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Vanna has two connected sides. Liquidity providers supply assets into per-mint lending pools and receive vTokens. Margin users deposit collateral, borrow from those pools, and deploy the proceeds into swaps, perps, or Kamino.
Credit flow
Lenders
Lending pools
SOL · USDC · stocks
vToken receipts
Kink-model APR
Borrow
Repay + interest
Deploy
Unwind
Venues
Solana DeFi
Jupiter swap routing
Kamino main market
Pyth equity feeds
Risk engine
Every borrow, withdraw, swap, Lite open, and liquidation reconstructs the full collateral + debt + Lite set. Pyth prices the book. Accounts at or below 1.1 can be liquidated.

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Follow the assets

  • Earn moves wallet assets into a Vanna reserve. You receive vTokens. This does not automatically back your margin debt.
  • Margin deposit moves wallet assets into your margin PDA vault. The live SPL balance is the collateral.
  • Borrow moves reserve cash into that vault and opens a debt-share position.
  • Perps / Swap change which tokens the vault holds. Debt stays on the account.
  • Farm can CPI-deposit into Kamino or swap stock proceeds into Kamino’s USDC/SOL main-market reserve.

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Account health

Health factor is recognized collateral USD divided by debt USD. An account with debt must stay strictly above 1.1. Lite/Kamino receipts, interest, and oracle moves all count. See Core Concepts for the accounting model.