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Case studyDelphi Labs

Mars Protocol: a unified, cross-collateralised leverage platform for DeFi

Mars Protocol interface
Mars Protocol interface

Mars Protocol brings leveraged yield, perps, spot and margin trading, lending, and managed vaults into a single Credit Account that cross-collateralises assets for capital efficiency, clear risk controls, and a fast, on-chain UX. I owned the design end to end, from early discovery through to the design system, and validated every major flow with the protocol's power users. I worked daily with protocol engineers and risk researchers, and contributed to the docs structure and UI components for new features.

Project length

2021–2025

Platform

Web

Role
Lead Product Designer
Client
Delphi Labs / Mars Protocol
Scope
Credit accounts, trading, lending UX
Platform
Web app · $350M peak TVL, 1.5M+ txns (v1)

01Discovery

Discovery and framing

I mapped two core behaviours. One group optimised for capital efficiency and speed. The other prioritised clarity and predictability. I designed for both by making advanced actions quick, while keeping risk mechanics visible and inspectable. I wrote microcopy that explains why a limit exists, not just that it exists. I kept repeated actions on one screen and used drawers for deeper detail.

Show risk before action, not after.
Principle 1 · Risk visibility
Keep composition to one or two decisive clicks.
Principle 2 · Efficiency
Reuse patterns across features so learning transfers.
Principle 3 · Pattern reuse
Make technical limits first-class UI, not footnotes.
Principle 4 · Technical transparency

02Structure

Information architecture

I flattened navigation into Portfolio, Trade, Earn, Strategies, Activity and Risk. Credit Account is the home for positions and Health Factor. Trade contains Perps and Spot with Margin. Earn contains Lending and Borrowing, plus LP entry. Strategies surfaces High Leverage Strategies and Managed Vaults. I added a global Parameters and Caps drawer so users can check Max LTV, Liquidation LTV, open interest caps and deposit caps without leaving their task.

01

Portfolio

02

Trade

03

Earn

04

Strategies

05

Activity

06

Risk

03Account model

Credit Manager

I designed the Credit Account as a single source of truth where collateral, debt, PnL and actions sit together, with Health Factor always in view. HF is the anchor for every decision, so it updates in real time as users stage leverage or orders, and it is paired with clear Maximum LTV and Liquidation LTV markers to show the safety buffer at a glance. I avoided dense warnings by using concise labels, a simple bar with two ticks, and a short “learn more” drawer for those who want the mechanics. When liquidation price is only an estimate because multiple positions interact, I state that plainly rather than pretending to be exact. Colour is restrained and only signals proximity to risk, not excitement. The result feels quick for power users while keeping the cost of leverage visible before they press confirm.

Credit Manager interface
Credit Manager interface

04Feature work

Trading & DeFi features

Six features that run on the same Credit Account, so margin, lending and leverage share one risk model.

Perpetual futures

I designed the perps ticket around oracle-priced execution with cross-margin. The ticket shows expected fill, funding and skew context. A help drawer explains Skew Scale, funding velocity and open interest caps in plain terms. The order review checks account health before submission and calls out any parameter that blocks execution.

Perpetual futures interface
Fig. 01Perpetual futures interface

05Outcome

$350M

Peak TVL

1.5M+

Transactions (v1)

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