Sharky.fi Review: The Largest NFT Lending Platform on Solana

May 6, 2024 - Around 5 mins mins to read

Sharky.fi is the prominent NFT Lending project on the Solana network, garnering substantial attention as the second Launchpadaproject on the Jupiter LFG platform

Sharky.fi Review: The Largest NFT Lending Platform on Solana

Table Of Contents

What Is Sharky.fi?
How Does Sharky.fi Work?
Key features and risks of Sharky.fi
Tokenomics and Use Case
Team and Investors
Roadmap
Conclusion

What Is Sharky.fi?

Sharky is an NFT lending platform operating on the Solana network. Users can collateralize their NFTs to borrow SOL tokens (Solana) and access profit-making opportunities such as staking, farming, and lending. In August 2023, Sharky acquired Honey Labs, a multichain NFT lending platform, to enhance its infrastructure, ensure compatibility with various EVM Chains, and attract new users.

How Does Sharky.fi Work?

Engaging with Sharky’s operating model involves two main components:

Borrower (Person borrowing / NFT Collateral): These individuals utilize their NFTs as collateral on the platform, setting parameters for their loan such as the amount of SOL needed, loan duration, and their acceptable APY interest rate.
Lender (Person lending): Individuals holding SOL tokens can earn extra profits by providing their SOL to Sharky.fi. They can browse available loans on the platform and select the one that fits their requirements for lending SOL.

On Sharky, the loan process unfolds like this:

Lenders browse the NFT collections listed on Sharky.fi to explore available loans. They choose a loan that suits them and lend SOL.
Borrowers access the supported NFTs on Sharky and pledge their NFT as collateral, selecting their preferred loan terms: amount, duration, and interest rate.
Once a loan is chosen, the borrower’s NFT is locked in a contract. Since it’s a non-custodial platform, the NFT remains in the user’s wallet but cannot be traded or utilized.
At the loan term’s conclusion, the borrower merely repays the borrowed SOL plus interest to regain possession of their NFT.
If the borrower fails to repay the loan by the contract deadline, the NFT automatically transfers to the lender.

Note: Loans typically have a lower value than the pledged NFT to safeguard the lender against significant fluctuations in the NFT’s worth.

Key features and risks of Sharky.fi

telegram cloud photo size 5 6170154682224327182 y

Key features

Easy borrowing and lending: The process is automated, requiring no deep technical knowledge. Users can borrow or lend assets with simple operations on the interface.
Optimize profits:
For lenders: Earn passive income by lending SOL tokens with attractive interest rates (APY ranging from 120% to 360%).
For borrowers: Access capital to maximize profits from staking, farming, lending, etc., within the Solana ecosystem.
Diversify investment portfolio: Sharky supports collateralized loans of various NFT types, allowing users to diversify their portfolios and reduce risk.

Risks

For the borrower: Failing to repay the loan on time will result in the borrower losing their NFT asset.
For the lender: If the NFT asset’s value significantly decreases or the borrower defaults on the loan, the lender will lose the loaned amount but reclaim the NFT. However, if the NFT becomes worthless, the lender will lose the loaned money (SOL) and end up with a worthless NFT.

Tokenomics and Use Case

Token metrics

Token symbol: SHARK
Total supply: 100,000,000

Token allocation

Team: 20%
Liquidity (DEX & CEX): 17%
Reserve: 15%
Seed: 14.4%
Airdrop: 7.5%
Private: 5.6%
Marketing: 5%
VC: 5%
Future Development: 5%
Advisors: 2.5%
Honey + UGS Communities: 2%
Public: 1%

Token use cases

The project has not disclosed detailed information about the use case of $SHARK.

Where to Buy SHARK

You can trade $SHARK at

CEX: Bybit, MEXC, Bitget
DEX: Jupiter

Team and Investors

Roadmap

The project has not announced an official roadmap yet.

Team

Anton Vynogradenko (CEO & Co-Founder): Anton graduated with a degree in Computer Science from Kharkiv University. With over 16 years of experience in Software Engineering, he has founded two startups, Apination and Toast. In addition to his role as CEO at Sharky, he also serves as the CTO at Toast.

Rea Loretta (Co-Founder): Co-founded the startup Toas with Anton, a prominent technical application on Slack. She brings software development expertise from her previous Cheetah Software Systems and Caltech roles.

Jacob McCarthy (COO): With over 10 years of experience in the Fintech sector, Jacob has supported numerous investment funds and companies. He joined Sharky Finance in April 2023 and currently holds the position of Chief Operating Officer.

Investor and partners

Sharky.fi completed its IDO round on the LFG Launchpad platform of the DEX Jupiter exchange, raising $5.3 million at an average price of $1.06 per SHARK. Cryptorank data shows that Sharky Finance is backed by a Tier 4 fund called Majinx Capital, although the project has not disclosed the exact amount of capital received.

Conclusion

Sharky.fi is a prominent NFT lending solution on the Solana network, allowing users to maximize profits and diversify their investment portfolios.

CoinCu rates with its convenient and flexible NFT lending and borrowing system, the project aims to establish itself as a key player in the NFTFi sector going forward.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

DeFi Reviews