Leading DeFi protocol Scallop on the Sui public chain airdropped today. Users who participated can exchange the previously minted “Pearls” for the platform token $SCA at 7 pm tonight. $SCA is already listed on multiple exchanges such as Bybit, KuCoin, and MEXC, and reached a peak of $1.7 before the deadline.
(Token Economic Model)
Listed on multiple exchanges such as Bybit, KuCoin, and MEXC
Scallop: The number one lending protocol in the Sui ecosystem in terms of Total Value Locked (TVL)
Following yesterday’s airdrops of Saga and Wormhole, today the DeFi protocol Scallop, ranked first in TVL on the Sui public chain, conducted an airdrop, once again sparking enthusiastic discussions and expectations within the community.
Airdrop activity page shows that users who interacted with the protocol before mid-February can mint “Pearls.” These can be used to exchange for the platform token $SCA at 7 pm Taiwan time today.
According to official information, the total supply of $SCA is 250 million. The airdrop accounts for 7.5% (18.75 million) of the total supply, with the remainder distributed as follows:
– Liquidity mining (45%): Distributed through various liquidity incentive programs.
– Scallop core contributors (15%): Owned by the founding team contributors.
– Development and operations (4%): Allocated for development and operational purposes.
– Advisors (1.5%): Distributed to key project advisors.
– Strategic investors and partners (15%): Reserved for private fundraising and strategic partnership relationships.
– Liquidity (5%)
– Treasury (7%)
It is worth mentioning that the project team and investors implemented 0% token release during the Token Generation Event (TGE) and set a minimum lock-up period of 6 to 12 months, demonstrating a long-term commitment to Scallop’s value.
$SCA is already listed on multiple exchanges, including Bybit, KuCoin, MEXC, Gate.io, BingX, and LBank. According to market data from Bybit, $SCA reached a peak of $1.7163 and was oscillating around $0.99 before the deadline.
Scallop is the number one lending protocol in the Sui ecosystem in terms of TVL, with a current TVL of $117 million. It is also the first DeFi project funded by the Sui Foundation. By emphasizing institutional-grade quality, enhanced composability, and strong security, Scallop aims to establish a dynamic lending market that provides high-interest lending, low-cost borrowing, AMM and digital asset self-management tools, as well as professional trader SDK.
In addition to receiving clear support from the Sui Foundation, Scallop recently raised $3 million in funding led by CMS, 6th Man Ventures, KuCoin Labs, Blockchain Founders Fund, Cypher Capital, and United Overseas Bank’s venture capital division.
Furthermore, the project has attracted support from a range of well-known angel investors.
Related Reports
NAVI Protocol: Native token to be listed soon, the number one DeFi protocol by TVL in the Sui ecosystem
SUI triples in value in two months, seven potential ecosystem projects compiled for airdrops
Move “value inscription” appears on the Sui public chain! Pledge SUI for minting and burn it to retrieve