How MLKY works

Borrowing

  1. Pick a card

    Connect your wallet and open Borrow. You'll see the cards in your wallet that we accept, and the most you can borrow against each one.

  2. Choose an amount and a term

    The app shows what you'll receive today, what you'll repay and when it's due. Nothing happens until you confirm.

  3. Confirm in your wallet

    The USDC lands in your wallet, and your card is locked there for as long as the loan is open.

  4. Repay

    Repay from your portfolio whenever you like before the due date. Repaying early costs less, because you only pay interest for the days you used.

  5. Get your card back

    As soon as you've repaid, the card unlocks and it's yours to move or sell again.

You can borrow in two ways. The simplest is from the MLKY Pool, at the pool's terms, and the USDC arrives straight away. Getting a loan walks through it. The other way is to post your own amount, term and interest and wait for a lender to fund it, which is covered in Asking lenders directly.

Lending

  1. Deposit USDC

    Your deposit goes into the MLKY Pool, which lends to borrowers. For now deposits are by invitation, so join the waitlist on the Lend page.

  2. Earn interest

    Your share of the pool grows as interest builds up on its loans. Borrowers pay that interest when they repay.

  3. Withdraw

    Take your USDC out whenever the pool has cash available. If it's all lent out, you join a queue and get paid as loans are repaid.

When a loan isn't repaid

A borrower who misses the due date gets a short grace period. After that, the card can go to auction. The price starts at the card's value and drops over about a day, but it never goes below the amount that repays the loan in full, interest included. The first buyer to accept the current price gets the card.

The lender is repaid first, and whatever is left after the sale costs belongs to the borrower. Until someone actually buys the card, the borrower can still repay the full amount and keep it.

If nobody buys, we take the card into our care and the pool takes the loss for now. If you can't repay and Risks for lenders explain what happens after that.