Frequently asked questions
About MLKY
What is MLKY?
It's a way to borrow USDC against a graded trading card without selling it. Lenders fund those loans and earn the interest. How MLKY works walks through it.
What do I need?
A Solana wallet and a little SOL for network fees. To borrow, you'll also need a supported card in that wallet, and to lend or buy, some USDC.
Who holds the physical cards?
The company that tokenized each card, which is either Collector Crypt or Phygitals. We never hold physical cards. See Your card's safety.
Borrowing
How much can I borrow against a card?
A share of the card's value, never the whole thing. The app shows the exact amount for each card before you sign.
What does a loan cost?
Interest for the term you choose, plus a MLKY fee of 10% of that interest today, which comes off what you receive. Costs and deadlines has an example.
Can I repay early?
Yes, and it's cheaper. You pay interest only for the days you used, with a one-day minimum. That applies to MLKY Pool loans. With a private request, the full interest you agreed to is due whenever you repay.
Can I pay back only part of my loan?
Not on its own, but you can extend instead. You pay the interest so far plus at least 10% of what you borrowed, and a new term starts.
What happens if I'm late?
You get a short grace period after the due date, and the app shows when it ends. After that, the card can go to auction at any moment, though you can still repay in full until someone buys it. See If you can't repay.
Will my card be sold if its price drops?
No. Only a missed deadline puts your card at risk.
Can I sell or move my card while I'm borrowing against it?
No, it's locked in your wallet until you repay.
Can I borrow against the same card right after repaying?
You'll have to wait a little. A card can't back a new loan until 48 hours after its last loan closed.
Can I borrow against an ungraded card?
No. We only lend against supported graded slabs.
Is there a credit check?
No. The card is what secures the loan.
Lending
Can I deposit?
Deposits into the MLKY Pool are by invitation for now. You can join the waitlist on the Lend page.
What will I earn?
It depends on how much of the pool is lent out and how many loans default, so there's no fixed rate. See How lending works.
Can I withdraw at any time?
Whenever the pool has cash available. If it's all lent out, you join a queue and get paid as borrowers repay. See Withdrawing.
What happens if a borrower doesn't repay?
The loan comes out of your share's value, and anything recovered later goes to the lenders who were in the pool when it defaulted. If the card sells at auction, the loan is repaid in full. Risks for lenders covers the rest.
Auctions
Who can buy at auction?
Anyone with a Solana wallet and USDC, on the Auctions page. See Buying at auction.
Can the borrower stop the auction?
Yes, by repaying in full before someone buys the card.
Does the borrower get anything from the sale?
Yes. Once the buyer's premium, the sale commission and the loan are paid, everything left belongs to the borrower.
What if nobody buys?
We take the card into our care and may sell it later. If we do, the loan is repaid first and anything above that goes to the borrower.
Safety
Can MLKY or my lender take my card?
Not while you're on time. A MLKY Pool loan's card only goes to auction after a missed deadline, and the lender is repaid in cash, never with the card. With a private request, the lender can take the card once your repayment window has closed.
Has MLKY been audited?
Not by an outside firm yet. Treat MLKY as new software and size what you put in accordingly. See Risks.
Where do I report a security issue?
Privately, by email. Help and contact has the address.