Sharky

Overview

Sharky is a utility token operating on the Solana blockchain that was created to power a crypto peer-to-peer lending protocol.

Purpose and Utility

The primary stated purpose of SHARK is to facilitate lending and borrowing of NFTs and other digital assets on the Solana blockchain. Users can lend their NFTs through the protocol to earn yields, while borrowers can obtain loans using their NFTs as collateral.

Business Model Assessment

The core business model revolves around lending and borrowing, which when done for profit is generally considered impermissible in Islamic finance unless structured as charitable lending. The protocol charges fees for facilitating these lending transactions and distributes a portion of these fees to SHARK token holders.

Platform Development and Adoption

The project has shown consistent development activity on GitHub and has processed significant lending volume on Solana. The platform has been audited by multiple security firms and maintains active development.

Token Distribution

According to available data, a significant portion of SHARK tokens are held by the protocol treasury and team members, with vesting schedules in place. The token serves as both a governance mechanism and fee-sharing instrument for the protocol.