owners and operators (and their affiliates) of Futard.io or MetaDAO and the prospective ICO project contributors and related legal entity(ies) and their respective affiliates:
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No Guarantees. The Tokens are provided on an "as-is" and "as-available" basis. Participation in the fundraise does not come with any guarantees, promises, or assurances of any kind, including—but not limited to—financial return, performance, future utility, or access to any platform, product, or service.
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Not an Offer of Securities. The Tokens do not represent a security, equity, loan, or ownership interest in any entity or project. Participation in this fundraise is not intended to be, and shall not be construed as, an offering of securities, nor does it constitute an offer or solicitation in any jurisdiction where such activity is unlawful. You are responsible to refrain from participation in the ICO if your jurisdiction does not permit such participation.
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Final Sale. All contributions made as part of the fundraise are final and non-refundable. By participating, you understand and accept that you will not be entitled to a refund or compensation under any circumstances, including but not limited to loss of value or inability to use the Tokens.
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No Liability for Losses. To the fullest extent permitted by applicable laws, neither the organizers of this fundraise nor any of their affiliates, agents, advisors, officers, or representatives shall be liable for any direct or indirect loss or damage you may suffer, including without limitation: trading losses, loss of data, revenue, profit, or opportunity; or any errors, delays, or technical failures related to the fundraise or the Tokens.
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Nature of Token MetaDAO Platform ICOs. You acknowledge and agree that the ICO is a transaction entirely by and among ICO participants, in which such participants contribute certain blockchain tokens into the sole control or custody of Solana-based "smart contracts" or "programs" as a method of establishing a decentralized autonomous decision market oriented toward the research, development, promotion and/or utilization of the above-described project. The ensuing market oracle–sometimes also referred to as a type of "DAO"-- is intended to govern both the deposited tokens and aspects of the related project, using "Futarchy". These smart contracts or programs exist independently of Futard.io or MetaDAO, on the Solana blockchain, and do not have a legal "owner" or "custodian", but instead will be controlled by the market-based governance process embedded in the decision market protocol, as expressed in the code of the smart contracts/programs. The deposited tokens do not represent a capital investment in any legal entity (including the legal entity referred to in the following paragraph) or group of managers or entrepreneurs, and the decision market may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project or using them to pay the currently contemplated prospective project contributors, and may instead use them for other purposes, as determined by the decision market oracle aka "DAO." The current prospective project contributors will not immediately own or have any discretionary or managerial control of the deposit pool, and any related services such prospective project contributors provide will be on an independent contractor basis to the community, as determined on an ongoing basis by the decision market oracle aka "DAO." The tokens issued by the program/smart contract in exchange for deposited funds are not initially owned by, and are not being sold or offered by, Futard.io or MetaDAO or the prospective project contributors or any related entity(ies), but rather are issued by the smart-contract/system itself to enable ongoing functionality of the related decision market oracle aka "DAO". Any funds received from the deposit pool by the current prospective project contributors or future project contributors represent retroactive or prospective compensation for work done or to be done by such project contributors that is approved by the related decision market oracle aka "DAO", on the initiative of, and based on the managerial or entrepreneurial efforts of, participants in that market aka "DAO participants".
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DAO-Adjacent Entity aka BORG. One or more members of the prospective project contributors may have established a particular type of legal entity related to the project. These entities, known as cybernetic organizations, aka 'BORGs", hold intellectual property related to the project and may receive the funds, if any, determined by the decision market oracle to be paid to the prospective project contributors as compensation for work done or to be done related to the project. BORGs contain special rules designed to provide accountability of project contributors to the community, including prohibiting the issuance of equity securities and requirements to consult the decision market oracle (sometimes on a signaling basis, sometimes on a binding basis) for decisions related to their work on the project and the related intellectual property and assets. Many of these entities are "segregated portfolios" of a Cayman Islands entity called Futarchy Governance SPC. Segregated portfolios provide separate layers of assets and liabilities within this entity, and each particular segregated portfolio is managed in the sole discretion of its "Manager(s)", subject to the terms and conditions of Futarchy Governance SPC and the Operating Agreement of that specific segregated portfolio. The ICO does not represent an investment in the SPC or segregated portfolio, and participants in the ICO and holders of the tokens being issued in the ICO do not have any legal rights in or ownership of the SPC or segregated portfolio, and are not owed any fiduciary or other duties by the participants in the SPC or segregated portfolio, but the SPC, in respect of the segregated portfolio, is legally required to abide by certain determinations of the decision market created by the ICO. Please review the project description above to determine the specific legal entity(ies) or other arrangements identified by the prospective project contributors. You hereby acknowledge and agree that you have reviewed, or had the opportunity to review, the information and documents presented or linked to from that description and acknowledge, consent to and accept the risks of all related legal entities and arrangements.
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Understanding the Mechanism. This is an onchain fundraising mechanism with a fixed token supply and an uncapped USDC raise. A minimum funding threshold applies. There is no in-protocol cap on the amount that may be claimed beyond the stated minimum. If the minimum funding threshold is not reached, all contributed funds will be returned to participants. By participating, you confirm that you understand the program and have reviewed the relevant documentation available at https://docs.metadao.fi.
By contributing or attempting to contribute to the fundraise for Tokens, you confirm that you have read, understood, and accepted the terms above.