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FreeMedium RiskSolana

marginfi (powered by Project 0)

Solana-native overcollateralized lending and borrowing protocol with risk-tiered markets, LST product, staked collateral support, and migration of core operations under Project 0.

3.5/5

Potential

~0–8%+

No strict minimum or lockups for standard positions. Withdrawals subject to pool liquidity/utilization.

Start Earning

Potential

~0–8%+

Risk

Medium Risk

Rating

3.5/5

Best For

Users seeking Solana-native lending with staked collateral or LST features

TVL

Significantly reduced in recent tracking (~$30–120M range depending on source/product split; historically much higher during points era)

Products

mrgnlend (lending/borrowing), marginfi LST, Staked Collateral, isolated/permissionless markets (The Arena history)

Key Feature

Risk tiers + ability to use native stake as collateral while earning staking rewards

Protocol Overview

marginfi is an overcollateralized lending protocol on Solana. Users supply assets to earn interest paid by borrowers. Borrowers post collateral and maintain a health factor.

It features:

Global and isolated/risk-tiered markets
Native staked SOL as collateral (continue earning validator rewards)
Own LST product
Utilization-based interest rates
Liquidation engine with partial liquidations and insurance fund share

Important update: Core operations and the main dApp have moved under Project 0. Existing positions are managed via the Project 0 interface, which also integrates other venues (Kamino, Jupiter Lend, etc.).

Available Products

mrgnlend (core lend/borrow)
marginfi LST
Staked Collateral
Historical points system and isolated long-tail markets

Risk Factors

Smart contract risk
Liquidation risk
Utilization / liquidity risk
Oracle risk
Past internal turbulence and leadership changes
Migration / Project 0 transition risk
Potential socialized losses in extreme events (historical context on related systems)

Minimum Deposit / Lock Period

Flexible for core products.

Responsive

💰 Yield Pools & APY

Asset / PoolAPYTVLLockNotes

Stablecoins (USDC/USDT)3–7%+NoneUtilization-driven

SOLVariable (often lower base)NoneDemand-dependent

marginfi LST~5.4%NoneStaking + MEV rewards (zero fee claimed)

LSTs as collateralStaking yield + possible lendingNoneContinue earning while used

Other assetsHighly variableNoneRisk-tier dependent

🛂 Eligibility Requirements

walletSolana wallet
token holdSupported assets
kycNo universal KYC for core usage

Realistic Yields

Realistic supply yields on major assets typically sit in the 3–7% range for stables, with LST offering ~5.4% staking-linked returns. These are competitive with other Solana money markets but not standout. The protocol’s peak era was driven heavily by points farming; current activity and TVL are much lower. Useful for users already in the Solana ecosystem who want lending + native stake utility, but it is no longer a top-tier TVL leader.

Advantages

Native Solana lending with solid LST and staked collateral integration
Risk-tier system allows broader asset support
Ability to borrow against native stake while keeping staking rewards
Zero-fee claim on its LST product
Composable with Solana DeFi
Fast, low-cost transactions on Solana

Risks

TVL and activity have declined significantly from peak
Protocol migration to Project 0 introduces transition complexity
Historical leadership and reputational issues
Liquidation and bad-debt risk in stressed markets
Utilization can limit withdrawals
Points/airdrop expectations created past volatility
Smaller scale compared to current Solana leaders (Kamino, etc.)

How to Start Earning

1
Connect wallet on the current app (Project 0)
2
Supply assets
3
Earn interest
4
Borrow if needed while managing risk
5
Exit when desired

Common Questions

What is marginfi?

marginfi is a Solana overcollateralized lending and borrowing protocol. Users supply assets to earn interest and can borrow against collateral. It also offers an LST and staked collateral features.

What happened with Project 0?

Core marginfi operations and the main dApp have moved under Project 0. Existing positions can be managed there, and the interface now includes additional venues.

What yields can I earn?

Supply APYs are utilization-driven, commonly 3–7%+ on stables. The marginfi LST offers around 5.4% linked to staking rewards.

Can I use staked SOL as collateral?

Yes — the Staked Collateral feature allows borrowing against native stake while continuing to earn validator rewards.

Is there a token?

There has been a points system historically. Token developments have been tied to Project 0 plans.

What are the main risks?

Standard lending risks (liquidation, smart contracts, utilization) plus protocol migration and historically lower current activity/TVL compared to peak periods.

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