Imperial Lending Pool
Provide USDC that funds leverage for Imperial traders. The pool earns the borrow interest plus the liquidation residual on every loan-backed position; 75% of gross revenue accrues to LP share value.
Imperial Pairs Pool
Provide USDC as the counterparty to Imperial Pairs traders. The pool earns trading fees, the funding residual on warehoused skew, and the skew-impact premium, net of trader PnL.
Open interest
Open notional across every Pairs market
Touch market usage
Worst-case payout capital reserved across Touch markets
Pool NAV breakdown
What belongs to LP share value right now
Pawn pool
Lend against graded cards at a pawn-shop rate, over five-day terms.
Inventory
Cards the pool took in are carried at the lower of cost or market. Cost is what the pool had already lent against the card, net of the provision it took when the loan went bad; market is an attestor's mark. There is still no oracle for a single graded card, so the mark can only push the carrying value down, never lift it, and a card nobody marks sits at cost. That value is part of NAV.
Carried at the lower of cost or market, and already counted inside NAV above — the same money, not an addition to it.
Net is sale proceeds less what those cards were carried at, which is what the sales did to NAV. Cards sold before the pool began carrying inventory at cost bring no cost here — they really were carried at zero — so the net flatters lifetime results until the last of them washes out. It does not net against written off, which is a figure from the seizure.
Written off spans two bases: seizures from before cards were carried at cost booked the whole loan, later ones book only the part the carrying value did not cover. Nothing in the data says which rows are which.
What you are lending into
- The pool lends 90% of a market maker's appraisal. That maker posts no capital and is bound by reputation and an off-chain agreement, so this is unsecured credit to them, collateralized by a card.
- The card collection's authority holds permanent transfer and burn delegates, so it can move or destroy an escrowed card without the owner's signature. This is disclosed and accepted, and the debt ceiling is what bounds it.
- Capped at — per loan and — across the book.
- Withdrawals are two-phase and available-only: a claim is refused when the vault is short rather than queued.
- A withdrawal request becomes claimable — after you make it.