Oxygen Review 2026: Solana Money Market and DeFi Prime Brokerage

Oxygen is a lending and borrowing protocol on Solana. DefiLlama files it under Lending and calls it a money market on Solana. Its homepage describes it as a DeFi prime brokerage protocol offering trading leverage, yield, term liquidity and borrowing to short.

The team presents itself as financial and software engineers based in London, New York and Israel, with over 50 years of combined senior finance experience in structured products. The company address given is in Zug, Switzerland. The pitch is to bring institutional-style tools to ordinary users through a mobile app and non-custodial wallet.

Public sources are limited. DefiLlama shows no TVL figure and lists no audits, and the homepage footer reads 2021. Current activity is not confirmed, so this review treats Oxygen as a documented concept whose present state readers should verify.

Oxygen works as a money market. Users deposit a portfolio of digital assets into smart contracts, choose which assets can be lent out, and earn lending interest and rewards. The deposited assets also serve as collateral for borrowing or leverage.

The homepage compares this to a traditional prime brokerage, where a bank provides custody, borrowing, lending and trading. Oxygen aims to replace the intermediary with smart contracts, with the user keeping self-custody. Volatility liquidity providers supply risk capital and receive OXY rewards and fees.

Risk management uses portfolio margining and real-time LTV monitoring, with a liquidation engine if collateral falls short. Market data and model parameters are described as calculated on-chain. If your collateral value drops too far, positions can be liquidated.

The project does not publish a fee schedule. The homepage says commissions are tiered by OXY holdings and monthly volume, and that revenue comes from borrowing and lending fees, trading PnL and structuring fees.

The homepage also says there is no custody fee because users hold their own assets. Exact rates, spreads and liquidation penalties are not public. Users would need to check the app and documentation for them.

No audits are listed on DefiLlama, and none are mentioned in its homepage. Without published audits, smart-contract risk is hard to assess. Leveraged and short positions add liquidation risk, and oracle or market-data failures can affect outcomes.

The homepage describes the app as non-custodial, so users retain control of their assets, but that does not remove protocol risk. Public sources report no incidents, but they also give no recent activity data. Check the project's channels for its current status before depositing anything.

Oxygen is aimed at experienced DeFi users who understand collateral, leverage and liquidation, and who are comfortable doing their own checks on audits and current activity. It is not suited to beginners or anyone who cannot afford to lose deposited funds.