Margin Fi

Marginfi v2 is a decentralized liquidity aggregation protocol built on the Solana blockchain. It enables users to access multiple lending markets through a unified platform, supporting assets such as SOL, USDC, USDT, wBTC, ETH, and BONK. The protocol pools liquidity from various sources to offer competitive interest rates for lenders and lower borrowing costs for borrowers. Marginfi's architecture centers around marginfi groups, which manage lending pools composed of multiple banks, each with its own mint and oracle feeds. This design allows users to borrow and lend across up to 16 assets simultaneously within a single marginfi account, providing flexibility and efficient liquidity management.

The protocol incorporates a deterministic and transparent risk management system that operates at the marginfi group level. Each bank defines its own risk parameters, including loan-to-value ratios and asset isolation to mitigate contagion risk. Real-time risk monitoring adjusts these parameters dynamically based on market conditions. If a user's account health falls below the required threshold, liquidation mechanisms protect the overall pool integrity. Marginfi plans to expand functionality with cross-composing features to enable asset trading within the platform, further enhancing liquidity and investment opportunities.

Developers can integrate with Marginfi by compiling the protocol's Rust-based programs targeting Solana's Sealevel Virtual Machine (SVM). The project requires an x86_64 architecture for compatibility. Comprehensive testing suites and verifiable builds are provided, including integration tests and Ellipsis Labs verifiable build support. Marginfi's modular design and use of custom oracles (currently Pyth, with Switchboard support planned) make it a flexible infrastructure component for DeFi applications on Solana.