What is Scallop? Scallop is a leading P2P lending platform built and developed on the Sui Network ecosystem with many superior features. So what’s special about Scallop? Let’s find out together in the article below.
To understand more about Scallop, people can refer to some of the articles below:
- What is Lending & Borrowing? The Essential Puzzle Piece in DeFi
- What is Morpho Labs (MORPHO)? Morpho Labs Cryptocurrency Overview
- What is Sui (SUI)? Sui Cryptocurrency Overview
Scallop Overview
What is Scallop?
Scallop is the first Lending & Borrowing platform developed on the Sui Network ecosystem and is also the first DeFi project to receive an official Grant from the Sui Foundation. Scallop’s vision is to become the largest Money Market platform on Sui Network providing users with high interest rates when lending and low interest rates when borrowing.
Besides, Scallop also builds both AMM & asset management platform in a synchronous and unified way. Other Scallop products also receive overwhelming support from the community and the Sui Foundation.
Some outstanding achievements of Scallop during its development period include:
- The first DeFi project to receive Grant from Sui Foundation from November 2022.
- TOP 1 for Scallop Tools in Sui Builder House Seoul Hackathon in June 2023.
- TOP 1 in Move Hackathon organized by WebX Circle in July 202223. Along with that, he won 3rd place for Best Overall at the Sui x Kucoin Labs Summer Hackathon.
- TOP 3 in Sui x Jump Builder Builder House Ho Chi Minh in February 2023 and TOP 5 for Sui Builder House Denver.
- TOP 5 in the Sui Builder House Seoul Hackathon event in June 2023 with the Sui Kit product.
Mechanism of action
Users participating in using Scallop will go through some of the following steps:
- Step 1: Users send their collateral to the Pool to receive sCoin. sCoin is learned from Compound’s cToken model. sCoin will represent both collateral and future profits of the user.
- Step 2: The borrower will deposit collateral into the protocol to borrow the necessary number of tokens.
Scallop uses the interest rate calculation model Trilinear Interest Rate Model, the interest rate on the protocol will be changed in 3 different periods, each period allows a different level of capital usage. Besides, Scallop uses Soft Liquidation for asset liquidation, which means the protocol will slowly liquidate the borrower’s collateral in the market to repay the loan to the borrower.
In addition, Scallop also applies many other mechanisms such as liquidation penalties, liquidation rewards,…
Scallop Difference
There are 3 main points that Scallop affirms that users and developers should choose to use or integrate, including:
- Somprehensive Support: These are tools like Scallop Tools, Scallop SDK, Sui Kit,… so that developers can easily integrate Scallop into their platform.
- Industry Leading Model: Inspired by Compound V3, Euler and Solend V2, Scallop possesses many features such as Dynamic Parameters, Trilinear Interest Rate Model, Soft Liquidation, Delayed Model Change,…
- Robust Security: Built and developed on both Rust & Sui. Not only that, Scallop is also audited by many different companies such as MoveBit or Ottersec and Scallop also uses Oracle from many different parties to get the most accurate prices.
Development Roadmap
Quarter 3/2023
- Maiinet launched
- Launch of sCoin (Scallop Market Coins)
- Yield Boost
Quarter 4/2023
- Launch of Synthetic Assets Pool
- Launch of Isolate Pools
- Supports Long-tail assets.
Quarter 1/2024
- Cross-chain development
- Launch leveraged products
Core Team
Currently, Scallop’s development team currently consists of 7 full-time members, focusing 100% on the project. The CEO and founder has broad experience in Web application security, development and cryptocurrency, founded Scallop in early 2021 and expanded it to the Sui network in 2022.
Under their leadership, project contributors have achieved many notable milestones, such as receiving the first rounds of DeFi project funding support from the Sui Foundation and achieving high rankings in competitions. Hackathon and CTF Challenger competitions are different.
Investor
Investing in Scallop are a number of names such as Mysten Labs, Sui Foundation in the form of grants, Comma3 Ventures, OttecSec, MoveBIT, Suppa Oracles,…
Tokenomics
Information about Scallop tokens
- Project name: Scallop
- Token code: SCA
- Blockchain: Sui Network
- Smartcontract: Update…
- Total Supply: 250,000,000
Token Allocation
- Liquidity Mining: 45%
- Contributor: 18.5%
- Dev & Operation: 4%
- Advisor: 2%
- Strategic Partners: 10%
- Ecosystem: 8.5%
- Liquidity: 5%
- Treasury: 7%
Token Release
- Contributor locks for 1.5 years and gradually opens for 3.5 years. Will be open 5% at TGE time.
- Advisor locks for 1.5 years and opens gradually for 3.5 years. Will be open 5% at TGE time.
- Dev & Operation will open gradually over 5 years.
- Angel Round locks for 1 year and opens gradually over 3 years. Will be open 5% at TGE time.
- Pre Seed locks for 1 year and opens gradually over 2.5 years. Will be open 5% at TGE time.
- Seed locked for 1 year and gradually opened for 2 years. Will be 8% open at TGE.
Exchanges
Update…
Project Information Channel
- Twitter: https://twitter.com/Scallop_io
- Website:
Summary
Scallop is a leading and extremely potential DeFi project on the Sui Network ecosystem. Hopefully through this article everyone can understand more about what Scallop is?