How Does Project 0 Work?
Project 0 is a DeFi prime broker on Solana that lets you borrow against your entire portfolio, even if your assets are spread across different lending and trading platforms (Kamino, Drift, Jupiter). Instead of managing separate collateral on each platform, Project 0 treats everything as one account — making your capital more efficient.
TVL
$46M
Sector
Lending
Risk Grade
B-
Value Grade
D-
Core Mechanisms
Lending/Unified-Margin
NovelMulti-venue unified margin: borrow against entire portfolio across Kamino, Drift, and Jupiter
Project 0 is the first generalized, on-chain, permissionless, multi-venue unified margin protocol. Users can borrow against positions across multiple DeFi protocols from a single margin account. This is novel — no other Solana protocol unifies margin across independent venues.
Lending/Prime-Broker
NovelDeFi-native prime broker: cross-venue risk management and capital efficiency
Modeled on traditional finance prime brokerage but fully on-chain. Allows positions at Kamino, Drift, and Jupiter to count toward a unified collateral pool.
Integration/Multi-Protocol
Integrations with Kamino Finance, Drift Protocol, and Jupiter Exchange
Deep integrations with the three largest Solana DeFi protocols. 70% of Solana lending TVL accessible through Project 0's unified interface.
Incentive/Points-System
Points-based rewards with marginfi user migration and multipliers
MarginFi users get their points matched and migrated to Project 0 with multipliers. Standard DeFi points-based incentive system for early adoption.
Infrastructure/marginfi-Based
Built on marginfi's lending infrastructure with unified margin extensions
Core lending infrastructure inherited from marginfi. Extended with unified margin capabilities across multiple venues.
How the Pieces Interact
Unified margin means a position decline in one venue (e.g., Drift perpetuals) can trigger liquidation of collateral in another (e.g., Kamino lending). This creates cross-venue liquidation cascades that don't exist when using protocols independently.
An exploit in any integrated protocol (Kamino, Drift, Jupiter) could compromise Project 0 margin accounts. The unified margin design means the attack surface is the union of all integrated protocols' attack surfaces.
Building on marginfi's codebase inherits its technical debt. MarginFi itself experienced governance controversies (founder departure), and Project 0 may carry forward legacy code issues.
Rapid TVL growth ($230M supplied, $95M borrowed in 48 hours) driven by points/airdrop farming. Once token launches and incentives normalize, mercenary capital may exit rapidly.
What Could Go Wrong
- Unified margin across multiple protocols creates correlated liquidation risk — a failure in one venue can cascade to all positions
- Very new protocol (launched Sept 2025) with limited battle-testing despite rapid TVL growth ($230M supplied in 48 hours)
- Built on marginfi infrastructure — inherits any legacy technical debt or vulnerabilities from that codebase
Cross-Venue Liquidation Cascade
ModerateTrigger: A sharp market move triggers liquidations in Drift perpetuals that cascade into Kamino lending positions via Project 0's unified margin
- 1.Sharp crypto market decline causes Drift perpetual positions to approach liquidation — Project 0's unified margin engine marks down portfolio value across all venues
- 2.Cross-venue margin call triggers liquidation of Kamino lending collateral to cover Drift losses — Users lose positions in unrelated protocols due to unified margin design
- 3.Mass liquidations across Project 0 accounts create selling pressure on Solana markets — Further price declines trigger more liquidations in a feedback loop
- 4.Confidence in unified margin model collapses — Users withdraw to direct protocol interactions, Project 0 TVL plummets
Risk Profile at a Glance
Overall: B- (29/100)
Lower score = safer