How does Sharky work?

Sharky is a decentralized lending protocol on Solana that allows users to borrow against their NFTs or lend SOL to earn interest. Borrowers can use their NFTs as collateral to get instant liquidity, while lenders can offer loans with competitive terms based on LTV, loan duration, and APY. The platform operates with a live open order book, enabling transparent and efficient peer-to-peer transactions.

Is Sharky a secure platform?

Sharky prioritizes security measures to ensure the safety of user funds and NFTs. The platform utilizes a secure contract system that freezes the NFT in the borrower's wallet during the loan period, protecting both lenders and borrowers. Additionally, Sharky operates on the Solana blockchain, known for its high speed and security, further enhancing the platform's overall safety.

To use Sharky, users first need to connect their Solana wallet (such as Phantom) to the platform. Lenders can browse available NFT collections, propose loan amounts, and make offers, while borrowers can select their NFT as collateral and choose the best loan offer available. Once a loan is accepted, the contract is created, and the NFT is securely frozen in the borrower's wallet until repayment or default.

What services does Sharky offer?

Sharky offers NFT-backed lending and borrowing services, allowing users to unlock liquidity from their NFTs or earn interest by providing loans. The platform provides short-term loans ranging from 7 to 14 days with competitive APYs, and it also features a gamification system where users can earn points and tokens for participating in the ecosystem. Additionally, Sharky offers a transparent order book system for efficient loan matching and competitive pricing.

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What is Sharky?

Sharky is a Solana-based platform launched in March 2022 that allows users to lend and borrow against NFTs instantly. It provides a way for lenders to earn money and borrowers to get cash using their NFTs as collateral. This approach makes borrowing and lending more secure and efficient

Benefits of using Sharky

Using Sharky, blockchain users can unlock liquidity from their NFTs without needing to sell them, enabling access to funds while retaining ownership. Lenders benefit from earning yield on their capital by providing loans secured by NFTs, reducing the risk of default through collateralization. The platform’s seamless and decentralized design ensures fast, trustless transactions, empowering users with financial flexibility in the growing NFT ecosystem.

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FAQ

Frequently Asked Questions

How does Sharky work?
Sharky is a decentralized lending protocol on Solana that allows users to borrow against their NFTs or lend SOL to earn interest. Borrowers can use their NFTs as collateral to get instant liquidity, while lenders can offer loans with competitive terms based on LTV, loan duration, and APY. The platform operates with a live open order book, enabling transparent and efficient peer-to-peer transactions.
Is Sharky a secure platform?
Sharky prioritizes security measures to ensure the safety of user funds and NFTs. The platform utilizes a secure contract system that freezes the NFT in the borrower's wallet during the loan period, protecting both lenders and borrowers. Additionally, Sharky operates on the Solana blockchain, known for its high speed and security, further enhancing the platform's overall safety.
How to use Sharky?
To use Sharky, users first need to connect their Solana wallet (such as Phantom) to the platform. Lenders can browse available NFT collections, propose loan amounts, and make offers, while borrowers can select their NFT as collateral and choose the best loan offer available. Once a loan is accepted, the contract is created, and the NFT is securely frozen in the borrower's wallet until repayment or default.
What services does Sharky offer?
Sharky offers NFT-backed lending and borrowing services, allowing users to unlock liquidity from their NFTs or earn interest by providing loans. The platform provides short-term loans ranging from 7 to 14 days with competitive APYs, and it also features a gamification system where users can earn points and tokens for participating in the ecosystem. Additionally, Sharky offers a transparent order book system for efficient loan matching and competitive pricing.

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