Analysis of the Characteristics, Development Status, and Prospects of Solana’s Three Major NFT Lending Protocols

Analysis of Solana's 3 NFT Lending Protocols: Characteristics, Development Status, and Prospects.

The Solana NFT ecosystem is thriving, with some new protocols launching tokens and NFT floor prices on the rise. Teng Yan, the head of Delphi Digital NFT research, provided an overview of three NFT lending protocols on the Solana NFT ecosystem, namely Sharky, Citrus, and FRAKT.

On Solana, NFT finance mainly revolves around lending protocols and automated market makers. One key difference from Ethereum is that Solana’s protocols typically use a pool-based approach to achieve instant liquidity. Loans on Solana are often short-term, with 7 days being the most common term. Currently, the three main NFT lending protocols on Solana are Sharky, Citrus, and FRAKT. As of April, Sharky leads with 70-80% market share, followed by Citrus (with around 10-15% market share) and FRAKT (with 5-10% market share).

Sharky is a hybrid P2P and pool-based NFT lending protocol, and since the beginning of 2022, Sharky’s user base has been growing by 3000-4000 users per week. Key metrics for Sharky include a TVL of 281,530 SOL, over 24,102 active loans, and an average active loan size of 13 SOL. Additionally, Sharky has launched two types of tokens: the utility token FISHY and the NFT collection Sharx, which is used to incentivize platform usage. Citrus also utilizes a hybrid P2P lending protocol, but it supports ultra-short-term loans of 3 days that Sharky does not, which could make it a strong competitor over time.


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