How Manifest Works

The first liquid gateway to American real estate

The Core Innovation

Manifest solves a fundamental problem: how to make illiquid real estate liquid without compromising returns.

Traditional tokenized real estate fails because it simply wraps existing problems in a token. Investors still face property management, tax complexity, and illiquidity. REITs trade like stocks, not real estate. Synthetic tokens have no real backing.

Manifest uses Home Equity Investments (HEIs) instead of direct property ownership. HEIs are institutional financial instruments that give investors a share of home appreciation without the operational burden. This removes property management, simplifies taxes, and enables the liquidity mechanisms that make $USH work.

The Value Flow

When you swap $USDC for $USH tokens, the protocol converts that $USDC to fiat and deploys capital into constructing a diversified portfolio of HEIs across America. These HEIs generate approximately 15% annual returns through their 2x equity multiplier: every dollar invested controls two dollars of home value.

Yet $USH NAV tracks only the home price appreciation (HPA) of properties in the portfolio—typically 3–5% annually. This gap between portfolio returns (~15%) and NAV growth (3–5%) creates excess value that powers the system through daily token minting.

Each day, Manifest calculates the portfolio's growth versus the measured HPA. When the portfolio outperforms HPA — which it structurally does — new $USH tokens are minted to keep per-token NAV aligned with HPA. These newly minted tokens represent real value capture, not dilution.

When individual HEIs settle, actual returns are compared to what was already distributed through daily minting. Variations flow to or from the Reserve Pool, which is controlled by $USA holders.

This daily minting mechanism aligns incentives throughout the ecosystem. $USH holders receive pure real estate exposure without fees. The protocol funds itself through portfolio outperformance. Stakers earn yields from real asset returns.

Building Liquidity

The protocol maintains deep liquidity through multiple mechanisms. We start with protocol-owned liquidity (POL) of ~20% of TVL, ensuring baseline market depth. Stakers commit capital for longer periods through the 28‑day unstaking cooldown (no rewards during the cooldown), creating predictable liquidity patterns. Liquidity providers earn enhanced rewards for supporting trading pairs.

This multi-layered approach solves the fundamental challenge: our HEI assets settle over years while tokens trade instantly. By incentivizing voluntary duration through staking and liquidity provision, we match asset and liability timelines without restricting token transferability.

Why It Works

The system succeeds because it aligns everyone's interests. Token holders receive liquid exposure to American real estate without minimums or management overhead. Stakers capture institutional-level returns typically reserved for private funds. Liquidity providers earn from protocol growth. Even homeowners benefit by accessing their home equity without taking on an active debt burden.

Every design decision reinforces this alignment. The conservative valuation methodology protects all participants. The daily value capture process described in NAV and minting rewards long-term supporters without penalizing casual holders. The liquidity structure ensures fair exit values while maintaining protocol stability.

By separating real estate exposure ($USH) from yield generation ($sUSH), we create distinct products for different investor needs — all backed by the same high-quality portfolio of American home equity.

Next Steps

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