marginfi users have been waiting for a token since the protocol started handing out points in 2023. In 2025 the wait took a new shape: marginfi became Project 0 (styled Project Ø), a “DeFi-native prime broker” built on the same lending contracts, and its points moved across one-for-one. A token was formally proposed, with about 20% of supply set aside for points holders, and targeted first for Breakpoint 2025 and then for the first quarter of 2026. At the time of writing, no token has launched and no claim is open.
That gap between an announced airdrop and an actual claim is exactly when fake pages do the most damage. This guide covers how marginfi and Project 0 points work, what has actually been proposed, how to track your lending activity, and how to tell the real app from imitations.
From marginfi to Project 0
marginfi launched as a Solana lending protocol: deposit SOL, stablecoins, liquid staking tokens or other assets, borrow against them, and get liquidated if your health factor drops too far. It became one of the largest lenders on Solana, peaking at roughly $880 million in deposits in April 2024. That spring was turbulent: co-founder Edgar Pavlovsky resigned and deposits fell sharply as users moved to competitors.
In September 2025 the team relaunched the product as Project 0. The pitch is unified margin across venues: one account that can use collateral and positions on Kamino, Drift and Jupiter as a single portfolio with a shared credit line, so you do not need separate collateral silos on each platform. The underlying marginfi-v2 lending contracts stayed in place, and the original marginfi website still loads. The new front end lives at app.0.xyz, with documentation at docs.0.xyz. Pantera Capital, Multicoin Capital and Solana Ventures are listed as backers.
In 2026 Project 0 added AI-driven yield vaults built with Gamma and published a long post on its security stack: multisig governance, conservative oracles, circuit breakers, audits and bug bounties.
How marginfi and Project 0 points work
marginfi’s points program, which began in 2023, rewarded three things: supplying assets, borrowing against them, and referrals. Borrowing usually earned more per dollar than lending, because borrowing is the side that pays interest and creates real demand. Referral points came from a share of the points your referred users generated.
When Project 0 launched its own P0 points system in early October 2025, all marginfi points converted to P0 points at a 1:1 ratio. Users did not need to redeposit; connecting the same wallet to the new app carried history across. Deposits made before October 8, 2025 received a bonus multiplier. Project 0 has since run targeted campaigns, for example a 1.05x boost on SOL borrows tied to a JitoSOL campaign, according to airdrop trackers.
Points keep accruing for supplying, borrowing and referrals in the Project 0 app. There is no published conversion rate from points to tokens.
The proposed token and airdrop
In October 2025 the team opened a governance discussion on a draft proposal, PIP-1, that described the token’s distribution. Reported figures:
| Bucket | Share of supply | Notes |
|---|---|---|
| Community airdrop | About 20% | Based on marginfi and Project 0 points |
| – of which, general users | 15% | Described as unvested |
| – of which, power users | 4% | Vested distribution |
| – of which, one random power user | 1% | Selected before the token launch |
| Team, investors, Project 0 Foundation | Remainder | Split not finalized in public sources |
SolanaFloor described PIP-1 as a starting point for discussion rather than a final decision. Some outlets cited MRGN as the token ticker, others a P0 ticker; Project 0 has not finalized this publicly.
The timeline has slipped more than once. Early messaging pointed to a launch announced at Breakpoint 2025 and distribution by December 2025. Later reports moved it to Q1 2026. At the time of writing, Project 0’s site and blog do not mention a token, and trackers still list the airdrop as pending without a date.
How to track your lending activity and points
- Use the official app. Open app.0.xyz by typing it, and connect the same Solana wallet you used on marginfi. Your marginfi accounts, positions and points should appear.
- Check your health factor first. Before worrying about points, confirm that each borrow position has a comfortable margin above the liquidation threshold. Unified margin means a drop in one asset affects the whole portfolio.
- Read the points dashboard. Note your total, your referral points and any active multipliers. Screenshots with dates are useful if you later need to compare with an official allocation.
- Record campaign participation. If you joined a boosted campaign such as the JitoSOL SOL-borrow boost, note the dates and amounts. Campaign multipliers are time-limited.
- Verify on-chain. marginfi accounts are on-chain accounts owned by your wallet. A Solana explorer can show deposits, borrows and liquidations, independent of the front end.
Risks specific to Project 0
- Liquidation across venues. Unified margin is efficient, but it links risk. A sharp move in one asset or one venue can push the whole account toward liquidation.
- Venue risk. Project 0 connects to Kamino, Drift and Jupiter. Drift suffered a major exploit in April 2026. Even though Project 0 describes itself as self-custodial with no extra smart-contract risk, a problem on a connected venue can still affect positions there.
- Oracle and LST depeg risk. Liquid staking tokens and smaller assets rely on price oracles. A brief depeg or oracle error can trigger liquidations before prices recover.
- Points farming costs. Borrowing to farm points means paying interest. If the token is delayed again, or allocated differently than expected, those costs are not recovered.
- Timeline uncertainty. The airdrop has been “soon” for more than two years. Plan as if points might never convert.
How to spot fake marginfi or Project 0 claim pages
- No claim exists yet. With no token launched, any page offering to “claim MRGN” or “claim P0” is fake.
- Domains. The official properties are 0.xyz, app.0.xyz, docs.0.xyz and blog.0.xyz, plus the legacy marginfi.com. Variants such as “project0-claim” or alternative TLDs are not official.
- Social links. Follow only the X and Telegram accounts linked from the footer of 0.xyz. Impersonators clone the Ø logo and reply under real posts.
- Signature requests. A “check eligibility” page that asks you to sign a transaction, rather than just reading your address, is likely a drainer.
- Points sellers. marginfi accounts are tied to wallets. Anyone selling points or “pre-TGE allocations” is selling something that cannot be transferred safely.
FAQ
Has the marginfi / Project 0 token launched?
Not at the time of writing. Targets of December 2025 and then Q1 2026 passed without a launch.
Did my marginfi points carry over?
Yes. Project 0 converted marginfi points to P0 points at 1:1 when its points system launched in October 2025.
Do I need to move funds to the new app?
No. Project 0 runs on the same marginfi-v2 contracts, so existing positions appear when you connect the same wallet.
How much of the supply goes to users?
The draft proposal put the community airdrop at about 20%, split 15% unvested, 4% vested for power users and 1% to one random power user. These numbers were open for discussion and are not final.
Is it worth borrowing just to earn more points?
Only if you would hold the borrow position anyway. Interest costs are certain, while the token’s timing, size and value are not. Borrowing a volatile asset to farm points also adds liquidation risk on top of the interest you pay.
Verdict
Project 0 is a real product with real lending activity, and the marginfi points history is intact. The token, however, remains a proposal. If you lend or borrow there, manage liquidation risk first and treat points as a possible bonus. Until Project 0 announces a claim on its own site and channels, every “marginfi airdrop” link is a phishing attempt. The legacy marginfi documentation and the Project 0 documentation explain how positions and liquidations work.
Borrowing on DeFi can lead to liquidation and loss. This is not investment advice.
Related guides
- Loopscale Rewards 2026: How to Track Solana Credit Activity and Avoid Fake Claims
- Jupiter Lend Rewards 2026: How to Track Solana Lending Activity Safely
- Kamino Points 2026: How to Track Solana Lending Activity and Avoid Fake Claims
- Drift Points 2026: FUEL, the $295M Exploit, DFX Recovery Tokens and the Velocity Relaunch
