Scallop's total revenue exceeds $1 million: Learn about the leading money market on the Sui blockchain
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Scallop's total revenue exceeds $1 million: Learn about the leading money market on the Sui blockchain
Scallop is a leading DeFi protocol on the Sui blockchain, offering a comprehensive suite of financial services.
Navigating Web3 tides with focused insightsIntroduction
Sui is a rapidly evolving blockchain that has become an ideal platform for innovative DeFi protocols due to its efficiency and scalability. Scallop, a leading lending protocol, has established itself as the premier money market within the Sui ecosystem.
Introducing Scallop
Scallop is one of the largest DeFi protocols on Sui. In the first quarter of 2024, Scallop successfully completed a strategic funding round, raising $3 million from investors including CMS Holdings, 6th Man Ventures, UOB Venture Management, and Oak Grove Ventures. Recently, Scallop also secured strategic investment from renowned market maker DWF Labs.
The protocol's rapid growth has also attracted numerous angel investors, including Dingaling, Pentoshi, Zeneca, and Virtual Bacon.
What Sets Scallop Apart
Scallop separates lending assets from collateral assets, ensuring the protocol always maintains sufficient liquidity for liquidations while improving capital efficiency of lending assets. Lenders also receive sCoins, derivative tokens representing their lent positions.
Additionally, Scallop employs a three-tier interest rate model, differing from the common two-tier models used by other lending protocols. This enables more responsive adjustments to varying market conditions, enhancing protocol safety and reducing the risk of bad debt.
Scallop’s lending model is borrower-driven, offering additional borrowing incentives that improve capital utilization and increase lending yields.
Scallop has developed a multi-oracle consensus layer capable of aggregating price feeds from multiple oracles simultaneously, reducing risks of price manipulation and oracle attacks. Currently using Pyth as the primary oracle, Scallop will soon integrate Supra and Switchboard. Combined with the security of Sui’s Move language, Scallop effectively prevents reentrancy attacks and oracle manipulation.
Team Background
The Scallop team consists of experts from diverse backgrounds, including cybersecurity, fintech, DeFi, and quantitative trading.
The team has previously won multiple awards in various competitions and hackathons, including first place at the Seoul Sui Builder House in June 2023 and first place in the Move Hackathon hosted by WebX Circle Track in July 2023.
Q1 Revenue Surpasses $1 Million; $SCA Loyalty Program Launching Soon
Scallop’s native token $SCA is now listed on several major exchanges, including Bybit, Kucoin, LBank, and MEXC. Scallop currently offers a yield incentive program where $SCA holders can lock their tokens to obtain veSCA. Holding veSCA allows users to earn up to four times the base incentives on Scallop. Currently, 7 million Scallop tokens are locked as veSCA, with lock-up periods of up to four years.
Benefits of veSCA include referral rewards and participation in the upcoming loyalty program.
Scallop recently achieved a significant milestone, reaching $1 million in total revenue by July. To celebrate this achievement, the platform will launch its second loyalty program, repurchasing $100,000 worth of $SCA and distributing it to veSCA holders, with larger rewards allocated to those holding more veSCA.
Full details: https://medium.com/scallopio/scallop-vesca-loyalty-program-faa948d3a59a
For more information, visit Scallop's official website or follow on Twitter.
About Scallop
Scallop is the leading DeFi protocol on the Sui blockchain, offering a comprehensive suite of financial services. The platform is committed to enhancing user experience through innovation and rewarding its community via strategic incentive programs.
Links:
Website: https://www.scallop.io/
Whitepaper: https://docs.scallop.io/
Scallop dApp: https://app.scallop.io/
Discord: https://discord.com/invite/F7umecFArJ
Twitter: https://twitter.com/Scallop_io
Telegram: https://t.me/scallop_io
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