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About Milky

Milky is a Solana-native lending protocol that turns graded trading cards into productive collateral. Card holders can borrow USDC against the value of their cards without selling, and liquidity providers can earn yield by funding those loans.

Each loan on Milky is fully collateralized by a single graded card, already represented on-chain as an NFT or pNFT minted by a tokenization issuer (such as CollectorCrypt or Phygitals). Milky lends against that on-chain representation; pricing comes from a signed off-chain oracle using market data from grading pop reports and live marketplaces. If a loan is not repaid by maturity, the underlying NFT is auctioned to recover the debt.

What Milky is — and isn't

Milky is:

  • A fixed-term lending protocol for graded trading cards (Pokémon, Magic, sports, and other supported categories) that have already been tokenized as NFTs or programmable NFTs by a third-party issuer.
  • Asset-backed: every dollar lent is secured by a card-backed NFT whose on-chain control transfers to the protocol for the duration of the loan.
  • Auction-settled: defaults are resolved by transparent on-chain auctions, not by liquidator-only sales.
  • USDC-denominated: loans, repayments, and auction proceeds all settle in USDC (or whatever stablecoin the pool is configured to use).

Milky is not:

  • A marketplace or exchange for trading cards. You cannot buy and sell cards here unless they are being liquidated through an auction.
  • A perpetual lending pool with health-factor liquidations. Loans have fixed terms and fixed rates; default is time-based, not price-based.
  • A custodian for physical cards. Milky never holds the physical asset. The card itself is custodied and minted as an NFT by a tokenization issuer such as CollectorCrypt or Phygitals; Milky lends against that NFT and trusts the issuer to honor the binding to the underlying physical card.

Why a protocol for cards?

Graded trading cards are a multi-billion-dollar collectibles market. They are liquid enough to price reliably, scarce enough to retain value, and yet historically illiquid as a source of credit — selling means giving up the asset, and traditional pawn services charge punitive rates with little transparency.

Once a card has been tokenized by an issuer like CollectorCrypt or Phygitals, it sits in a wallet as a regular NFT — but there's no native way to borrow against it. Milky fills that gap: it pairs the existing NFT with on-chain auctions and oracle-attested pricing so card owners can unlock liquidity in minutes without selling the card, while stablecoin holders get a yield source backed by real, gradable, market-priced collateral.

How it fits together at a glance

Borrowerlocks card-backed NFT
Oraclesigns FMV + LTV
Poollends USDC
if default
Auctionrecovers debt
Each loan is a four-sided handshake between borrower, oracle, pool, and (if needed) auction.

A typical loan looks like this:

  1. A borrower requests a quote

    The card's certificate is matched to its on-chain NFT, and Milky's oracle returns a signed quote with a fair market value, a maximum loan-to-value, and a term length.

  2. The borrower opens and draws the loan

    The NFT is locked under the protocol's on-chain authority and the pool sends USDC (minus a small origination fee) to the borrower.

  3. The borrower repays before maturity

    Paying back the principal plus the fixed interest unlocks the NFT and closes the loan.

  4. If they don't, the card goes to auction

    After the grace period, anyone can mark the loan defaulted. The card is sold via a Dutch auction to repay the lenders.

Where to go next