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Cryptocurrency lending and borrowing has always been a prominent niche of the decentralized finance (DeFi) industry, championed by platforms like Aave (AAVE) and Compound Finance (COMP). A much rarer variant of DeFi borrowing and lending is based on non-fungible tokens (NFTs), rather than fungible crypto assets.
Sharky.fi, or simply Sharky, is a Solana-based lending and borrowing protocol that uses NFTs as collateral to facilitate the DeFi processes on the network. By putting up NFTs as collateral, users can borrow funds via short-term loans in Solana's native SOL tokens. For lenders, the platform is also a great way to earn high APY rates in just 7 to 14 days, while having their loaned funds protected by the NFTs.
Having established itself as the leader of NFT-based lending and borrowing on Solana, the Sharky project has ambitious plans to integrate two more highly popular crypto asset types — Ordinals and real-world assets (RWAs).
Key Takeaways:
Sharky, a Solana-based lending and borrowing DeFi solution, utilizes NFTs as collateral.
With Sharky, lenders can earn high interest in a short period of time, and borrowers can put up their NFTs as collateral while still being able to use themon other DeFi platforms.
Sharky has a dual-token model, with FISHY as its utility token and SHARK as its governance token.