marginfi v2 Protocol Documentation

On this page, we’ll explore all the details of the marginfi-v2 protocol. he marginfi-v2 Protocol is a full open-sourced, overcollateralized lending protocol on Solana.

The marginfi-v2 program is deployed on mainnet-beta, and can be referenced by this address: MFv2hWf31Z9kbCa1snEPYctwafyhdvnV7FZnsebVacA.

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Instructions

lending_account_borrow

• Definition: This endpoint allows a user to borrow a specified amount from a lending account, transferring funds from the bank's liquidity vault to the user's token account, while ensuring the account remains in a healthy state and emitting a borrow event.
• Parameters:
  • ctx: Context<LendingAccountBorrow>: A context struct containing various accounts required for the operation
    • marginfi_account: The user's MarginfiAccount, which must belong to the specified MarginfiGroup
    • marginfi_group: The MarginfiGroup account
    • signer: The signer account, which must match the authority of the marginfi_account
    • bank: The Bank account, which must belong to the specified MarginfiGroup
    • destination_token_account: The user's token account to receive the borrowed funds
    • bank_liquidity_vault_authority: The authority account for the bank's liquidity vault
    • bank_liquidity_vault: The bank's liquidity vault token account
    • token_program: The SPL Token program account
  • amount: u64: The amount to be borrowed

lending_account_close_balance

• Definition: This endpoint allows a user to close the balance of their lending account by accruing interest on the bank account, finding the user's bank account, and closing the balance.
• Parameters:
  • ctx: Context<LendingAccountCloseBalance>: A context struct containing various accounts required for the operation
    • marginfi_group: The MarginfiGroup account
    • marginfi_account: The user's MarginfiAccount, which must belong to the specified MarginfiGroup
    • signer: The signer account, which must match the authority of the marginfi_account
    • bank: The Bank account, which must belong to the specified MarginfiGroup

lending_account_deposit

• Definition: This endpoint allows a user to deposit a specified amount into their lending account, transferring funds from the user's token account to the bank's liquidity vault, while ensuring the account remains in a healthy state and emitting a deposit event.
• Parameters:
  • ctx: Context<LendingAccountDeposit>: A context struct containing various accounts required for the operation
    • marginfi_group: The MarginfiGroup account
    • marginfi_account: The user's MarginfiAccount, which must belong to the specified MarginfiGroup
    • signer: The signer account, which must match the authority of the marginfi_account
    • bank: The Bank account, which must belong to the specified MarginfiGroup
    • signer_token_account: The user's token account to transfer funds from
    • bank_liquidity_vault: The bank's liquidity vault token account
    • token_program: The SPL Token program account
  • amount: u64: The amount to be deposited

lending_account_withdraw_emissions

• Definition: This endpoint allows a user to withdraw their settled emissions from their lending account by transferring the emissions tokens from the bank's emissions vault to the user's specified token account.
• Parameters:
  • ctx: Context<LendingAccountWithdrawEmissions>: A context struct containing various accounts required for the operation
    • marginfi_group: The MarginfiGroup account
    • marginfi_account: The user's MarginfiAccount, which must belong to the specified MarginfiGroup
    • signer: The signer account, which must match the authority of the marginfi_account
    • bank: The Bank account, which must belong to the specified MarginfiGroup
    • emissions_mint: The mint account for the emissions token
    • emissions_auth: The authority account for the emissions vault, derived from a PDA seed
    • emissions_vault: The emissions vault token account, derived from a PDA seed
    • destination_account: The user's token account to receive the withdrawn emissions
    • token_program: The SPL Token program account

lending_account_settle_emissions

• Definition: This endpoint allows a user to permissionlessly settle their unclaimed emissions by finding their bank account balance and claiming the emissions.
• Parameters:
  • ctx: Context<LendingAccountSettleEmissions>: A context struct containing two accounts
    • marginfi_account: The user's MarginfiAccount, which must belong to the same group as the Bank
    • bank: The Bank account

lending_account_start_flashloan

• Definition: This function starts a flashloan by checking if the flashloan can be initiated based on various conditions, and if so, sets the IN_FLASHLOAN_FLAG on the user's MarginfiAccount.
• Parameters:
  • ctx: Context<LendingAccountStartFlashloan>: A context struct containing the following accounts:
    • marginfi_account: The user's MarginfiAccount account
    • signer: The signer account, which must match the authority of the marginfi_account
    • ixs_sysvar: The instructions sysvar account
  • end_index: u64: The index of the instruction where the flashloan should end

check_flashloan_can_start

• Definition: This function checks if a flashloan can be initiated by verifying various conditions, such as the account not being disabled, the end_flashloan instruction existing and being valid, and the account not already being in a flashloan.
• Parameters:
  • marginfi_account: &AccountLoader<MarginfiAccount>: A reference to the user's MarginfiAccount account
  • sysvar_ixs: &AccountInfo: A reference to the instructions sysvar account
  • end_fl_idx: usize: The index of the instruction where the flashloan should end

lending_account_end_flashloan

• Definition: This function ends a flashloan by checking that the instruction is not in a CPI, unsets the IN_FLASHLOAN_FLAG on the user's MarginfiAccount, and verifies the account's health after the flashloan.
• Parameters:
  • ctx: Context<LendingAccountEndFlashloan>: A context struct containing the following accounts:
    • marginfi_account: The user's MarginfiAccount account
    • signer: The signer account, which must match the authority of the marginfi_account

initialize_account

• Definition: This endpoint initializes a new MarginfiAccount for the specified authority and MarginfiGroup, emitting a MarginfiAccountCreateEvent with details about the new account.
• Parameters:
  • ctx: Context<MarginfiAccountInitialize>: A context struct containing various accounts required for the operation
    • marginfi_group: The MarginfiGroup account
    • marginfi_account: The new MarginfiAccount account to be initialized
    • authority: The signer account, which will be set as the authority of the new MarginfiAccount
    • fee_payer: The fee payer account, which must be a signer and will pay for the account creation
    • system_program: The System program account

lending_account_liquidate

• Definition: This endpoint allows a liquidator to liquidate an unhealthy position owned by a margin account. The liquidator purchases discounted collateral from the unhealthy account in exchange for paying off its debt. The function handles the transfer of assets and liabilities between the accounts, charges liquidation and insurance fees, and verifies that the liquidated account's health has improved and the liquidator's account remains healthy after the operation. It also emits a LendingAccountLiquidateEvent with details about the liquidation.
• Parameters:
  • ctx: Context<LendingAccountLiquidate>: A context struct containing various accounts required for the operation
    • marginfi_group: The MarginfiGroup account
    • asset_bank: The Bank account for the asset token being liquidated
    • liab_bank: The Bank account for the liability token
    • liquidator_marginfi_account: The MarginfiAccount of the liquidator
    • signer: The signer account, which must match the authority of the liquidator_marginfi_account
    • liquidatee_marginfi_account: The MarginfiAccount of the account being liquidated
    • bank_liquidity_vault_authority: The authority account for the bank's liquidity vault (derived from a PDA seed)
    • bank_liquidity_vault: The bank's liquidity vault token account (derived from a PDA seed)
    • bank_insurance_vault: The bank's insurance vault token account (derived from a PDA seed)
    • token_program: The SPL Token program account
  • asset_amount: u64: The amount of the asset token to be liquidated

lending_account_repay

• Definition: This endpoint allows a user to repay a specified amount or the entire liability of their lending account by transferring funds from the user's token account to the bank's liquidity vault, updating the liability balance in the user's bank account, accruing interest on the bank account, and emitting a LendingAccountRepayEvent with details about the repayment.
• Parameters:
  • ctx: Context<LendingAccountRepay>: A context struct containing various accounts required for the operation
    • marginfi_group: The MarginfiGroup account
    • marginfi_account: The user's MarginfiAccount, which must belong to the specified MarginfiGroup
    • signer: The signer account, which must match the authority of the marginfi_account
    • bank: The Bank account, which must belong to the specified MarginfiGroup
    • signer_token_account: The user's token account to transfer funds from
    • bank_liquidity_vault: The bank's liquidity vault token account (derived from a PDA seed)
    • token_program: The SPL Token program account
  • amount: u64: The amount to be repaid
  • repay_all: Option<bool>: A flag to indicate if the entire liability should be repaid

set_account_transfer_authority

• Definition: This endpoint allows the current authority of a MarginfiAccount to set a new authority for that account. It loads the marginfi_account, verifies that the signer is the current authority, and calls the set_new_account_authority_checked method on the marginfi_account to set the new authority. Note that it currently does not emit any events due to memory constraints.
• Parameters:
  • ctx: Context<MarginfiAccountSetAccountAuthority>: A context struct containing various accounts required for the operation
    • marginfi_account: The user's MarginfiAccount account
    • marginfi_group: The MarginfiGroup account, which is verified by the address stored in the marginfi_account
    • signer: The signer account, which must match the current authority of the marginfi_account
    • new_authority: The account that will be set as the new authority for the marginfi_account
    • fee_payer: The fee payer account, which must be a signer

lending_account_withdraw

• Definition: This endpoint allows a user to withdraw a specified amount or the entire asset from their lending account by transferring funds from the bank's liquidity vault to the user's token account, updating the asset balance in the user's bank account, accruing interest on the bank account, and emitting a LendingAccountWithdrawEvent with details about the withdrawal. It also verifies that the user's account remains in a healthy state after the withdrawal.
• Parameters:
  • ctx: Context<LendingAccountWithdraw>: A context struct containing various accounts required for the operation
    • marginfi_group: The MarginfiGroup account
    • marginfi_account: The user's MarginfiAccount, which must belong to the specified MarginfiGroup
    • signer: The signer account, which must match the authority of the marginfi_account
    • bank: The Bank account, which must belong to the specified MarginfiGroup
    • destination_token_account: The user's token account to receive the withdrawn funds
    • bank_liquidity_vault_authority: The authority account for the bank's liquidity vault (derived from a PDA seed)
    • bank_liquidity_vault: The bank's liquidity vault token account (derived from a PDA seed)
    • token_program: The SPL Token program account
  • amount: u64: The amount to be withdrawn
  • withdraw_all: Option<bool>: A flag to indicate if the entire asset should be withdrawn

lending_pool_accrue_bank_interest

• Definition: This endpoint allows accruing interest on a specific Bank account by loading the Bank account, getting the current timestamp from the Clock sysvar, and calling the accrue_interest method on the Bank account. This function is likely used to update the interest rates and balances of the Bank account based on the elapsed time since the last interest accrual.
• Parameters:
  • ctx: Context<LendingPoolAccrueBankInterest>: A context struct containing two accounts
    • marginfi_group: The MarginfiGroup account
    • bank: The Bank account, which must belong to the specified MarginfiGroup

lending_pool_add_bank

• Definition: Adds a new bank to the lending pool. This function can only be called by the admin.
• Parameters:
  • ctx: Context<LendingPoolAddBank>: The context struct containing the accounts required for the operation.
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account.
    • admin: Signer<'info>: The admin account authorized to perform this operation.
    • fee_payer: Signer<'info>: The account responsible for paying the transaction fees.
    • bank_mint: Box<Account<'info, Mint>>: The mint account for the bank's token.
    • bank: AccountLoader<'info, Bank>: The account loader for the new Bank account being initialized.
    • liquidity_vault_authority: AccountInfo<'info>: The authority account for the liquidity vault.
    • liquidity_vault: Box<Account<'info, TokenAccount>>: The token account for the liquidity vault.
    • insurance_vault_authority: AccountInfo<'info>: The authority account for the insurance vault.
    • insurance_vault: Box<Account<'info, TokenAccount>>: The token account for the insurance vault.
    • fee_vault_authority: AccountInfo<'info>: The authority account for the fee vault.
    • fee_vault: Box<Account<'info, TokenAccount>>: The token account for the fee vault.
    • rent: Sysvar<'info, Rent>: The Rent sysvar account.
    • token_program: Program<'info, Token>: The Token program account.
    • system_program: Program<'info, System>: The System program account.
  • bank_config: BankConfig: The configuration settings for the new bank.

lending_pool_add_bank_with_seed

• Definition: Similar to lending_pool_add_bank, but includes an additional seed parameter that is used to generate a Program Derived Address (PDA) for the new Bank account. This PDA can be used to securely sign transactions related to the new bank.
• Parameters:
  • ctx: Context<LendingPoolAddBankWithSeed>: The context struct containing the accounts required for the operation (similar to LendingPoolAddBank).
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account.
    • admin: Signer<'info>: The admin account authorized to perform this operation.
    • fee_payer: Signer<'info>: The account responsible for paying the transaction fees.
    • bank_mint: Box<Account<'info, Mint>>: The mint account for the bank's token.
    • bank: AccountLoader<'info, Bank>: The account loader for the new Bank account being initialized (as a PDA).
    • liquidity_vault_authority: AccountInfo<'info>: The authority account for the liquidity vault.
    • liquidity_vault: Box<Account<'info, TokenAccount>>: The token account for the liquidity vault.
    • insurance_vault_authority: AccountInfo<'info>: The authority account for the insurance vault.
    • insurance_vault: Box<Account<'info, TokenAccount>>: The token account for the insurance vault.
    • fee_vault_authority: AccountInfo<'info>: The authority account for the fee vault.
    • fee_vault: Box<Account<'info, TokenAccount>>: The token account for the fee vault.
    • rent: Sysvar<'info, Rent>: The Rent sysvar account.
    • token_program: Program<'info, Token>: The Token program account.
    • system_program: Program<'info, System>: The System program account.
  • bank_config: BankConfig: The configuration settings for the new bank.
  • bank_seed: u64: The seed value used to generate the PDA for the new Bank account.

lending_pool_collect_bank_fees

• Definition: Collects the outstanding insurance and group fees from the liquidity vault of a bank and transfers them to the insurance and fee vaults, respectively.
• Parameters:
  • ctx: Context<LendingPoolCollectBankFees>: The context struct containing the accounts required for the operation.
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account.
    • bank: AccountLoader<'info, Bank>: The Bank account from which to collect fees.
    • liquidity_vault_authority: AccountInfo<'info>: The authority account for the liquidity vault.
    • liquidity_vault: Account<'info, TokenAccount>: The token account for the liquidity vault.
    • insurance_vault: AccountInfo<'info>: The token account for the insurance vault.
    • fee_vault: AccountInfo<'info>: The token account for the fee vault.
    • token_program: Program<'info, Token>: The Token program account.

lending_pool_withdraw_fees

• Definition: Withdraws a specified amount of tokens from the fee vault of a bank to a destination token account.
• Parameters:
  • ctx: Context<LendingPoolWithdrawFees>: The context struct containing the accounts required for the operation.
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account.
    • bank: AccountLoader<'info, Bank>: The Bank account from which to withdraw fees.
    • admin: Signer<'info>: The admin account authorized to perform this operation.
    • fee_vault: AccountInfo<'info>: The token account for the fee vault.
    • fee_vault_authority: AccountInfo<'info>: The authority account for the fee vault.
    • dst_token_account: AccountInfo<'info>: The destination token account to receive the withdrawn tokens.
    • token_program: Program<'info, Token>: The Token program account.
  • amount: u64: The amount of tokens to withdraw from the fee vault.

lending_pool_withdraw_insurance

• Definition: Withdraws a specified amount of tokens from the insurance vault of a bank to a destination token account.
• Parameters:
  • ctx: Context<LendingPoolWithdrawInsurance>: The context struct containing the accounts required for the operation.
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account.
    • bank: AccountLoader<'info, Bank>: The Bank account from which to withdraw insurance funds.
    • admin: Signer<'info>: The admin account authorized to perform this operation.
    • insurance_vault: AccountInfo<'info>: The token account for the insurance vault.
    • insurance_vault_authority: AccountInfo<'info>: The authority account for the insurance vault.
    • dst_token_account: AccountInfo<'info>: The destination token account to receive the withdrawn tokens.
    • token_program: Program<'info, Token>: The Token program account.
  • amount: u64: The amount of tokens to withdraw from the insurance vault.

lending_pool_update_emissions_parameters

• Definition: Updates the emissions parameters for a Bank, including setting up the initial emissions configuration, updating the emissions flags and rate, and funding additional emissions tokens.
• Parameters:
  • ctx: Context<LendingPoolUpdateEmissionsParameters>: The context struct containing the accounts required for the operation.
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account that contains the Bank.
    • admin: Signer<'info>: The admin account authorized to perform this operation.
    • bank: AccountLoader<'info, Bank>: The Bank account for which to update emissions parameters.
    • emissions_mint: Account<'info, Mint>: The mint account for the emissions token.
    • emissions_token_account: Box<Account<'info, TokenAccount>>: The token account holding the emissions tokens.
    • emissions_funding_account: AccountInfo<'info>: The account used to fund additional emissions tokens.
    • token_program: Program<'info, Token>: The Token program account.
  • emissions_flags: Option<u64>: The new flags to set for the emissions configuration (if provided).
  • emissions_rate: Option<u64>: The new rate at which emissions should be distributed (if provided).
  • additional_emissions: Option<u64>: The additional amount of emissions tokens to be funded (if provided).

lending_pool_handle_bankruptcy

• Definition: Handles the bankruptcy of a MarginfiAccount by covering the bad debt using the insurance fund and socializing any remaining loss among depositors.
• Parameters:
  • ctx: Context<LendingPoolHandleBankruptcy>: The context struct containing the accounts required for the operation.
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account.
    • signer: Signer<'info>: The account authorized to initiate the bankruptcy process (either the admin or a special flag is enabled for permissionless operation).
    • bank: AccountLoader<'info, Bank>: The Bank account associated with the bankrupt MarginfiAccount.
    • marginfi_account: AccountLoader<'info, MarginfiAccount>: The bankrupt MarginfiAccount.
    • liquidity_vault: AccountInfo<'info>: The token account representing the liquidity vault, from which bad debt can be covered.
    • insurance_vault: Box<Account<'info, TokenAccount>>: The token account representing the insurance vault, which holds funds to cover bad debt.
    • insurance_vault_authority: AccountInfo<'info>: The authority account for the insurance vault.
    • token_program: Program<'info, Token>: The Token program account.

initialize_group

• Definition: Initializes a new MarginfiGroup and sets its initial configuration, including the admin account. Finally, it emits an event to indicate the successful creation of the MarginfiGroup.
• Parameters:
  • ctx: Context<MarginfiGroupInitialize>: The context struct containing the accounts required for the operation.
    • marginfi_group: AccountLoader<'info, MarginfiGroup>: The MarginfiGroup account to be initialized.
    • admin: Signer<'info>: The admin account responsible for initializing the MarginfiGroup.
    • system_program: Program<'info, System>: The System program account.

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Errors

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Constants

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Security

Audits

marginfi v2 has been rigorously audited both internally and by Ottersec. Audits can be found here.

Fuzz Tests

marginfi v2 fuzz tests are open source and can be found here.

Verification

Anyone can assert that a specific commit is currently deployed to the marginfi-v2 program, using the solana-verify.

1. Identify the commit you want to check
2. Clone the marginfi-v2 repo locally
3. Checkout that commit
4. Generate the verifiable program binary: solana-verify build --library-name marginfi -- --features mainnet-beta
5. Compute the hash of the program binary generated at the previous step: solana-verify get-executable-hash target/deploy/marginfi.so
6. Compute the hash of the program binary currently deployed on-chain: solana-verify get-program-hash MFv2hWf31Z9kbCa1snEPYctwafyhdvnV7FZnsebVacA, or alternatively compute the hash of the buffer you are checking solana-verify get-buffer-hash <buffer address>
7. Ensure they match