Protocol revenue from net interest income, liquidation fees and origination fees
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MarginFi is a Solana lending protocol where each asset is listed as its own variable-rate bank. Currently we track the following:
Net Interest Income: Portion of the interest paid by borrowers that the protocol retains rather than passing to suppliers. It accrues every day and is the largest recurring revenue line. Net Interest Margin (NIM) expresses it as an annualized rate of average outstanding borrows, smoothed over 30 days.
Liquidation Fees: Fee collected when positions are liquidated, which the model books as protocol revenue. It is event-driven, so it arrives on days when liquidations occur rather than daily.
Origination Fees: A small fee charged on borrows on a handful of banks for a few weeks in 2025. It is negligible and no longer charged.
Gross Interest Accrued is the total interest paid by borrowers. It splits into Net Interest Accrued, the share passed through to suppliers, and Net Interest Income, the share MarginFi keeps. Interest passed through to suppliers is shown in the income statement as a deduction from gross fees but is not protocol revenue.
The financials table also carries a liquid staking (LST) stake pool product, whose validator rewards and stake pool fees sit outside the lending banks and are not tracked here. No flash loan fee revenue appears in the model.
Protocol net interest income: MarginFi's share of borrower interest after the supplier pass-through
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Net interest income / average interest-bearing assets, 30 day MA
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Protocol revenue from borrow origination fees
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Protocol revenue from liquidation fees
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Gross interest paid by borrowers before the supplier and protocol split
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Net interest accrued to suppliers (gross borrower interest less MarginFi's share)
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Gross fees, amounts passed through and protocol revenue
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Onchain cash flows
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MarginFi lending balance sheet snapshot
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