GM Scallopers!
As the month of April come to a close, we would like to thank all our Scallopers for your continuous support and joining us for this exciting journey!
Over the past month, we have had many exciting developments and announcements made on our socials! In this article, let us recap on some of the major updates for the month!
April 2024 Update Summary
Scallop Metrics
- Scallop is currently sitting at a TVL of $115M, with Total Supply of $165.19M and Total Borrow of $50.03M!
- Scallop is ranked 24th amongst Lending Protocols across all chains!
- We have also crossed $25 BILLION in total Lending & Borrowing volume, with over $2 BILLION in total Flash Loans volume!
At the end of April, we have also seen a massive increase in our Borrow amount from $20M to $50M! This was due to the increase in Borrow Incentives being offered to our Scallopers!
Scallop Campaigns and Events
Scallop Borrowing Incentives (with Boost!)
We have recently increased our SUI Borrow Incentives on our platform, meaning Scallopers can now earn more when they borrow from Scallop!
This increase was made so as to incentivise more borrowing on Scallop, which helps to utilise the idle resources and assets on Sui Network. At the same time with Scallop’s protocol model, as the borrow amount goes up, the Lending APY will also increase as the utilisation rate goes up. This is beneficial to our Scallop Lenders and thus boosts the Lending APY as well!
Learn more about Scallop’s Borrow Incentives: https://medium.com/scallopio/scallop-borrow-incentives-update-8e99fd3bf1a8
As a result from the Borrow Incentives, Scallop’s total Borrow amount has also increased from $20M to $50M!
As the borrowing rate increases on Scallop, we have also seen a huge increase in utilization rates for our Lending Pools! Most of our pools are currently at over 60% utilization rates, and SCA pool is currently at over 70% utilization rate!
This means a higher base Supply APR for our Scallop Lenders!
Boosted SCA Borrow Incentives
Need even more incentives? Don’t worry, Scallop now offers BOOSTED Borrow Incentives as well!
By simply staking your SCA for veSCA on Scallop, you will be eligible to receive up to 4X BOOST on your Borrow APR and earn even more SCA tokens, on top of SUI incentives!
Collateral Cap Increase
To support more borrowing on Scallop, we have also increased our protocol parameters for different collateral asset pools!
💧SUI: 30M > 100M
💧USDC: 30M > 100M
💧USDT: 30M > 100M
💧afSUI: 10M > 20M
💧haSUI: 5M > 20M
Notable Partnerships and AMA
- Scallop x DWF Labs
We have secured a strategic investment from DWF Labs, the new generation Web3 investor and market maker, one of the world’s largest high-frequency cryptocurrency trading entities.
- Scallop x Sui Overflow
We are proud to announce that Scallop is one of the Official Sponsors for #SuiOverflow — Sui’s first global hackathon!
Join the Scallop Ecosystem Bounty and win up to 10,000 $SCA!
- Scallop x IQWiki
We are excited to announce our strategic partnership with IQWiki, the world’s largest blockchain and cryptocurrency encyclopedia, powered by their IQ token!
- Scallop x MSafe
Scallop have now integrated with MSafe! MSafe users will be able to navigate and access Scallop directly through MSafe’s official dApp store!
- Scallop x Flipster
We have partnered with Flipster, an altcoin derivative trading platform, to host a massive SCA Trading Volume Competition! The event featured a total prize pool of 69,750 $SCA!
- Scallop Mega Space with Partners 2
Featuring Carl Vogel from 6th Man Ventures, Mystic from Momentum Safe, and Trevin!
- Scallop Mega Space 3: Exploring Web3 and DeFi as a Developer
Featuring Nathan from Scallop, Jose Cerqueira from Interest Protocol and Kresimir Klas from Kuna Labs!
- Scallop AMA with BitMart
Lots of Scallop alpha and updates shared during our latest AMA with BitMart!
New to Scallop or want to learn more? Tune in to the recorded session👇 https://twitter.com/i/spaces/1mnxepOEdzYJX
- Scallop AMA with OKX
- Scallop AMA with Pukecast and RugRadio
Notable Scallop Events
April has been an exciting month with tons of major events happening, including Web3 Summit in Dubai and Paris Sui Basecamp!
Scallop Panel at Web3 Summit in Dubai
Scallop goes to Sui Basecamp
Scallop Team were honoured to be one of the panelist for Sui Basecamp, the largest Sui event in 2024!
We also had a blast connecting with Sui ecosystem founders, investors, and operators over a Private Lunch Event with Zellic!
Closing
As we close of the month of April, we want to thank all of our Scallopers for riding with us through this exciting journey!
As we enter Q2 of 2024, we are really excited to introduce new features and updates that will take Scallop to the next level!
