• Sharky Fi, an NFT lending platform, announced that it might temporarily disable foreclosures for loans at a loss for borrowers.
• This decision was taken to give borrowers the time to repay and balance out the inequality between lenders and borrowers on the platform.
• A lender on Twitter had complained about this decision as they thought it was using their funds to subsidize unrelated issues.
Sharky Fi Halts NFT Withdrawals During Solana Downtime
NFT lending platform Sharky Fi has announced that it might temporarily disable foreclosures for loans „at a loss for borrowers“ in order to give them more time to repay.
Inequality Between Lenders and Borrowers
A lender named LtLollipop on Twitter complained that Sharky Fi’s move is creating an inequality between lenders and borrowers on the platform, as lenders are not able to collect their NFTs.
Explaining the Move
When responding to LtLollipop’s tweet in October 2022, Sharky Fi stated that locking users from accessing their claims was necessary while Solana was underperforming „to give borrowers a bit more room.“ They also added that they have two options when Solana goes down – do nothing and let hundreds of borrowers take a massive loss or disable foreclosures for a few hours and risk some lenders being upset.
LtLollipop’s Complaints
LtLollipop suggested that the company was using his funds to subsidize issues unrelated to him but this claim was refuted by Sharky Fi who said they were disabling claims for a „good reason“ since the Solana network went down.