Solana-based lending protocol Kamino has partnered with crypto prime broker Project 0 to integrate cross-margin lending, enabling users to manage risk and collateral across multiple decentralized finance (DeFi) platforms using a single pool of credit[1]. The integration, announced as a response to the recent $19 billion crypto liquidation event[5], allows borrowers to leverage Kamino and Project 0 deposits for loans, consolidating loan-to-value (LTV) ratios, interest rates, and collateral management into one interface.
The move addresses a persistent inefficiency in DeFi: the requirement for users to overcollateralize separately on each platform, which fragments capital and increases liquidation risks[1]. Project 0 founder MacBrennan Peet emphasized that the partnership introduces a "unified margin account," enabling traders to oversee their entire portfolio under one system and access leverage opportunities without juggling multiple collateral sets[1].
The integration follows the October 10 flash crash, which saw nearly $10 billion in crypto derivatives liquidated as prices plummeted amid geopolitical shocks from U.S. President Donald Trump's 100% tariff announcement on Chinese imports[5]. Kamino reported zero bad debt during the crisis, with its liquidation engine "performing exactly as expected," while Project 0 processed over 2,000 liquidations while maintaining solvency[1]. Peet noted that the partnership's risk parameters, set exclusively by Kamino, could have absorbed the crash's drawdowns, underscoring the system's resilience.
Project 0's integration marks the first instance of generalized cross-margin functionality across multiple DeFi venues[2]. By consolidating deposits, the protocol claims to reduce overcollateralization and liquidation risks, offering a "portfolio-wide assessment" of risk rather than isolated position evaluations[2]. This approach aligns with broader industry efforts to address liquidity fragmentation, a key pain point for DeFi traders[4].
The rollout will begin with Project 0's top 5,000 users before a staggered public launch over the next few days[1]. Kamino, the largest lending protocol on Solana, has long focused on capital-efficient strategies for both institutional and retail participants. Its partnership with Project 0-now the largest permissionless prime broker in crypto[2]-builds on Solana's ecosystem growth, which includes integrations with platforms like Drift Protocol and JupiterJUP-- Exchange[3].
Analysts argue that the integration could redefine DeFi trading by bridging traditional finance (TradFi) and decentralized systems[4]. Unified margin accounts, previously a hallmark of centralized prime brokers, now offer DeFi users tools akin to institutional-grade risk management[2]. However, challenges remain, including regulatory scrutiny and technical risks inherent to smart contract-based systems[4].
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