One of the fastest-growing DeFi apps that reflect Sui’s efficiency is Scallop, a lending protocol that has become the leading money market for the Sui ecosystem.

Launched in May 2023, Sui blockchain implements a unique architecture to achieve high scalability, using horizontal scaling to keep transaction fees low even during high demand. The network is capable of processing multiple transactions in parallel, achieving instant finality and security.

One of the fastest-growing DeFi apps that reflect Sui’s efficiency is Scallop, a lending protocol that has become the leading money market for the Sui ecosystem.

About Scallop

Scallop is the current leading lending and borrowing DeFi protocol on Sui network, and was the first DeFi protocol to receive an official grant from Sui Foundation. Scallop quickly became one of the fastest growing protocols on Sui and was the first protocol to achieve an all time high TVL of $160M back in March 2024. Just recently, Scallop has reported to achieve a new milestone by crossing $24 Billion in total Lending and Borrowing Volume, and $2 Billion in total Flash Loans volume.

Scallop has recently announced that they have raised a total of $3 million after closing their Q1 2024 Strategic Round led by CMS Holdings and 6th Man Ventures, with participants including UOB Venture Management, Oak Grove Ventures and many others. They had also recently secured a strategic investment from DWF Labs, a new generation Web3 Investor and Market Maker.

Scallop’s fast growing ecosystem has also captured the attention and investments of various angel investors including Dingaling, Pentoshi, Zeneca, Virtual Bacon and more.

Scallop’s Features

On Scallop, users able to supply and borrow various assets including major stablecoins, such as USDC and USDT, as well as SUI and other Liquid Staking Derivatives like afSUI. Scallop currently offers weekly incentives for users who supply and borrow from their platform.

More than just a lending and borrowing platform, Scallop also offers a comprehensive suite of institutional-grade features, including tools for building Sui Programmable Transaction Blocks (PTxs), Scallop SDK for interacting with Scallop, Sui Kit for interacting with Sui using the TypeScript SDK, and sCoins (Scallop Market Coins) for zero-cost flash loans.

Scallop is constantly working on new integrations to improve the overall experience for their users. One of their recent integrations is the Scallop Swap, which allows users to seamlessly swap across multiple different assets within Scallop’s platform.

Scallop Token – $SCA

Scallop had recently launched their native token $SCA, currently with a fully diluted valuation of $180 Million. The token has also been listed on multiple exchanges including Bybit, Kucoin, LBank, MEXC and others.

Currently, Scallop is offering a staking program whereby $SCA holders will be able to stake their $SCA tokens to receive veSCA, the official vote escrow token. By holding veSCA tokens, holders will be able to receive up to 4 times the original amount of incentives when they borrow on Scallop. Currently, it is reported that there are 4M Scallop tokens locked up as veSCA.

By holding veSCA, holders will also be able to enjoy a myriad of benefits that will be rolled out in Q2 and Q3 of 2024. One of the upcoming features will be Scallop’s Referral Reward Program.

Team Behind Scallop

The Scallop team is composed of experts with various backgrounds in cybersecurity, fintech, DeFi, and quantitative trading experts. The team has participated and won multiple awards from various competitions and hackathons, such as 1st place in Sui Builder House Seoul for Scallop Tools in June 2023 and 1st place in Move Hackathon by WebX Circle Track in July 2023.