What is Project 0

The Problem: Fragmented Capital

Solana has a thriving lending ecosystem. Kamino, Drift, Jupiter Lend, and others collectively secure billions in TVL and serve hundreds of thousands of users. But each of these venues operates in isolation. Your $100 on Drift, $200 on Kamino, and $300 on Jupiter are three separate pools of capital. Each venue is blind to the others.

This means you overcollateralize separately everywhere. You track separate health factors, separate liquidation thresholds, separate interest rates. Moving capital from one opportunity to another requires unwinding positions, eating slippage, and losing yield during the transition. As the Solana DeFi ecosystem grows more complex, this fragmentation gets worse, not better.

Fragmented collateral is a hidden tax on capital efficiency, liquidation risk, rates, and user experience. Until now, there hasn't been a clean way to remove that tax without giving up control to centralized systems.

Project 0: A DeFi Native Prime Broker

In traditional finance, prime brokers solve this exact problem. Institutional firms give clients a single margin account that works across multiple exchanges and counterparties. The client posts collateral once and deploys it across venues and strategies. This is how professional capital allocation works.

Project 0 brings this model on-chain. P0 is a permissionless, non-custodial prime broker on Solana. One margin account, unified credit, unified risk, across the venues you already use. If you have assets on Kamino, Drift, and P0's native market, you can borrow against your entire combined portfolio in one click.

P0 is not a lending aggregator. It is not a dashboard. It is not a managed vault where a centralized manager captures spreads and charges fees. It is infrastructure for unified margin and credit origination across DeFi venues.

How It Works

P0's architecture is lightweight. It inserts a self-custodial account between you and the underlying venues you use. This account enables credit origination against your whole portfolio and ensures unified liquidations can be processed to protect solvency.

When you deposit into a third-party venue, P0 creates a balance in the corresponding Bank. The risk engine applies the appropriate asset weights and oracle prices to value that collateral alongside everything else in your account. Your borrowing power is the sum of all your positions, regardless of which venue they originated from.

You keep earning yield from the originating venue. Depositing into a Kamino Bank on P0 means you earn what any Kamino lender earns. The interest comes from borrowers on Kamino, not P0. Borrowing is done against P0's native liquidity pools.

What You Can Do

Cross-venue unified margin unlocks use cases that are impossible with isolated venues:

• Interest rate arbitrage. If Kamino offers a high lending rate on USDC and P0 has a low borrow rate, deposit on Kamino, use that deposit as collateral on P0, borrow, and loop the spread. This yield was previously inaccessible because the two venues couldn't see each other.

• Cross-venue leverage. Use your combined collateral across Kamino, Drift, and P0 to take leveraged positions with better capital efficiency than any single venue can offer.

• Borrow against yield-bearing positions. Keep assets in their highest-yielding venue while borrowing against them on P0. No need to unwind, swap, and re-deploy.

Supported Venues

P0 currently provides unified margin across:

• Project 0
• Kamino (Main, Maple, Jito, JLP, and Marinade markets)
• Drift (Main, JLP, LST markets)
• Jupiter Lend (coming soon...)

Together, this covers roughly 98% of Solana lending TVL. Once we have Solana lending markets covered we will be moving onto derivatives starting with perps which opens up even more sophisticated trades.