Sharky is one of the main trailblazers in the NFT space.
As a Solana NFTFi project, it revolutionizes how you unlock value, opportunity, and liquidity for your SOL NFTs.
And just recently, Sharky airdropped its governance token—$SHARK—so let's dive right in and explore what it's all about!
Overview
- Project: Sharky
- Token ticker: $SHARK
- Blockchain: Solana
- Sector: NFTFi
- Business model: Lending/borrowing
- Ethereum Counterparts: NFTfi
What does Sharky do?
It's simple—with Sharky, you make money as a NFT lender and you get cash on-demand as an NFT borrower.
As such, Sharky unlocks an untapped liquidity layer in the NFT ecosystem.
Moreover, even when a borrower defaults on a loan, the lender is still protected because the NFT—which is escrowed by Sharky as a security deposit—is worth more than the loan that was given out.
For more details on the borrowing/lending architecture, read Sharky’s bitepaper.
What is the $SHARK token?
When you research Sharky and the $SHARK token, you might also stumble across another token: $FISHY.
In order to dispel confusion, lets differentiate $FISHY and $SHARK.
- $FISHY: When using Sharky, you generate Sharky points, which can be converted to $FISHY—a utility token used to upgrade sharx to higher levels. Sharx are the official NFT collection from Sharky. Why would you want to hold and upgrade sharx? Well, the more sharx you hold and the higher their level, the more Sharky points you get. This brings us to $SHARK below.
- $SHARK: Compared to $FISHY, $SHARK is the official governance token of Sharky. As of now, however, Sharky hasn't released a lot of details on its governance token—here are the only things we know so far:
- Total supply: 100,000,000
- About 15% of $SHARK to be circulating at launch
- Sharky points qualify you for the $SHARK airdrop
You can find some more details here.
How to qualify for the $SHARK airdrop?
The $SHARK airdrop, which took place on April 16th, 2024, was accompanied by a continuous point program—which started on February 12th, 2024.
During the point program, traders earned 4x more points by using Sharky normally (see table below).
Essentially, the logic of Sharky’s point program was straightforward: the more Skarky points you collected, the larger your $SHARK airdrop allocation was.
When will the $SHARK airdrop take place?
The $SHARK airdrop took place on April 16th, 2024.
As always, the airdrop functioned like other ones on Solana. Generally, token rewards aren’t sent directly to your wallet; You must go to a dedicated website to claim them.
⚠️ Beware: During airdrop season, scammers create imitation accounts to trick you into clicking phishing links and wallet drainers. Please exercise caution. Only click on, and visit, links from Sharky’s official Twitter account, and do not respond to direct messages from unknown parties related to the $SHARK airdrop—regardless if you’re on X (formerly known as Twitter), Discord, Telegram, or other platforms.
For more, read our Solana Airdrops guide.
How to trade $SHARK with Phantom?
Note: You need to hold SOL in your Phantom wallet to complete this process.
After logging-in to your Phantom browser extension or mobile app, select a wallet that holds the tokens you’d like to trade. Next, click on the swap (arrow) icon at the bottom. In the swap widget, select the token pair you’d like to trade, review the order, then submit!
How to set up a Phantom wallet?
If you’d like a friendly multichain wallet for crypto, DeFi, and NFTs, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.
First, download Phantom. Then, create a new wallet.
If you’d like to fund, or send funds to, your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
Once you do that, you're ready to go.
How to bridge tokens to Solana with Phantom?
If this is your first time using Solana, you might have most of your assets on other blockchains, such as Ethereum and Polygon. With our Cross-Chain Swapper, you can bridge tokens across Ethereum, Solana, and Polygon right in your Phantom wallet. Here’s how:
Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
