This is our independent Manifest Review (2026). Can a DEX actually survive with zero trading fees? What does "formally verified" security mean — and does it make Manifest safer than audited protocols? And is an orderbook even the right model for Solana's high-speed environment?
Summary of this Manifest review: Manifest is the most philosophically pure DEX on Solana — and possibly anywhere. Built as a "public good" with zero protocol fees, formally verified smart contracts (by Certora), and fully open-source code, Manifest proves that idealistic DeFi can work. The core/wrapper architecture separates basic orderbook functionality from user-facing features, creating maximum composability for other protocols to build on.
But "public good" means no token, no revenue, and uncertain sustainability. Manifest relies on ecosystem grants and community contributions rather than protocol economics. The zero-fee model is great for traders but raises questions: who pays for development? Who maintains the infrastructure? These questions don't have clear answers yet.
For traders who want the cheapest possible execution on Solana limit orders? Manifest delivers. For those wondering about long-term viability? The jury is still out on whether public-good DEXs can compete with incentive-driven competitors like Raydium and HumidiFi.
Manifest Review - Introduction
Manifest launched in December 2024 as "the third generation of Solana CLOB DEXs" — following Serum and Phoenix. Unlike predecessors, Manifest took a radical approach: no fees, no token, no revenue capture. The goal is pure infrastructure: an orderbook primitive that anyone can build on without rent extraction.
Key Facts:
- Launched: December 2024
- Chain(s): Solana
- Type: Central Limit Order Book (CLOB)
- Trading Fees: 0% (zero protocol fees)
- Token: None (public good model)
- Security: Formally verified by Certora
- License: Fully open-source
- Architecture: Core/wrapper separation
The "formally verified" distinction matters. While most protocols rely on audits (human review), Manifest used mathematical proofs (Certora Prover) to verify the code behaves correctly. This is a higher standard than traditional auditing.
Manifest Review - How It Works
In our hands-on testing, Manifest's novel core/wrapper architecture that separates concerns:
Key Features
- Core: Minimal orderbook logic — placing orders, matching, settlement. No fees, no upgrades, no admin keys.
- Wrapper: User-facing features built on top — UI, advanced order types, integrations. Can be swapped without touching core.
- Global Orders: Capital-efficient order placement across multiple markets simultaneously
- Reverse Orders: AMM-compatible liquidity positions for passive market makers
- Token-2022 Support: Native support for Solana's extended token standard
- Permissionless Markets: Anyone can create a new trading pair — no whitelisting
We appreciate the philosophy: make the core as simple and trustworthy as possible, then let the ecosystem build features on top. This contrasts with monolithic DEXs that control the full stack.
Manifest Review - Fees
This is simple:
| Fee Type | Manifest | Phoenix | Raydium |
|---|---|---|---|
| Maker Fee | 0% | 0% | 0.22% |
| Taker Fee | 0% | 0.05% | 0.25% |
| Protocol Fee | 0% | Varies | Varies |
| Gas Cost | ~$0.001 | ~$0.001 | ~$0.001 |
Cost Comparison:
On a $10,000 limit order (maker):
- Manifest: $0 fee + ~$0.001 gas = ~$0.001 total
- Phoenix: $0 fee + ~$0.001 gas = ~$0.001 total
- Raydium: $22 fee + ~$0.001 gas = $22 total
For limit orders, Manifest and Phoenix both offer zero-fee execution. Manifest extends this to takers too — making it the cheapest DEX execution possible on Solana.
Manifest Review - Security
Security is where Manifest genuinely differentiates:
Formal Verification
Unlike traditional audits where humans review code, formal verification uses mathematical proofs to verify program behavior. Certora's Prover demonstrated that Manifest's implementation is correct with respect to specified rules — a stronger guarantee than "we looked and didn't find bugs."
Security Properties
- Formally verified: Certora completed verification in November 2024
- No admin keys: Core contracts are immutable — no one can change them
- Open source: All code is public and auditable
- Minimal attack surface: Core does only orderbook functions — nothing else
Our Security Assessment: 9.0/10 — Formal verification is the gold standard for smart contract security. The immutable, minimal-surface architecture reduces risk further. The only caveat: it's still relatively new (14 months since launch), so real-world battle-testing continues.
Manifest Review - Pros & Cons
✅ Pros
- Zero fees: Literally free trading — no maker, taker, or protocol fees
- Formally verified: Mathematical proof of correctness — not just human review
- Immutable core: No admin keys, no upgrades, no rug risk
- Permissionless markets: Create any trading pair without permission
- Open-source public good: No rent extraction — infrastructure for the ecosystem
❌ Cons
- No token: No incentives for liquidity provision beyond trading profits
- Sustainability questions: Who funds ongoing development without revenue?
- Lower liquidity: Without token incentives, liquidity is thinner than competitors
- Limited UI: Basic interface — power users only
- Relatively new: 14 months of operation vs Raydium's 4+ years
Manifest Review - Alternatives
Manifest vs Raydium
Raydium has deeper liquidity, RAY incentives, and a mature ecosystem. Manifest has zero fees and formal verification. For maximum liquidity, Raydium wins. For minimum cost and maximum security guarantees, Manifest wins.
Manifest vs Phoenix
Phoenix is Manifest's closest competitor — both are Solana CLOBs with low/zero maker fees. Phoenix has taker fees; Manifest doesn't. Phoenix has more liquidity; Manifest has formal verification. Similar philosophies, different trade-offs.
Manifest vs HumidiFi
Completely different models. HumidiFi's prop AMM offers tighter spreads on major pairs; Manifest's orderbook offers zero fees and permissionless markets. HumidiFi for execution quality; Manifest for cost and philosophy.
Best Alternative: For liquidity: Raydium or HumidiFi via Jupiter. For zero-fee orderbook trading: Manifest is unmatched.
Manifest Review - Who Should Use It
✅ Use Manifest if:
- You want absolute minimum trading costs
- You value formal verification over traditional audits
- You prefer decentralized, permissionless infrastructure
- You're building a protocol that needs orderbook infrastructure
- You trade limit orders rather than market orders
❌ Skip Manifest if:
- You need deep liquidity for large orders
- You want token incentives or LP rewards
- You prefer polished, beginner-friendly interfaces
- You're concerned about long-term protocol sustainability
- You primarily use market orders (aggregators may route elsewhere)
Verdict: Should You Use Manifest?
Our Rating: 7.5/10
| Category | Score |
|---|---|
| Fees | 10/10 |
| Security | 9.0/10 |
| Features | 7.0/10 |
| Liquidity | 6.0/10 |
| Sustainability | 6.5/10 |
The verdict: Manifest is what DeFi idealists dream about — zero fees, formal verification, immutable code, and public-good philosophy. It's also a reminder that idealism has trade-offs. The thin liquidity and uncertain funding model are real concerns. But for traders who want the cheapest possible execution and developers who need composable orderbook infrastructure, Manifest delivers something unique: mathematically provable security with zero rent extraction.
Will it survive long-term without revenue? That's the experiment we're all watching.
Sources & Verification
Data in this review verified from:
- Manifest Official Website
- Certora Formal Verification Report
- Manifest GitHub Repository
- Solana Compass - Manifest Analysis
Last verified: February 2026
Frequently Asked Questions
Is Manifest safe?
Manifest is formally verified by Certora — a stronger security guarantee than traditional audits. The core contracts are immutable (no admin keys). It's as secure as Solana DEXs get, though it's relatively new (14 months).
What are Manifest fees?
Zero. No maker fees, no taker fees, no protocol fees. You only pay Solana network gas (~$0.001 per transaction).
How does Manifest make money?
It doesn't. Manifest operates as a public good funded by ecosystem grants and community contributions. There's no protocol revenue or token.
What is formal verification?
Formal verification uses mathematical proofs to verify that code behaves as specified. Unlike audits (human review), formal verification provides mathematical guarantees. Certora is a leading provider.
Why is Manifest liquidity low?
Without token incentives or protocol revenue to fund liquidity mining, Manifest relies on organic market makers. This creates a chicken-and-egg problem: low liquidity discourages traders, which discourages liquidity providers.
Can I create new markets on Manifest?
Yes. Manifest allows permissionless market creation — anyone can list any token pair without approval. This is different from most DEXs that require whitelisting.