Scallop's total revenue exceeds $1 million. Learn more about Sui Blockchain's leading currency market

Preface

Sui is a fast-growingBlockchain, with its efficiency and scalability, has become an ideal platform for innovative DeFi protocols. Scallop, a leading lending protocol has established itself as the premier money market in the Sui ecosystem.

Introduction to Scallop

Scallop is one of the largest DeFi protocols on Sui. In the first quarter of 2024, Scallop successfully completed a strategic investment round, raising a total of US$3 million, including CMS Holdings, 6th Man Ventures, UOB Venture Management, and Oak Grove Ventures. Recently, Scallop also received strategic investment from the well-known market maker DWF Labs.

The protocol’s rapid growth has also attracted a number of angel investors, including Dingaling, Pentoshi, Zeneca, and Virtual Bacon.

What makes Scallop unique

Scallop separates lending assets and collateral assets, allowing the protocol to always have sufficient liquidity for liquidation, improving the capital utilization rate of lending assets, and obtaining its lending derivative sCoins when lending.

In addition, Scallop adopts a three-tier interest rate model, which is different from the two-tier interest rate model commonly used in other lending protocols. Scallop interest rates can be more effectively adjusted in real time according to different market conditions to protect the protocol funds.Safety, reducing the occurrence of bad debts.

Scallop's lending model is driven by borrowing. The protocol provides borrowers with additional borrowing incentives, improves capital utilization, and increases lending yields.

Scallop has developed a multi-oracle consensus layer that can be compatible with multiple oracle price feeds at the same time, reducing the risk of asset prices being attacked and manipulated. Currently, Pyth is used as the main oracle, and will soon be connected to Supra and Switchboard, plus the Sui Move languageSafetyScallop can effectively avoid reentry attacks and oracle manipulation attacks.

Team Background

The Scallop team is made up of experts from various backgrounds, includingSafety, FinTech, DeFi and quantitative trading.

The team has previously won multiple awards in various competitions and hackathons, such as first place at the Sui Builder House in Seoul in June 2023 and first place at the Move hackathon held at WebX Circle Track in July 2023.

First quarter revenue exceeds $1 million, $SCA loyalty program is about to go live

Scallop's nativeToken $SCA is now available in multipleexchangeListed trading, including Bybit, Kucoin, LBank, MEXC, etc. Scallop currently provides a profit incentive plan, $SCA holders can lock theirTokento earn veSCA. Holding veSCA allows users to earn up to four times the original incentive when on Scallop. Currently, 7 million Scallop TokenLocked in veSCA for up to 4 years.

veSCA benefits include referral rewards and participation in an upcoming loyalty program, among others.

Scallop recently reached a major milestone, reaching $1 million in total revenue in July. To celebrate this achievement, the platform will hold its second loyalty program to buy back $100,000 worth of $SCA and distribute it to veSCA holders. Users who hold more veSCA will receive greater rewards.

Full details:https://medium.com/scallopio/scallop-vesca-loyalty-program-faa948d3a59a

For more information, visit Scallop's official websiteor in Twitter.

About Scallop

Scallop is Sui BlockchainThe leading DeFi protocol in the world, providing a comprehensive suite of financial services. The platform is committed to improving user experience through innovative integrations and rewarding its users through strategic incentive programs.Xiaobai NavigationCommunity.

Related Links:

Official website:https://www.scallop.io/

white paper: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

The article comes from the Internet:Scallop's total revenue exceeds $1 million. Learn more about Sui Blockchain's leading currency market

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