Lending Desk
Each fleet has its own lending market (on Kamino), priced off MAV, never the pool price. Limits follow the fleet's credit grade.
Two kinds of loan
Pool loan. The fleet borrows against its reserve to buy more robots.
- Up to 25% of the reserve at AAA, less at lower grades.
- Locked until payback.
- The cash goes to the growth escrow, only for robots.
- Receipts repay it before anything reaches the reserve.
- MAV is shown net of the loan.
Token loan. Holders and managers borrow against their fleet tokens.
Limits by grade
| Grade | Pool loan (of reserve) | Token loan (of value at MAV) |
|---|---|---|
| AAA | 25% | 60% |
| AA | 20% | 50% |
| A | 15% | 40% |
| BBB | 10% | 30% |
| Below BBB | none | none |
Rates
| Rule | Value |
|---|---|
| Borrow rate | 4% + 16% × how much of the pool is lent |
| Supplier rate | Borrow rate × share lent × 90% |
| Liquidation starts | 75% loan-to-value |
Liquidation
If a token loan passes 75%, its collateral is sold back to the reserve at MAV and burned, and the loan is repaid. Pricing at MAV means a price crash in the pool does not cause a wave of liquidations.