Marginfi

Marginfi is a lending and borrowing app on Solana that now goes by a new name: Project 0. The team relaunched it in September 2025 and calls it a DeFi prime broker. In plain terms, you get one account that can hold deposits from several lending apps, and you can borrow against all of them at once. You keep control of your funds. The lending code underneath is still marginfi's own program. The old marginfi site is now a migration page that sends users to the new app, where old marginfi positions can be managed.

Marginfi is now Project 0: what changed for users

Project 0 kept marginfi's lending program and built a wider app on top of it. The marginfi page says all active positions can be managed in the new app. That app links to Kamino Finance KMNO$0.034-9.7%, Jupiter JUP$0.244-6.5% Lend and other venues, next to its own lending pool.

MacBrennan Peet, a co-founder of marginfi, leads Project 0. The team said marginfi points would be matched and carried over, SolanaFloor reported. The Project 0 site names Pantera Capital, Multicoin Capital and Solana Ventures as backers.

The docs moved too. The old marginfi docs site now shows the new docs. The open-source code lives in the 0dotxyz/marginfi-v2 repository. The lending program kept its marginfi address, shown on the program addresses page.

How Project 0 and mrgnlend lending works

Project 0 lending works on a shared pool for each asset, which it calls a bank. Lenders put tokens into the bank and earn interest. Borrowers take tokens out and pay that interest. Each borrower must post more collateral than they borrow. When more of a bank is lent out, its rate goes up. That draws in new deposits and slows new loans.

One account can hold up to 16 positions, per the architecture docs. Each bank sets its own rate curve, caps, price feed and risk weights.

Project 0 gives every account a health score. Collateral counts at a discount, and debt counts at a markup. There are two sets of weights. The strict "initial" set decides whether you can borrow or withdraw. The looser "maintenance" set decides when you can be liquidated. The gap between the two is your safety buffer.

The risk engine also leans against the borrower on price. It values collateral at the low end of the oracle's price range and debt at the high end. Project 0 takes prices from Pyth, Scope and fixed or exchange-rate feeds. Its docs mark the old Switchboard setup as deprecated. Switchboard itself shut down in September 2026.

Project 0 e-mode for correlated assets

E-mode lets you borrow more when your collateral and your debt move together, such as SOL and a SOL staking token. On Aave you switch e-mode on yourself. Project 0 applies the best setting for you, per its e-mode docs. If you then borrow an asset that does not match, the whole account falls back to normal limits.

Marginfi liquidation: penalty, insurance fund and bad debt

Project 0 can liquidate an account once its maintenance health drops below zero. In a normal liquidation the borrower loses 5% of the collateral taken. Half goes to the liquidator and half to the bank's insurance fund, per the liquidation docs. A liquidator may only take enough to bring the account back to zero. A second mode, called receivership, allows a fee of up to 10%.

Sometimes a borrower ends up with debt and nothing left to sell. The insurance fund pays that gap first. If the fund runs dry, the bank's lenders share the loss. In the worst case, the bank is closed and its deposits are set to zero. So lending on Project 0 carries some risk from other people's loans.

Project 0 cross-venue margin with Kamino and Jupiter Lend

Cross-venue margin is the main thing Project 0 adds to a normal lending app. You can deposit into a Kamino or Jupiter Lend Earn market through Project 0. You keep earning that market's yield. The deposit then counts as collateral for a Project 0 loan.

The cross-venue docs list Kamino and Jupiter Lend as the live venues. Each wrapped position is its own bank with its own risk settings. These deposits are collateral only. Other users cannot borrow them, and your yield comes from the original venue.

Drift Protocol DRIFT$0.012-7.3% was a launch venue in September 2025, along with Kamino and Jupiter, per the launch release. Drift is not on the docs' current list of live venues. It was exploited in April 2026.

Project 0 vaults, 0 Pay and AI agent access

Project 0 has added vaults, a payments feature and AI agent access on top of its lending markets.

Project 0 yield vaults

Project 0 launched yield vaults with Gamma in August 2026. The SOL vault runs an automated carry trade, using leverage loops to earn a rate spread. The stablecoin vault moves funds between venues to find the best lending rate. Vault users take on that leverage and the vault's choices. The launch post did not list fees.

Project 0 Pay: borrow against DeFi to pay bills

Project 0 Pay was announced in February 2026. You link a card or bank account. At month end, Project 0 offers a USDC loan against your portfolio to cover what you spent, The Block reported. You repay when you like. It is still a margin loan, so the normal liquidation rules apply.

Project 0 for AI agents (MCP)

In October 2026 the team opened an MCP server at ai.0.xyz. AI agents such as Claude, Cursor and Codex can compare rates, explain risks and draft transactions. Your wallet still has to sign each one.

Project 0 fees for deposits, loans and swaps

Project 0 charges no deposit, withdrawal or repayment fees in its app, per its fees page. The program can charge a fee to open a loan, but the docs say that fee had always been zero as of November 2025. Flash loans are free. Part of the interest borrowers pay goes to the protocol and to each bank's insurance fund. The docs do not say how much. Swaps in the app, such as when you open a looped position, usually cost about 0.05%.

Rates move all the time with demand. Check the live rates in the app.

Is marginfi safe? Project 0 audits, multisig and incidents

Marginfi's lending code has a long record and many audits, but it is not risk-free. Project 0 says its programs have run for more than three years without a program exploit. A multisig can still upgrade the code, and every venue Project 0 links to brings that venue's risks with it. Lenders also share any bad debt the insurance fund cannot cover.

Project 0 audits and what they cover

Project 0's security post from September 2026 lists a dozen audits. The firms are OtterSec, Sec3, Hashlock, Accretion, Adevarlabs and Ackee Blockchain. The reviews covered liquidations, the insurance fund, staked collateral, e-mode, the Kamino link and fixed-price banks.

Project 0 does not publish which firm checked which part, or which code version. The audits page names five of the six firms and links the reports on GitHub. An audit covers the code it reviewed, not later changes.

Who can upgrade the marginfi program

A multisig of 15 signers controls the program, the security post says. Different actions need different numbers of them:

The team also said a time delay on key changes was planned for an upcoming release. We could not check the upgrade authority on-chain for this profile.

Project 0 added Blockaid monitoring in October 2026. It watches the program, its banks and price feeds, and the positions held on other venues.

Project 0 and the Drift exploit

Attackers drained $285 million from Drift in April 2026, the security post says. About $1.91 million of bad debt fell on Project 0's shared pool. Project 0 spread the loss across lenders, with riskier assets taking bigger cuts.

Affected users can claim through Project 0 until October 2027, the team posted. Our news explains how Drift's DFX claims work.

Linked venues can also lock up. Jupiter Lend queued withdrawals during a cash crunch in late October 2026.

Project 0's bug bounty pays 2% of the funds at risk for a critical bug, up to $500,000.

Who Project 0 is for

Project 0 suits active DeFi users who already hold deposits on Kamino or Jupiter Lend. It lets them borrow against those deposits without moving them. It also suits traders who run carry or hedged trades and want one margin account instead of several.

It can also suit stablecoin and SOL lenders who want a Solana lending market with a long track record. They must accept that their deposit can absorb bad debt if the insurance fund runs out.

Project 0 fits less well for a lender who wants as few moving parts as possible. Each linked venue adds its own code, prices and governance to your risk. Anyone waiting for a token gets nothing yet, since none has launched.

Kamino vs marginfi and other Solana lending alternatives

The main alternatives are Solana's other large lending markets, listed on our borrow and lend overview.

• Kamino runs its own lending markets. Use Kamino directly if all your positions are there. Use Project 0 if you want Kamino deposits to back a loan next to other assets.
• Jupiter Lend is Jupiter's lending market. Project 0 takes Jupiter Lend Earn deposits as collateral, so the two work together as much as they compete.
• Save, once called Solend, is one of Solana's older lending apps. Its 2023 clash with marginfi over the mSOL depeg is in our Lightspeed episode on the debate.

Project 0 stands out for its shared account across venues. If you do not need that, a single lending app has fewer parts that can fail.

Marginfi airdrop, points and the Project 0 token

There is no marginfi or Project 0 token yet, so points holders have had no token airdrop. Marginfi ran a points programme for lenders and borrowers. At the relaunch, the team said those points would carry over. It also said a token would come at Breakpoint 2025, per SolanaFloor.

That token has not launched, going by the official blog and docs as of November 2026. Gamma, the vault partner, was still promoting points on Project 0 deposits in late October. Treat any coin that claims to be the marginfi or Project 0 token as fake unless the team announces it.

Points are separate from emissions. The emissions docs describe reward campaigns that pay lenders and borrowers in tokens, usually each Wednesday.

Marginfi history: founders, CEO resignation and The Arena

Marginfi grew into one of Solana's main lending markets. Its founders talked through the design on a podcast, summed up in our marginfi founders interview.

In April 2024, co-founder and CEO Edgar Pavlovsky quit. He left during a row over the points plan. SolBlaze, a staking app, had also made a public complaint about rewards, The Defiant reported. Deposits fell by about $160 million after he left, ForkLog reported.

That summer marginfi launched The Arena. It offered a separate lending market for each token, with one-click leveraged long and short trades. Project 0 came next, as a wider rebuild of the whole app. The team's Breakpoint talk sets out the plan.