What is Sharky? Sharky is an NFT Lending platform that applies the leading P2P Lending model on Solana. What is so special about this project that it gets so much attention? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can learn more about some of the following NFT Lending projects to better understand.
- What is NFTfi? Overview of NFTfi cryptocurrency
- What is Arcade? Arcade cryptocurrency overview
What is Sharky?
Overview of Sharky
Sharky is an NFT Lending platform that applies the model Lending P2P top on Solana. With Sharky anyone can make loan offers for the NFTs they own and anyone can become a lender to receive passive income.
Although it is an NFT Lending platform, Sharky also launched its own NFT collection sharx by sharky.fi and users can also use this NFT as collateral on the Sharky platform.
Sharky’s mechanism of action
Sharky’s operating model takes place according to the following steps:
Step 1: Borrowers deposit NFTs on the platform as collateral and set loan parameters such as: Loan amount, loan period, interest rate APY.
Step 2: The loan is displayed on the platform and the lender (Lender) can deposit the desired amount of Sol into the loan. All loans will be displayed according to the order book and sorted by Sharky in the best order.
Step 3: Borrower chooses the best loan for him, the collateral NFT is locked for the duration of the loan.
Step 4: Borrower returns the loan + interest to receive collateralized NFTs in return.
Sale: If at maturity, Borrower does not repay the loan, the collateral NFT is transferred back to the lender.
What is the Sharky difference?
A special feature of the Sharky platform is that Borrower can use NFT Ultility throughout the loan period. In addition, Sharky offers a point accumulation mechanism for traders on the platform. Users can convert these points to FISHY tokens with the conversion mechanism of 307 points for 1 FISHY token.
Sharky also creates an open marketplace that reduces barriers for borrowers and lenders to access the platform.
Core Team
Sharky was developed by an anonymous team of experienced developers who came together to solve the problem of lack of liquidity for NFTs.
Investor
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Tokenomics
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Project Sharky’s Information Channel
- Website: https://sharky.fi/
- Twitter: https://twitter.com/sharkyfi
- Discord:
summary
Sharky has proven some of its capabilities as the No. 1 NFT Lending platform on Solana. Hope everyone has interesting knowledge when reading this article.