Sharky

Sharky.fi operates as a decentralized, peer-to-peer lending protocol on the Solana blockchain, facilitating short-term loans collateralized by Non-Fungible Tokens (NFTs). Founded in December 2021 by Anton Vynogradenko and Rea Dulcetta, the platform publicly launched in April 2022. The idea originated from exploring opportunities in the Solana and NFT space and identifying a gap for a more efficient NFT lending marketplace, inspired by a suggestion to use an order book model for NFT loans. The company maintains a headquarters in Prague, Czech Republic.

The platform connects two main user groups: borrowers who need immediate access to cryptocurrency and lenders seeking returns on their capital. Borrowers can offer an NFT from a supported collection as collateral to secure a loan in SOL, Solana's native token. A key feature is its escrow-less system; the NFT remains in the borrower's wallet but is frozen via a secure contract, allowing the owner to retain certain benefits like DAO memberships and airdrops. If the borrower fails to repay the loan within the agreed-upon term, typically 7 to 16 days, the lender can foreclose and take ownership of the collateralized NFT.

For lenders, Sharky.fi presents an opportunity to generate yield by providing liquidity. They can browse various NFT collections and make loan offers. The platform's structure encourages competition among lenders, which helps create favorable terms for borrowers. The business generates revenue by charging fees on transactions. Since its inception, Sharky has processed over 1.4 million NFT loans and claims a significant share of the NFT lending market on Solana. The company has also expanded its ecosystem with its own NFT collection, Sharx, and a dual-token model. The FISHY token serves as a utility token, while the SHARK token, launched in April 2024, is for governance. Future plans include expanding to support other asset types like Ordinals and Real-World Assets (RWAs).

Keywords: NFT lending, DeFi protocol, Solana, peer-to-peer loans, crypto collateral, SOL loans, decentralized finance, NFT liquidity, digital asset financing, blockchain finance, crypto borrowing, yield generation, escrow-less loans, Anton Vynogradenko, Rea Dulcetta, SHARK token, NFT-backed loans, crypto lending market, Ordinals lending, RWA lending, Web3 finance