The Only $SHARK Guide You Need

$SHARK | $HARK

SharkyFi has a new token launching soon and it has been making it’s rounds on socials and gaining traction. We are going to cover all of the way you can start to earn it! The first thing I want to clear up is that the token was initially going to be called $HARK, and has since been modified to $SHARK, so know that any announcements from SharkyFi mentioning either of those tokens are in reference to the same token.

There are some naming conventions that can be confusing as you read this, so let’s clear that up with this legend before you go further:

$SHARK = The new token being launched
Sharx = The name of the NFT project owned by SharkyFi
$FISHY = The utility token created by SharkyFi, historically used for upgrading Sharx NFTs
Shark Points = Points that are earned by using SharkyFi products, these can then be used to do other things
SharkyFi = The parent company/brand leading all of these things

Sharky Ecosystem Gamification

The team are no strangers to gamification and they’ve proven that with how they designed their Sharx NFT and their $FISHY token. The TLDR on $SHARK is the same, pretty much anything you do within the SharkyFi ecosystem will yield you $SHARK, but they all provide different yields to gamify the earnings!

The strategy to maximize farming will depend on each person and how they prefer to use the Sharky products. Because of that, we are simply going to cover the statistics for earning $SHARK in this article rather than mention individual strategies. One of the things I think the team have done very well with the $SHARK points system is that they have not focused on wash trading or artificially pumping Sharky statistics, all of the points are earned through real users and real interactions. They are very difficult to farm automatically and you’ll see what I mean as we go through this article.

Sharx NFT

I have to start with this one because it changes absolutely all of the information below. You do not need to be a Sharx holder in order to farm $SHARK. But, if you have even a single Sharx NFT, then you will get double the amount of SHARK points for each interaction.

In addition to that, there is a this sentence in SharkyFi documentation: “Hold many sharx of the highest levels possible, it’s even better this way”. This suggests that higher level sharx will be more impactful to the SHARK point modifier. However, in good gamification fashion, there is no information eluding to what exactly will be changed with each level or how much it will be better.

In addition to this, if you were a holder of Sharx before the $SHARK farming season began, you are awarded some Sharky points for being an early supporter. While you can’t farm that now, it’s nice to see that holder prior are being rewarded for that.

Earning Sharky Points

As we mentioned, being a user of Sharky products is the best way to get $SHARK. But not all tasks are weighted the same, during $SHARK farming season there have been point modifiers to all Sharky point tasks, with an emphasis on borrowing over lending with there being an 8x multiplier shown in the image below. Additionally, this image demonstrates many of the multipliers mentioned earlier such as holding a Sharx NFT.

Another unique feature that Sharky has implemented is a daily lottery (see image below). This is another form of gamification to earning $SHARK, but the mechanics behind it are not disclosed. All documentation and publications simply state earning points daily is better than impulse farming. In addition to that, the criteria to meet each Tier of earning are not provided.

I think keeping Tier unknown is likely 2-fold strategy: 1) So that farmers don’t cease farming once a milestone is hit and 2) the $SHARK allocation will likely be balanced based on what milestones the majority of farmers reached.

Sharky is reserving a portion of the $SHARK drop to go toward top contributors on their Zealy campaign. It is confirmed that more than the top 100 contributors on Zealy will be rewarded, but the official threshold is not released. You can find the official SharkyFi community page on Zealy here. Points will be earned through a variety of quests and participation. It’s worth noting that you do not need to be an NFT holder to participate, although some tasks may require being a holder and those that do hold Sharx receive a points bonus in Zealy.

Spending Sharky Points

There are a variety of ways to use the Sharky points, and similarly there is no obvious best method, it comes down to each person’s farming strategy and preferences.

Sharky points can be converted into $FISHY, and that $FISHY can then be used to upgrade you Sharx levels which has some $SHARK farming multiplier associated with each Sharx level.
Sharky points can simply be accumulated to reach each tier breakdown and then converted to $SHARK.
And there is a mystery conversion eluded to in the Sharky documentation stating “can convert to ?????”

Closing Thoughts

SharkyFi has done a nice job at gamifying the farming for $SHARK, as well as making there no clear best route to farming. It seems apparent that they have gone to pretty far lengths to ensure that $SHARK is difficult to farm automatically and is strongly encouraging human interaction for farming, reducing botting competition.

I have found each of these phrases in the published Sharky documentation:

“We might change the rules to adjust to what we learn from how you are using the platform and earning rewards.”
“We will progressively disclose the game rules.”
“We will announce the changes as we make them.”

I am taking this as a very positive note from Sharky because this gives them an avenue to change the rules and prevent obvious ways to win the game. Or it will be used to release new features of farming and build new layers of gamification. Overall, I am interpreting this as good because it shows Sharky cares about the farming experience.

If farming $SHARK is something you are considering, I highly recommend looking into LeeWay’s introductory series on the SharkyFi platform. These articles will give you everything you need to be able to jump right in and start earning your $SHARK.
NFTFi with Sharky Part 1: Introduction
NFTFi with Sharky Part 2: Lending Guide
NFTFi with Sharky Part 3: Borrowing Guide
NFTFi with Sharky Part 4: Considerations

If you are interested in looking further into the documentation yourself, here is a list of all sources that I used to compile this article: