Top Solana’s NFT Lending Protocol Sharky to Conduct Token Generation Event For $SHARK on Jupiter Exchange

• Sharky protocol has grown to a major NFT lending and borrowing platform on the Solana ecosystem using NFTs as collateral.

• The Sharky’s Token Generation Event on Tuesday, April 16, 2024, will not be distributed via an airdrop but through a claim process.

• Holders of the Sharx NFT that have already upgraded will be given priority and allocation in the upcoming $SHARK token distribution process.

After completing the $SHARK farming season 1 on April 10, Sharky, the first and leading escrow-less Non-Fungible Tokens (NFT) lending protocol on the Solana (SOL) ecosystem, has announced the dates for the much-awaited Token Generation Event (TGE). The TGE for the native token of Sharky, $SHARK, will be conducted on the Solana-based decentralized exchange (DEX) Jupiter (JUP) on Tuesday, April 16, 2024.

According to top Sharky executive alias Restuta.sol during a recent X Spaces talk, holders of Sharx NFT will be given priority and a handsome allocation for being loyal since inception. 

Furthermore, sharx NFT has a total market cap of about 50,540 SOL, worth more than $7.5 million, and a daily average trading volume of about 6,074 SOL units.

Notably, sharx NFT holders will receive the $SHARK token based on their respective Chowder points. Sharky took a snapshot of all Sharky Points earned before the farming season started on Monday, February 12, 2024.

“We are thrilled to announce the launch of our Token Generation Event as we embark on the next phase of Sharky’s journey. Our mission has always been to democratize access to liquidity for NFT holders, and with the expansion to Ordinals and RWA, we are poised to make a lasting impact on the broader NFTFi ecosystem,” Sharky CEO Anton Vynogradenko, said.

Meanwhile, Sharky has already inked a strategic partnership with Streamflow Finance, a token distribution layer empowering Decentralized Autonomous Organizations (DAOs) and protocols with automated token vesting and airdrops. As a result, Sharky has reassured its investors and customers that the $SHARK tokenomics are tamper-proof and designed to ensure efficiency in network adoption.

Sharky and the Market Outlook

The Solana (SOL) ecosystem has grown to a major web3 hub that is constantly threatening the Ethereum network, despite the recent congestion caused by meme coins frenzy. The Solana NFTs have played a major role in real-world assets (RWA) tokenization and also through in-game artwork exchange.  

According to market data provided by Coingecko and Dappradar, Sharky’s sharx NFTs have been leading in the Solana NFT ecosystem, which is valued at about $543 million, and a daily average trading volume of around $3 million.

Undeniably, the upcoming $SHARK token launch has seen the daily average trading volume of sharx NFT spike. 

Furthermore, the Sharky team has expressed interest in expanding the lending and borrowing services to trillion-dollar industries of ordinal and real-world assets tokenization. With about $5 million in Total Value Locked (TVL), the Sharky protocol has facilitated more than $4 million in Solana and NFTs borrowing and lending.

“Since its inception, Sharky has emerged as the go-to platform for Solana NFT holders seeking liquidity. With an impressive track record, the platform has facilitated over 1.4 million loans, demonstrating its unparalleled capability to meet the growing demand for NFT-backed lending solutions,” the announcement highlighted.

By allowing NFT holders to access liquidity without necessarily liquidating their assets, the Sharky platform is well-positioned to grow in the near future. Moreover, the web3 metaverse industry has grown immensely over the past few years with the adoption from institutional investors and nation-states.