MarginFi

8.2/10

Verdict: Best for DeFi power users wanting cross-margin flexibility and MRGN point farming.

Best for
Cross-margin lending + MRGN points
TVL
$72M TVL
APY
Variable
Founded
2022
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Overview

MarginFi is a cross-margin lending protocol on Solana offering the highest LTV ratio (75%) among major platforms. It operates a points system (MRGN) that rewards depositors and borrowers, with community expectation of a future governance token. MarginFi's $102M TVL is the smallest among P1 Solana lenders, partly due to team transparency concerns. However, its cross-margin architecture and high LTV make it attractive for power users who want maximum capital efficiency.

MarginFi Key Features

Cross-margin lending

Single account for multiple collateral types. Profits from one position offset losses in another.

75% LTV

Highest loan-to-value ratio among major Solana lenders. $1,000 collateral = up to $750 borrow.

Points system

MRGN points reward depositors and borrowers. Expected to convert to governance token.

Flash loans

Atomic flash loans for advanced DeFi strategies (arbitrage, liquidation bots).

MarginFi Fees & Pricing

FeeValueNotes
Lending spread~0.5-1.5%Spread between supply and borrow rates.
No deposit/withdrawal fee0%Free to supply and withdraw.
Liquidation penalty5%Applied to liquidated positions.
Flash loan fee0.05%Fee on flash loan principal.

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How to Get Started with MarginFi

  1. 1

    Connect wallet

    Visit marginfi.com and connect your Solana wallet.
  2. 2

    Supply collateral

    Select asset (SOL, USDC, JitoSOL) and deposit to start earning interest + MRGN points.
  3. 3

    Borrow

    Select asset to borrow. Available up to 75% of your collateral value.
  4. 4

    Monitor health

    Track your health factor. Below 1.0 triggers liquidation. Keep health above 1.5 for safety.

MarginFi Risk Assessment

  • Team transparency

    medium

    MarginFi has faced community questions about team transparency and communication. Smaller user base partly reflects this.

  • Smart contract

    medium

    Audited. $102M TVL — smaller TVL means less battle-testing than Kamino.

  • Points uncertainty

    medium

    MRGN points have been accumulating since 2023 with no confirmed token launch date. Points-to-token conversion ratio is unknown.

  • Liquidation risk

    medium

    75% LTV is aggressive — borrowers are closer to liquidation threshold than on lower-LTV platforms.

What Can You Do with MarginFi?

  • Points farming

    Supply and borrow to accumulate MRGN points ahead of potential token launch.

  • High-LTV borrowing

    Borrow up to 75% of collateral (highest on Solana) for more capital efficiency.

  • Cross-margin portfolios

    Use multiple collateral types in a single account.

MarginFi: Pros & Cons

Pros

  • 75% LTV — highest of major Solana lenders
  • MRGN token rewards

Cons

  • UI can be confusing for first-time users
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MarginFi Alternatives

Comparing MarginFi with similar platforms? Check out these alternatives.

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