Project 0

What Project 0 does

Project 0, operated by Delaware-incorporated MRGN, Inc. and formerly known as marginfi, is a DeFi-native prime brokerage protocol built on Solana. Its core product is a unified margin system that allows users to treat assets deposited across multiple Solana lending venues (Kamino, Drift, Jupiter Lend) as a single collateral pool with one health factor, one liquidation price, and one borrowing capacity. A self-custodial account is inserted between the user and each underlying venue, enabling cross-venue collateralization without adding new smart contract risk to the user's existing positions. The protocol is secured by a deterministic on-chain risk engine called Brutus that dynamically updates risk parameters in real time.

The product surface extends beyond core lending: Project 0 Pay enables users to borrow USDC against their DeFi portfolio to cover real-world expenses via Plaid bank linking and MoonPay offramp (US-only at launch); Strategies (V3 as of April 2026) is a recommendation engine for cross-venue yield optimization; Flashloans support atomic uncollateralized borrowing for leverage and liquidation; and an LST staking product rounds out the suite. Developer tooling includes a TypeScript SDK (p0-ts-sdk), a Rust CLI, and an open-source Agent Skill compatible with AI coding assistants. Revenue derives primarily from interest spreads retained on borrow activity and approximately 5 bps on swap operations, while deposits, withdrawals, repayments, and flashloans are uncharged and origination fees have been set to zero.

The company is privately held, backed by Pantera Capital, Multicoin Capital, and Solana Ventures, with a token allocation structure reserving over 50% for users. Distribution is community-led and product-led growth via Discord, Telegram, X, and open-source developer tooling, with no traditional sales motion. Project 0 reports processing $19.33B+ in volume with zero oracle exploits and zero insolvency events across 3+ years of mrgnLendv2 operation, and 13 completed security audits.

Name

Project 0

Legal name

MRGN, Inc.

Website

https://0.xyz

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Project 0 (formerly marginfi, operated by MRGN, Inc.) is a Solana-based DeFi prime broker that unifies collateral across Kamino, Drift, and Jupiter Lend into a single margin account for multi-venue DeFi power users, yield seekers, and DeFi holders seeking real-world spending utility via Project 0 Pay.

Ownership category

akta.pro rank

Product category

DeFi Margin Brokerage

NAICS

Other Financial Vehicles (525990), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Decentralized Lending & Borrowing Protocols (FSADAMAA)

akta.pro secondary industries

Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG), Borrowing/Lending Risk & Credit Infrastructure (on-chain credit scoring, risk engines, insurance wrappers) (FSAPAEAI)

Keywords

• DeFi prime brokerage
• Unified margin protocol
• Cross-venue lending
• Decentralized margin trading
• DeFi lending protocol

Headquarters

HQ city

Not disclosed

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Interest Spread: Borrowers pay interest to lenders. A small portion of borrow interest is retained as protocol fees, and another portion goes to the Bank's insurance fund. The difference between what borrowers pay and lenders receive is called the spread. The protocol supports borrow origination fees but as of November 2025 these have always been zero.
2. Insurance Fund: A portion of interest paid by borrowers goes to the Bank's insurance fund, which is used to cover bad debt in bankruptcy scenarios. This provides a safety buffer protecting lenders from losses.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Project 0 is a DeFi-native prime broker on Solana that allows users to treat multiple DeFi venues — currently Kamino, Drift, and Jupiter Lend — as a single portfolio with unified collateral, credit, health factor, and liquidation price. Through a self-custodial account that sits between users and the underlying venues, users can borrow against their entire multi-venue on-chain portfolio in one click without adding new smart contract risk to existing positions.

Product overview

Project 0 (P0) is a DeFi-native prime broker on Solana that functions as a unified margin and credit platform. At its core is the Project 0 application, which enables users to collateralize assets from multiple DeFi venues (Kamino, Drift, Jupiter Lend) under a single margin account with unified credit, borrowing against their entire on-chain portfolio in one click. The platform is extended by several modules: Project 0 Pay (real-world spending against DeFi collateral via MoonPay offramp), Strategies (a recommendation engine for interest rate arbitrage and multi-venue yield optimization), Flashloans (atomic uncollateralized borrowing for leverage and liquidation), Staking (LST liquid staking and validator delegation), the Agent Skill (enabling AI agents to interact with the protocol), a TypeScript SDK for developer integrations, and a Rust CLI for advanced operator workflows.

Differentiator

Problem solved

Functional benefit

Products and services

• Project 0 (P0) Unified Margin Platform Core platform that enables individual DeFi users to treat multiple Solana DeFi venues (Kamino, Drift, Jupiter Lend) as a single portfolio with unified collateral, credit, health factor, and liquidation price. Users can deposit, borrow, withdraw, repay, and manage cross-venue positions through a self-serve web application.
• Project 0 Pay Feature that allows US users to borrow USDC against their yielding DeFi collateral to cover credit card bills and other real-world expenses without selling assets. Connects to bank accounts via Plaid for read-only transaction history, tracks monthly spending, and off-ramps borrowed USDC to the user's bank account via MoonPay at month-end.
• Strategies V3 DeFi strategy recommendation engine that analyzes user positions across multiple venues and recommends optimized strategies such as interest rate arbitrage, looping positions, and multi-venue yield optimization, with projected APYs. The V3 release adds a real-time strategy engine, capacity visibility, richer analysis, improved flashloans, and native staking workflows.
• Flashloans Uncollateralized borrowing available within a single atomic transaction on the Project 0 protocol. Users can borrow any amount without collateral as long as it is repaid within the same transaction. Flashloans power leveraged looping positions, liquidation bots, and arbitrage strategies, and are provided free of charge at the program level.
• Staking (LST) Liquid staking feature that lets users earn native SOL yield by minting LST through a stake pool or by delegating SOL directly to Project 0 validators (Meridian or Horizon). The minted LST accrues staking rewards automatically and can be used as lending collateral on Project 0 to combine staking and lending yield.

Quantifiable outcome

• 98% of Solana lending TVL now accessible through unified margin
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

AI capability3 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and supporting.

• Jupiter LendcoreTechnology or Integration · 6 April 2026Jupiter Lend is the second-largest lending market on Solana and its full integration brings 98% of Solana lending TVL into Project 0's unified margin system. Jupiter Lend deposits now count as collateral across a user's entire P0 portfolio, enabling additional exposure across venues without moving funds.
• DriftcoreTechnology or Integration · 27 January 2026Drift lending markets are integrated into Project 0's unified margin system. With Drift integration, approximately 70% of Solana Lending TVL became accessible with unified credit and margin through Project 0.
• KaminocoreTechnology or IntegrationKamino is the first major venue integrated into Project 0's unified margin system. P0's Kamino integration enables cross-venue collateral where deposits across Kamino Main, Maple, Jito, JLP, and Marinade markets count toward the user's unified P0 portfolio collateral.
• PythsupportingTechnology or IntegrationPyth is one of the oracle providers used by Project 0 for asset pricing. Pyth oracles are kept up-to-date by Pyth's own infrastructure and typically require no action from callers.
• SwitchboardsupportingTechnology or IntegrationSwitchboard is the typical oracle provider for Project 0's banks. Switchboard oracles require the caller to send a crank instruction just before using the oracle data to refresh the price.
• PlaidsupportingTechnology or IntegrationPlaid is used by Project 0 Pay to securely link user bank accounts. Plaid provides read-only access to transaction history so Pay can see card spending. Project 0 does not store banking credentials.
• MoonPaysupportingTechnology or IntegrationMoonPay handles the conversion from crypto to fiat in the Project 0 Pay offramp process. Borrowed USDC is converted via MoonPay and sent directly to the user's bank account. MoonPay has its own KYC requirements and processing times.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Kamino Finance: Kamino is the largest lending and liquidity protocol on Solana and the first major venue integrated into Project 0's unified margin. Both operate lending markets on Solana targeting DeFi power users; P0's value depends in part on Kamino remaining open to integration rather than launching competing cross-venue functionality.
• Drift Protocol: Drift is a Solana-native derivatives and lending protocol that is integrated as a unified-margin venue in P0. Both serve sophisticated DeFi traders running cross-venue strategies on Solana, making them directly comparable in target market and core lending functionality.
• Jupiter Lend: Jupiter Lend is a major Solana lending market whose full integration brought P0's coverage to 98% of Solana lending TVL. Jupiter is also P0's primary swap routing provider, making it both a dependency and a direct competitor in the Solana lending space.
• Marginfi (legacy): Marginfi is the predecessor protocol to Project 0, sharing the same mrgnLendv2 program and founder. Project 0 emerged from a rebranding and expansion of marginfi's lending infrastructure, so marginfi represents the historical and still-running version of the same core lending protocol.

Broad incumbents

• Aave: Aave is the largest cross-chain DeFi lending protocol and is explicitly listed as a future integration target for P0. Both target sophisticated DeFi users seeking capital-efficient lending and borrowing, though Aave operates across many chains while P0 is Solana-only.
• Compound Finance: Compound is one of the foundational DeFi lending protocols and a long-standing incumbent in the same product category as P0's core lending primitive. While Compound focuses on Ethereum mainnet and lacks P0's cross-venue unification, both offer algorithmic lending markets to crypto-native users.
• MakerDAO (Sky): MakerDAO is the largest DeFi credit protocol offering CDP-based lending via DAI/USDS. While Maker focuses on stablecoin issuance rather than cross-venue margin, it is a structural peer in the DeFi credit infrastructure space and a potential long-term competitor for crypto-collateralized borrowing flows.
• Maple Finance: Maple is an institutional DeFi lending protocol and is integrated into P0 via the Kamino venue's Maple market. Both serve sophisticated lenders and borrowers with on-chain credit infrastructure, and Maple's institutional positioning overlaps with P0's prime brokerage framing.

Emerging players

• Morpho: Morpho is a DeFi lending protocol that optimizes yield between peer-to-peer matching and underlying lending pools, similar to P0's optimization of capital efficiency across isolated venues. Both target power users seeking better rates and capital efficiency than naive pool lending offers.
• Loopscale: Loopscale is a Solana lending protocol listed on P0's roadmap as a planned integration target. Both operate on Solana targeting sophisticated DeFi users, and Loopscale's integration would extend P0's unified margin footprint while creating direct lending market overlap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/project0
• GitHubgithub.com/0dotxyz/p0-ts-sdk
• LinkedInlinkedin.com/company/0xyz

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Project 0