Project 0

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Project 0 is a prime-brokerage style lending protocol on Solana that lets users borrow against a DeFi portfolio held across multiple venues. TVL was $32.8M at the 2026-08-14 survey, below the $100M materiality line, and size alone rejects it: one practice advising 100 households moves $1M to $8M into a venue on the same research, and at this size that book becomes the exit crush, whatever the protocol’s quality.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

Project 0 documentation describes a permissionless Solana prime broker built on mrgnLendv2. Deposits join pooled Banks, while cross-venue accounts can treat positions at venues such as Kamino and Drift as collateral under one health calculation. That establishes pooled lending plus cross-venue margin dependencies within the below-materiality application; it does not validate a Bank, integrated venue, asset or borrower.

Current observation and control applicability

The DefiLlama protocol API read on 2026-08-15 showed about $48.9M of tracked Project 0 TVL on Solana, below the shared v1 dossier’s $100M line. Current documentation and the official application remained available. The documented Group has a foundation-overseen administrator with broad authority, while Bank settings include rates, weights, caps, oracle configuration and fees. Current parameters, delegates, audits, incidents and integrated-venue exposures remain deferred.

Exit applicability

Project 0 says lenders can withdraw only while sufficient liquidity remains in the relevant Bank; near full utilization can prevent an immediate full withdrawal until borrowers repay. Cross-venue positions also inherit the originating venue’s liquidity and instructions. At the current aggregate size, a practice allocation could be material to the free cash of one Bank even though the protocol-wide TVL is larger.

Why the class rule decides

The shared v1 below-materiality dossier controls this application. Reopen only after reproducible surveys show at least $100M of protocol TVL continuously for 30 days and live Bank and cross-venue positions remain observable. Then review Banks and integrations separately for administrator and delegate powers, oracles and parameters, collateral and borrower concentration, audits and incidents, incentives, downstream eligibility, and stressed withdrawals. Threshold passage would trigger review, not approval.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Project 0 Docs — protocol architecture and controls · primary · accessed 2026-08-15
  Supports: mrgnLendv2, Banks, Group administrator, risk parameters, oracles, cross-venue collateral
• Project 0 Docs — lending, integrations and withdrawals · primary · accessed 2026-08-15
  Supports: pooled lending, Kamino, Drift, Bank liquidity, high-utilization withdrawal
• DefiLlama — Project 0 survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Solana, lending category

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.