Sharky

Sharky is the largest NFT-collateralized lending protocol on Solana, operating a peer-to-peer order book that connects borrowers seeking instant SOL liquidity with lenders seeking yield on their capital.

Core Mechanism

Sharky works as a non-custodial loan marketplace. Borrowers select an NFT from a supported collection and pledge it as collateral against a SOL loan. The NFT remains resident in the borrower's wallet throughout the loan period but becomes trade-locked — meaning the borrower retains eligibility for DAO voting, airdrops, and NFT utility while the loan is active. If the borrower repays principal plus interest before the deadline, the NFT is unlocked. If not, the NFT transfers automatically to the lender.

On the lender side, participants post offers on an open order book specifying the loan-to-value ratio, duration, and APY they will accept. Multiple lenders can compete on the same NFT collection, which drives competitive terms for borrowers. When a borrower accepts an offer, the loan executes on-chain via the Sharky Solana program (address: SHARKobtfF1bHhxD2eqftjHBdVSCbKo9JtgK71FhELP).

Loan durations run from 7 to 16 days. APY ranges for lenders are approximately 100–360%, with interest calculated at millipercent precision on-chain. In a documented example from the GitHub client library, a 1 SOL loan at 145% APR over 7 days accrues roughly 0.028 SOL in interest.

History and Background

Sharky was founded in March 2022 and launched publicly on Solana mainnet in April 2022. The co-founders are Anton Vynogradenko, who serves as CEO and has over 16 years of software engineering experience, and Rea Loretta, who brings a software development background. Jacob McCarthy joined as COO in April 2023 with over a decade of experience in the fintech sector.

In August 2023, Sharky acquired Honey Labs, a move the team described as enabling multichain EVM compatibility as part of its longer-term expansion beyond Solana.

SHARK Token

In April 2024, Sharky launched its SHARK governance token through an Initial DEX Offering on the Jupiter LFG Launchpad — the second project ever to use that platform. The IDO raised $5.3 million at $1.06 per token. Total supply is fixed at 100 million SHARK.

Token allocation: 20% team, 17% liquidity (DEX/CEX), 15% reserve, 14.4% seed investors, 7.5% airdrop, 5.6% private round, and the remainder split across marketing, VC allocations, and development. SHARK is listed on Bybit, MEXC, and Bitget on centralized exchanges, and is tradeable on Jupiter for Solana-based users.

Prior to the token launch, Sharky had no on-chain governance mechanism for its first two years of operation.

SHARX NFT

Separate from the SHARK token, Sharky issued the SHARX NFT collection, which carries protocol utility. SHARX holders can upgrade their NFTs and claim "chowder" rewards. The NFTs function as a loyalty and community tier within the Sharky ecosystem.

Metrics and Market Position

As of the April 2024 token announcement, Sharky had facilitated over 1.4 million loans and held approximately 90% of the NFT lending volume on Solana. The protocol processed roughly 3.2 times the monthly loan volume of its nearest competitor (Banx/FRAKT) as of late 2023, based on independent analysis of lending activity.

As of August 2026, Sharky remains active, with third-party integrations continuing — including Wolf Capital executing combined Sharky loan and USDC swap transactions in a single Solana block.

Security

Sharky's published security posture includes regular smart contract audits, a bug bounty program, and timelocks for protocol upgrades. The team has noted it is exploring partnerships with DeFi insurance providers. No specific third-party audit firm or audit report has been publicly named in available documentation.

Solana Ecosystem Fit

Sharky occupies a distinct niche in the Solana DeFi stack: unlocking liquidity from illiquid NFT positions without requiring holders to sell. This is particularly relevant for holders of high-floor Solana NFT collections who need short-term capital for mints, trades, or other on-chain activity. The protocol's integration with the Jupiter ecosystem (via the LFG launchpad and Jupiter DEX) and its presence on major CEXs positions SHARK within the broader Solana token economy.

Looking beyond Solana NFTs, Sharky has stated plans to expand lending to Bitcoin Ordinals and real-world assets (RWA), though no specific launch dates for those verticals have been publicly confirmed.