$USA - Governance Token

Aligning the protocol with its community

What is $USA?

$USA is Manifest's governance token, designed to give the community influence over key protocol decisions. While $USH provides exposure to U.S. real estate, $USA governs protocol parameters (fees, reserve policy, redemption triggers) and oversight of the first‑loss Reserve Pool. It does not provide direct real estate exposure.

$USA is not live yet!

Any token claiming to be $USA from Manifest is a scam. The $USA TGE will be announced on official channels. Stay smart!

Token Distribution

Total Supply: 100,000,000 $USA

• Community: 55% - Ensuring community control

• Team & Investors: 45% - Aligning long-term incentives

All team and investor tokens have identical unlock schedules with no preferential treatment.

Two Core Functions

1. Governance Rights

$USA holders vote on critical protocol decisions:

• Protocol Revenue: Whether to enable fees on $USH TVL

• Capital Deployment: Authorizing use of excess capital for strategic purposes (such as $USA buybacks)

• Protocol Evolution: Approving new token types or strategic initiatives

Note: Protocol fees are not currently active. Activation requires a governance vote.

2. Reserve Pool Ownership

$USA holders control the Reserve Pool, which captures value through:

• Settlement reconciliation: HEIs typically outperform modeled returns

• Abandoned rewards: From $sUSH unstaking cooldowns

• First-loss position: Acts as protocol equity layer

First Loss Layer

The Reserve Pool acts as an equity layer or "first loss capital" to the protocol. $USA benefits from the upside of the HEI portfolio, and it is also the first to take losses when there is a shortfall — much in the same way the equity layer of a securitization works.

Key Differences from $USH

Feature	$USH	$USA
Purpose	Real estate exposure	Governance
Returns	Tracks home prices	Depends on governance decisions
Supply	Elastic (mints with demand)	Fixed 100M supply
Backing	Overcollateralized by HEIs	Reserve Pool

Why $USA Matters

Sustainable protocols need aligned stakeholders. $USA ensures those who believe in Manifest's long-term vision have a voice in its direction. This creates a feedback loop: engaged community members guide decisions that enhance protocol value, benefiting all participants.

As Manifest grows, $USA holders will influence critical decisions: fee structures, capital allocation, new product launches. The protocol fee model explains how activated fees could generate value for $USA holders.

Launch Timeline

$USA has not launched yet. Early $USH users and liquidity providers are positioning themselves for potential rewards through the points program.

The launch date and distribution mechanics will be announced through official channels.