Solana Guides
What is Project 0 (formerly marginfi)?
Project 0 is a lending and borrowing protocol on Solana, built on the old marginfi lending code. Its docs call it a permissionless, non-custodial prime broker on Solana. Basically, everything you deposit, on Project 0 itself or on Kamino or Jupiter Lend through it, counts as one pot of collateral with one health score.
Where it stands (checked 6 October 2026):
| Item | Detail |
|---|---|
| Former name | marginfi (MRGN points) |
| Token | None yet, no TGE date announced |
| Points | Live, marginfi points carried over 1:1 |
| Venues | Project 0, Kamino, Jupiter Lend, Drift, now Velocity DEX (borrowing halted after the April 2026 exploit; check the app) |
| TVL | About $71 million (DeFiLlama, 6 October 2026) |
| Audits | 12 independent audits (Project 0 security post, 1 October 2026) |
| App | app.0.xyz |
The number I’d watch here isn’t TVL, it’s the venue list. Every venue Project 0 plugs in is another place your deposit can count from, and also another place that can break. Drift showed that (more in the risks section).
The product has grown a lot since the rebrand. In February 2026 it launched 0 Pay, which lets you spend against your portfolio. On 7 April 2026 it added Jupiter Lend, which its press release said took coverage to 98% of Solana lending TVL. In August 2026 it added ML-run vaults for SOL, LSTs and stablecoins. Honestly, if you’re only here for the airdrop, none of that changes much. The part that matters is having a live deposit. If lending and borrowing on Solana is new to you, read our lending and borrowing basics before you farm anything here.
Marginfi points and Project 0 airdrop eligibility
Anyone holding Project 0 points with a live deposit on the Project 0 app is in line for the airdrop, going by everything official so far. Project 0’s launch post on 11 September 2025 says marginfi points converted 1:1 into Project 0 points, but they only activate with that live deposit. It also says:
- Users active on marginfi from June 2024 to 3 August 2025 get a points multiplier, applied right before TGE.
- LST minters and holders, and users of the old beta product (The Arena), were promised a large points allocation.
- A special multiplier ran until Kamino went live as the second venue.
Kamino was expected on 8 October but actually went live on 13 October 2025, opening to Project 0’s top 5,000 users first, per the Kamino integration announcement. Either way, that multiplier window is closed.
Final eligibility rules, a snapshot date and any minimum deposit have not been published. So: keep something deposited. That’s the whole game for now.
How to check your marginfi points on Project 0
Connect the wallet you used on marginfi to the Project 0 app and open the Portfolio page. That’s where your positions and the points referral programme sit. I couldn’t find a separate points total documented anywhere, so treat the official app as the only place to check. Never connect your wallet to a third-party “points checker” site to find out.
If you farmed marginfi in 2024 and withdrew everything, put a deposit back on Project 0 so those points count.
Marginfi airdrop date and claim: is there a Project 0 (P0) token yet?
No. Project 0 has not launched a token or named a TGE date, so there is nothing to claim. Its posts since the January 2026 roadmap (including 0 Pay in February, vaults in August and security on 1 October) don’t mention a token. No ticker has been announced either, so “P0” is just the short name the team uses.
The timeline has slipped more than once:
- September 2025: the launch post targeted a token in 2025, with the first distribution announced at Breakpoint.
- December 2025: founder MacBrennan Peet said at Breakpoint the token would come in Q1 2026. That did not happen.
- 19 January 2026: the roadmap post said the plan is to introduce a token “after we integrate the majority of Solana lending TVL, and before scaling into derivatives.” It also said that once Jupiter Lend was live, with Kamino, Drift and Jupiter all integrated, the team would “turn more attention to token design.”
Jupiter Lend went live on 7 April 2026, with a claimed 98% coverage of Solana lending TVL. By the roadmap’s own order, the lending condition looks met. The derivatives side is a bit muddier: in a 23 February 2026 post, Project 0 said it was “extending into interest rate derivatives, including fixed rate products via Exponent” when it added PT collateral. The bigger derivatives push the roadmap describes hasn’t happened yet, though. Six months after Jupiter Lend there is still no token, and nothing official gives a reason for the delay. I wouldn’t fill that gap with guesses.
The September 2025 post also proposed a supply split of five equal 20% buckets: community, user incentives, team, investors and foundation. Inside the community 20%, the proposal was 15% to users with no vesting, 4% to power users with vesting, and 1% to one randomly picked power user. That 15% with no vesting is the bit farmers should care about, if it survives to launch. The numbers could still change.
There is no official token to buy or claim right now. Any site asking you to “claim P0” or connect a wallet for an allocation is fake. Here’s how to spot fake claim sites before one drains you. The 2024 MRGN pre-market on Whales Market is the same story: those were bets on a token that still doesn’t exist, so I’ve removed the old pre-market note from this guide.
How Project 0 points are earned now
You earn Project 0 points by lending, borrowing, staking SOL for its LST and referring friends. The exact per-dollar rates are not published in Project 0’s docs right now. Here’s what I could confirm and what I couldn’t.
| Action | Status | Source |
|---|---|---|
| Deposit (lend) on Project 0 | Earns points, live deposit needed to activate carried-over points | Project 0 launch post, Sept 2025 |
| Borrow | Earned more points than lending under marginfi | marginfi’s “Introducing mrgn points” post |
| Refer friends | 10% of your network’s points, “Forever” | Project 0 app, Portfolio page |
| Stake SOL for LST | Points promised to LST minters and holders | Project 0 launch post, Sept 2025 |
| Using Kamino or Drift through Project 0 | Promised: you “still earn Project 0 rewards” (Save named too). Jupiter Lend not mentioned. No rates published. Drift borrowing halted in April 2026; Drift is now Velocity DEX | Project 0 launch post, Sept 2025 |
| Exact points per dollar today | Unconfirmed, not in the docs | Project 0 docs |
Under marginfi the rule was simple: 1 point per dollar lent per day, 4 points per dollar borrowed per day, and the collateral behind a borrow also earned lending points. Project 0 doesn’t publish a per-dollar rate today, so I can’t promise that formula still applies. I’d assume borrowing still earns more than lending and leave it there.
Separate from points, the docs say some banks pay extra token incentives on top of interest, shared pro rata and usually sent on Wednesdays. Some of those campaigns need a paired position, for example lending an LST while borrowing SOL.
Project 0 risks before you deposit
Farming points with no token date means your money sits in a lending protocol for who knows how long. The token has already slipped from 2025 to Q1 2026 to “after we integrate the majority of Solana lending TVL”, and points could be diluted by new multipliers before TGE.
Borrowers get liquidated once maintenance health drops below zero, per Project 0’s borrowing docs. A classic liquidation takes your collateral at a 2.5% discount plus 2.5% to the insurance fund, and in “receivership” mode the discount can be up to 10%. The docs themselves say not to borrow to your maximum.
Drift was exploited on 1 April 2026, and because Project 0 pools credit across venues, its lenders carried part of that. Project 0 halted borrowing against Drift positions and disabled the affected Drift banks right away, and about $1.91 million of bad debt was spread across lenders, according to Inside Project 0’s Security Stack (Substack, 1 October 2026). The write-downs were 1% on USDC, SOL and USDT, 2.61% on BTC, ETH and other majors, and 6.62% on WIF, BONK and governance tokens. Those figures assume Drift assets go to zero. Project 0’s resumption announcement on 5 April 2026 said the actual loss would be lower as Drift assets are recovered, but the October security post still quotes the go-to-zero numbers. What bothers me is that lenders who never touched Drift still took a haircut. That’s the trade-off of one shared pool of credit, and it’s worth knowing before you deposit. The security post doesn’t say borrowing against Drift has resumed, so check the app before you route anything through it. Our Drift walkthrough has more on that venue.
The same post lists 12 audits (OtterSec, Sec3, Hashlock, Accretion, Adevarlabs and Ackee Blockchain) and a bug bounty of up to $500,000. 12 audits is a lot, but audited protocols still get hit, and Drift showed your risk includes every venue in the shared pool, not just Project 0’s own code.
My take: is the Project 0 airdrop worth farming?
For someone who already lends or loops on Solana, yes. You earn normal interest while the points tick, and if you have old marginfi points, a deposit is what activates them. The 15% no-vest user bucket in the proposal is a real chunk of supply if it holds.
If you’d only borrow to farm points, I’d keep it light. Borrowing with no TGE date means paying interest and taking liquidation risk with no timeline at all. If you do it, borrow well under your limit and watch the health preview.
Kamino positions and Exponent PTs both count as Project 0 collateral, so if you already use them, Kamino’s points guide and our Exponent farming guide are the natural next reads. More live campaigns are on our airdrops hub.
If you’d rather earn now than wait on a TGE, I LP on Meteora DLMM, where fees pay out today. It’s a different risk (a bad range can lose money fast, and I post the losing weeks too), but nothing hangs on a token date. Start with how DLMM pools work.
FAQ
What happened to marginfi?
Marginfi rebranded to Project 0 in September 2025. The old app at app.marginfi.com now shows a notice sending you to the Project 0 app at app.0.xyz, and marginfi points carried over 1:1.
Did my marginfi points carry over to Project 0?
Yes, 1:1, per Project 0’s 11 September 2025 launch post. You need a live deposit on the Project 0 app to activate them. Users active from June 2024 to 3 August 2025 also get a multiplier applied before TGE. To check, connect the same wallet to app.0.xyz and open the Portfolio page. Never use a third-party checker that asks for a wallet connection.
When is the marginfi airdrop date?
No date is set. The target moved from 2025 to Q1 2026, and the January 2026 roadmap says the token comes after most Solana lending TVL is integrated and before scaling into derivatives. Until Project 0 announces a date on its own blog or X account, treat any date you see as a rumour.
Is there a marginfi (MRGN) or Project 0 token price?
No. As of 6 October 2026 there is no MRGN or Project 0 token and no ticker has been announced, so any “MRGN” or “P0” price you see is not official.
How do I claim the marginfi airdrop?
There is nothing to claim yet. Keep a live deposit on the Project 0 app so your points stay active, and ignore any site or DM offering a claim.
Who is eligible for the Project 0 airdrop?
Anyone holding Project 0 points with a live deposit on the app. That includes old marginfi users, whose points carried over. Users active from June 2024 to 3 August 2025 get a multiplier, and LST minters, LST holders and The Arena beta users were promised extra points. Final eligibility rules have not been published.
How do I earn Project 0 points?
Deposit on the Project 0 app, borrow against it, stake SOL for its LST, and refer friends for 10% of their points. Using Kamino or Drift through Project 0 was also promised to earn rewards. Exact per-dollar rates are not published in the docs right now.
Is Project 0 safe?
It has 12 audits and a bug bounty of up to $500,000, per its October 2026 security post. Lenders still took write-downs of 1% to 6.62% after the April 2026 Drift exploit, Project 0 halted borrowing against Drift positions, and borrowers can be liquidated. Only deposit what you can afford to have locked or hit.
