MarginFi is a Solana-native money market that lets users supply and borrow SOL, USDC, USDT, ETH, and the major liquid staking tokens — mSOL, jitoSOL, bSOL — plus a long tail of Solana DeFi assets like BONK and JTO. It is one of three lending protocols that anchor Solana DeFi alongside Kamino and Solend, and it differentiates on two design choices: a global-account model that lets every supplied asset count as collateral, and an isolated-pool option for the riskier long-tail assets. This guide walks through what MarginFi is, the products it ships, the architecture under the hood, the delayed MFI token, a step-by-step lend-and-borrow flow, current yields, how it stacks up against Kamino and Solend, and the specific risks worth pricing in.
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MarginFi is a non-custodial lending protocol built on Solana by Mrgn Labs, live since mid-2023. Users deposit assets into shared lending pools to earn supply APY, and any deposit can be used as collateral to borrow other listed assets. The protocol is fully onchain — positions, collateral factors, and liquidations all settle on Solana — and the codebase is open-source on GitHub. MarginFi sits in the top tier of Solana DeFi by total value locked according to DeFiLlama's MarginFi page, though Kamino has pulled ahead on TVL since 2024.
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Three core products plus a built-in swap. The main lending pools support SOL, USDC, USDT, ETH (wormhole-wrapped), mSOL, jitoSOL, bSOL, BONK, JTO, PYTH, and a rotating list of additional assets — each with its own supply cap, borrow cap, and collateral weight. Beyond the global lending pools, MarginFi offers an LST yield-leverage product that lets users loop jitoSOL or mSOL against borrowed SOL to lever up the underlying staking yield, similar to Kamino's multiply vaults. Mrgnswap is the protocol's built-in swap, which routes through Jupiter under the hood so users can swap collateral or rebalance without leaving the app. All three products share the same risk engine.
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MarginFi is written in Anchor, the Rust framework for Solana programs, and the lending program is the single source of truth for every position. Each user has a "marginfi account" — a program-derived address that holds the supplied collateral, the outstanding borrows, and the health factor. The protocol supports two account modes. A global account treats every supplied asset as cross-collateral, so depositing jitoSOL plus USDC lets you borrow against the combined value. An isolated account pairs one collateral asset with one borrow asset and is used for the higher-risk listings where the team does not want a depeg in a long-tail asset to drain the global pool. Price feeds come from Pyth and Switchboard, and liquidations are open to any keeper — when health drops below one, anyone can repay debt in exchange for discounted collateral.
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MarginFi ran a points program through 2023 and 2024 that was widely expected to convert into an MFI governance token airdrop. The launch has been delayed multiple times — the team paused the token plans in mid-2024 after a wave of staking unwinds and has not committed to a firm date since. The points system is still tracked in-app and the team has indicated it remains the basis for any future distribution, but anyone using MarginFi today should treat MFI as unscheduled rather than imminent. The MarginFi Twitter account (@marginfi) is the canonical channel for token updates.
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The flow takes under two minutes once a Solana wallet is funded. Connect a Solana wallet — Phantom, Solflare, and Backpack all work — at app.marginfi.com. Pick the asset you want to supply from the lending dashboard, enter an amount, approve the transaction, and the deposit starts earning the listed supply APY immediately. To borrow, switch to the borrow tab, pick an asset, and confirm — the app shows your projected health factor before you sign. Health factor sits between zero and one, where one is the liquidation threshold; most users target 0.6 or lower to leave a buffer. Repaying is a single transaction. Withdrawing supply requires that your remaining collateral still keep health below the threshold, otherwise you have to repay debt first. For the LST loop, the app collapses the multiple supply-borrow-swap-supply steps into one click using a flash loan, then unwinds the loop on exit.
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Supply and borrow APYs float with utilization and shift hour to hour. As of Q2 2026, the most active markets are SOL, USDC, and the LSTs, where supply APYs typically sit in the low single digits for stables and the mid-single digits for SOL during normal utilization, with the LST markets adding a base staking yield of roughly 6–8% on top of any lending APY. Borrow rates for SOL and USDC track utilization curves that steepen sharply above 80% — when borrow demand spikes, rates can move from single digits to double digits in a few hours. Always check live numbers on the MarginFi app or DeFiLlama's protocol page before sizing a position; the numbers below are illustrative ranges, not a quote. Solana's total DeFi TVL sat at roughly $5.5B in May 2026, of which MarginFi captures a meaningful share but trails Kamino on absolute deposits.
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Three players, overlapping feature sets, different center of gravity.

Kamino's edge is the liquidity flywheel — its Kamino Lend pools are seeded by its concentrated-liquidity vaults, which creates a deeper supply book and tighter borrow rates on the largest markets. MarginFi's edge is the cleaner global-account UX and a wider catalog of long-tail isolated markets. Solend is the elder statesman with the longest live history but has lost share to both since 2023. For most users, the choice comes down to which pool has the asset and rate they want — running positions on more than one is normal Solana DeFi behavior. See support/en/articles/15083163 and support/en/articles/15083170 for the broader landscape.
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Four to price in. First, smart-contract risk — MarginFi has been audited by Ottersec and others, but any Anchor program can ship a bug, and a lending protocol with cross-collateral exposure is a high-value target. Second, oracle risk — Pyth and Switchboard feeds have been reliable but are not infallible, and a stale or manipulated price during a fast move can trigger bad liquidations or undercollateralized positions. Third, LST depeg cascades — jitoSOL, mSOL, and bSOL trade at small discounts to SOL during validator stress or large unstake flows, and a sharp depeg can cascade into liquidations across the looped LST positions. The October 2023 Solana LST wobble is the canonical case study. Fourth, points-program uncertainty — anyone supplying for the future MFI airdrop is taking governance-token risk on top of lending risk, with no firm distribution date.
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Protocol architecture, account modes, and product list verified against MarginFi's official documentation at docs.marginfi.com as of May 2026. TVL, supported assets, and pool composition cross-referenced with DeFiLlama's MarginFi page. Token launch status and operational updates pulled from the MarginFi Twitter account @marginfi. Solana ecosystem TVL of $5.5B sourced from DeFiLlama's Solana chain page (May 2026). Yields cited are illustrative ranges from the MarginFi app and may not match live rates at the time of reading.
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