Glossary
- Auction
How we sell the card behind a MLKY Pool loan that wasn't repaid. The price starts at the card's value and falls until someone buys it.
A fee the auction buyer pays to MLKY, taken out of the price they pay. Today it's 5% of the price.
- Cert number
The number on a graded slab that identifies that exact card with its grading company.
- Default
What a loan becomes when it isn't repaid by the end of its grace period. Its card can then go to auction.
- Due date
The end of your loan's term. The term starts when the USDC reaches your wallet.
- Extension
Paying the interest owed so far plus part of what you borrowed, so a new term starts on a smaller loan. You can do this up to three times per loan.
- Grace period
A short extra window after the due date when you can still repay or extend as usual.
- Graded slab
A card that a grading company such as PSA or BGS has graded and sealed in a numbered case.
- Interest
What a loan costs you, set when you borrow. On a MLKY Pool loan you only pay it for the days you use, with a one-day minimum.
- Locked
How your card is while it backs a loan or a request. It stays in your wallet, but you can't move, sell or list it.
- MLKY fee
A share of your loan's interest, taken off the USDC you receive when you borrow. Today it's 10% of the interest.
- MLKY Pool
The pool of lenders' USDC that MLKY Pool loans are paid from.
- Private request
A loan request you post with your own amount, term and interest, for a lender to fund directly. If it isn't repaid in time, the lender takes the card.
- Queue
Where a withdrawal waits when the pool's money is lent out. Requests are paid in order as borrowers repay.
- Recovery
Money that comes back after a loan defaults, from the borrower repaying or the card being sold. It goes to the lenders who were in the pool when the loan defaulted.
- Sale commission
MLKY's fee on an auction sale, which is 5% of the price after the buyer's premium.
A lender's part of the MLKY Pool. It grows as the pool earns interest and shrinks if a loan defaults.
- SOL
Solana's own currency, used to pay the small network fee on each transaction.
- Term
How long a loan lasts. You choose it when you borrow.
- Tokenized card
A token in your wallet that represents a physical graded card kept in the vault of the company that issued the token.
- USDC
A stablecoin meant to be worth one US dollar. MLKY loans, deposits and auctions all use USDC.
- Wallet
The Solana app, such as Phantom, that holds your tokens and approves your transactions.