Marginfi

Marginfi receives a C+ risk grade (38/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — survived a critical bug and a market crash, but the acquisition adds unknowns about future direction A Solana lending protocol where you deposit crypto to earn interest or borrow against it, with $300M in deposits across multiple market types. It survived a close call in September 2025 when a bug that could have drained $160M was caught before exploitation. Its C+ grade reflects that near-miss, a 57% TVL crash during the Q1 2025 selloff, and acquisition uncertainty.

The key risks identified for Marginfi are: (1) A flash loan bug discovered in September 2025 could have drained $160M in user deposits. It was patched in time, but the fact it existed at all raises questions about code quality. (2) During the Q1 2025 market crash, deposits fell 57% from $386M to $164M while the protocol processed $1.7B in forced sell-offs. The system held, but barely. (3) A new company (Project 0) acquired Marginfi. The points you earned may not convert to tokens on the terms you expected. Leadership changes create real uncertainty.

Marginfi scores 38/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 8/20, Oracle Surface: 3/10, Documentation Gaps: 3/10, Track Record: 6/15, Scale Exposure: 3/10, Regulatory Risk: 5/10, Vitality Risk: 7/10. The highest risk area is Vitality Risk at 7/10.

Among 90 rated Lending protocols on Hindenrank, Marginfi ranks #54 by safety (lowest risk score = safest). Its 38/100 risk score and C+ grade place it in the middle tier of Lending protocols.

Marginfi scores 6/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.