FAQs
Common questions about Manifest and $USH
Getting Started
What is Manifest?
Manifest is a DeFi protocol that makes U.S. residential real estate investable onchain through $USH, a liquid token that tracks home price appreciation.
How is $USH different from traditional real estate investment?
$USH offers instant liquidity, no minimums, global access, zero management overhead, and DeFi composability. Unlike REITs that trade like stocks or property tokens that create mini-landlords, $USH provides pure real estate exposure. Learn more.
What makes Manifest different from other RWA projects?
Manifest uses Home Equity Investments (HEIs) instead of direct property ownership, creating genuine liquidity and sustainable yields without the operational complexity of managing properties.
Investing in $USH
How do I buy $USH?
Two options:
Primary Market: Swap $USDC through our Uniswap v4 pool (requires KYC)
Secondary Markets: Buy on any DEX that has liquidity
See our complete buying guide.
What's the minimum investment?
There's no minimum. You can buy $1 or $1 million worth of $USH.
What returns should I expect?
$USH: Tracks U.S. home price appreciation (~3–5% annually)
$sUSH: Captures additional yield from excess portfolio returns
These are historical averages. Past performance doesn't guarantee future results.
Is $USH a stablecoin?
No. $USH is designed to appreciate with U.S. home prices. It's a real estate investment token, not a stable-value token.
Understanding the Mechanics
What backs $USH?
$USH is backed by a diversified portfolio of HEIs across America. These are real contracts on real properties, not synthetic exposure. Learn about HEIs.
How is the price determined?
NAV: Calculated daily based on home price appreciation of properties in the portfolio
Market Price: Floats based on DEX supply and demand
Stability: Multiple mechanisms keep price near NAV
Why does the supply change?
New $USH is minted daily to capture the spread between portfolio returns (~15% APY) and home price tracking (~3–5% APY). The spread funds operations and rewards without charging fees to $USH holders. Learn more.
Staking and Yield
What is $sUSH?
$sUSH is staked $USH that auto-compounds the excess returns generated by the protocol. Your $sUSH balance automatically grows in value (in terms of $USH) over time.
How do I stake?
Visit app.manifest.finance/stake, connect your wallet, and swap $USH for $sUSH. Step-by-step guide.
Is there a lockup?
No lockup for buying/selling $USH or $sUSH. However, converting $sUSH back to $USH requires a 28-day cooldown with no rewards during that period.
Can I exit without unstaking?
Yes! $sUSH itself is tradeable on DEXs. Sell directly to avoid the cooldown period.
Liquidity and Trading
How liquid is $USH?
Very liquid. The protocol maintains up to 20% of TVL as Protocol-Owned Liquidity and incentivizes additional liquidity through rewards.
Where can I trade $USH?
$USH trades on major DEXs. The primary pool on Uniswap v4 offers the deepest liquidity spread across prices to ensure a continuous market price.
What happens if everyone sells at once?
Multiple redemption mechanisms ensure orderly exits:
Onchain liquidity (>20% of TVL)
Voluntary redemption and repurchase by Manifest if a market dislocation persists
Investor vote (60% threshold) for a required redemption (which requires Manifest to sell its portfolio and distribute the proceeds to tokenholders)
Risks and Safety
What are the main risks?
Market Risk: Home prices can decline
Smart Contract Risk: Potential bugs or exploits
Operational Risk: Origination partner quality
Regulatory Risk: Changing regulations
Read our comprehensive risk analysis.
What happens in a housing crash?
$USH NAV would decline with home prices, providing honest exposure to real estate. However, the HEI portfolio's 2x multiplier provides a return cushion for $sUSH holders — the portfolio remains profitable even in significant downturns. See scenarios.
Is the protocol audited?
Yes, professional audits have been completed before deployment. The protocol also implements emergency pause functionality and gradual rollout with TVL limits.
How are HEIs selected?
Strict underwriting criteria filter for quality while geographic limits support diversification. No single property or region can dominate the portfolio, though due to its size relative to the rest of the U.S., California properties can be a large portion of total assets.
DeFi Integration
Can I use $USH as collateral?
Yes, both $USH and $sUSH work as collateral on lending protocols like Euler and Term. Conservative LTVs (50-70%) reflect real estate stability. Learn more.
What other integrations exist?
Spectra for yield tokenization
AMMs for liquidity provision
Lending protocols for leverage
More coming soon
How do I provide liquidity?
Supply $USH and $sUSH to DEX pools. This earns trading fees plus protocol incentives.
Governance
What is $USA?
$USA is the governance token that controls protocol parameters, the Reserve Pool, and the ability to activate fees.
When does $USA launch?
$USA has not launched yet. Follow @ManifestFinance for announcements.
What can governance control?
Capital deployment strategies
Reserve Pool management
Protocol evolution
Tax and Legal
How are tokens taxed?
Generally as capital gains in most jurisdictions. No K-1 forms or partnership complexity. Always consult your tax advisor.
Do international investors face U.S. tax reporting obligations?
Manifest is designed so that investors without other U.S. tax reporting obligations are not expected to have U.S. tax reporting obligations due to investments in $USH or $sUSH. The BVI structure optimizes for global investors. Learn more.
Is this regulated?
Manifest operates within existing regulatory frameworks. The Cayman-BVI-US legal structure ensures compliance while maintaining DeFi benefits.
Technical Questions
What blockchain is $USH on?
$USH is an ERC-20 token on Avalanche.
How often does NAV update?
Daily, based on home price appreciation of properties in the portfolio using conservative methodologies.
What standards does the protocol use?
ERC-20 for $USH
ERC-4626 for $sUSH staking vault
Support
Where can I get help?
Documentation: You're here!
Twitter: @ManifestFinance
Email: [email protected]
App: app.manifest.finance
How do I report issues?
Security issues: [email protected] (do not post publicly) General support: [email protected]
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