A basic guide on how to use SharkyFi
The recent market trend has been alternating between a slow and fast pace, switching from making profits in secondary markets to high-profile mints. During these unpredictable market conditions, SharkyFi offers a reliable tool to make profits. The platform’s main use case is lending, which can be done on the front page of their website, https://sharky.fi/.
To lend, navigate to the lender page where you will see all available projects to allocate loans to. It’s advisable to lend against strong, established, and reputable projects within the ecosystem, such as DeGods, Smyths, Duelbots, Taiyo, and SMB.
The amount you can lend depends on your personal risk tolerance and capital threshold. By hovering over a project, you can see the active loans and loan offers. The interest you earn on your loan depends on the duration (this is preset and is determined by Sharky themselves I believe), and the loan amount will always be lower than the project floor.
Aim to be the top loan offer by offering more than the highest SOL offered against the project (within reason). The platform will automatically show you the interest you’ll earn based on the loan amount you enter. Remember to check the APY attached to each project to locate your desired loan.
Keep in mind that lending with a smaller capital may not yield significant profits, but it’s possible to make good returns during periods of hyped mints when people want to mint and trade without giving up their favourite NFTs.
If you believe a project is going to drop in price, you can take loans to hedge against the risk of the NFT’s value decreasing. However, it’s harder to do with bluechips as their floor prices are more stable, and loans are usually around 80–90% of the floor price.
On the other hand, you can take loans to trade within the meantime and pay back the loan with interest by the end of the loan contract or risk forfeiting your NFT to the lender.
The sharx themselves are a work in progress, the sharx will passively gain their domestic token $FISHY, they will also be able to gain additional tokens from lending and borrowing activites. The token will be used to upgrade your sharx making them eligible for rev share on the platform (75/25 and 50/50 split between rev-share and team for platform fees and royalties respectively). The token will also be used for raffles and auctions on defaulted NFTs that SharkyFi collect.
Weekly stats update:
The developers provide useful stats of the platform each week as well as updates to the system weekly inside the discord.
According to this data SharkyFi is 5th largest DAPP on SOL, convincing strength for a project that has only been around a few months. In my opinion they are best suited to continue this trend, the developers are constantly working to make the platform better.
In conclusion, SharkyFi offers a reliable tool to make profits during uncertain market conditions. While lending requires a good chunk of capital to yield significant returns, it provides an opportunity to earn profits even during periods of slow mints and secondary markets. Stay updated on the weekly stats provided by the project team to make informed decisions and maximize profits.
Twitter - https://twitter.com/Gib_NFT
SharkyFi - Socials / Links:
Website - https://sharky.fi/
Twitter - https://twitter.com/SharkyFi
Discord - https://discord.com/invite/sharkyfi