GM Scallopers!
On 18th July, Scallop has reached a significant milestone in our journey on Sui, as it marked the 1 Year Anniversary of Scallop’s mainnet launch on Sui Network!
Over the past 1 year, Scallop has experienced significant growth and developments driven by our mission to be the leading money market on Sui. Scallop was the first DeFi protocol on Sui to achieve a TVL of $160M at the start of 2024, with close to 1.6M accumulated active users since our launch!
We have come a long way, and in this article we will take a walk down memory lane to recap some of Scallop’s biggest achievements over the past year!
Major Scallop Milestones
First DeFi Protocol to cross $160M TVL on Sui Network
Back in March 2024, Scallop became the first DeFi protocol on Sui Network to ever cross $160M in TVL. This marked a significant achievement for Scallop, solidifying our mission to be the leading driver for Sui’s DeFi ecosystem growth.
Scallop Q1 Strategic Investment Round
On 3 March, Scallop is proud to announce that we have closed our Q1 Strategic Investment Round with a total of $3 Million raised! The Strategic Round was led by CMS Holdings and 6th Man Ventures, and included participants like Kucoin Ventures, UOB Venture Management, Mysten Labs, Oak Grove Ventures, Side Door Ventures, Kyros Ventures and many others.
We are also grateful to have our Angel Investors, including Dingaling, Pentoshi, Virtual Bacon, Anbessa and many others.
Since then, we have continued to onboard many new strategic investors including the notable DWF Labs on 22nd April.
SCA TGE and Launch
March 8th marks one of the biggest milestones for Scallop since mainnet, and it is the launch of Scallop’s main utility and governance token SCA.
On the day of launch, SCA was listed on Tier 1 exchanges including Bybit and Kucoin. SCA was also listed on many other exchanges including MEXC, Gate, HTX, Bitget, LBank, BingX and CoinEX, Bitmart and Deepcoin.
SCA on Coingecko: https://www.coingecko.com/en/coins/scallop-2
SCA on Coinmarketcap: https://coinmarketcap.com/currencies/scallop-protocol/
Leading up to the SCA launch, Scallop users were distributed Mystery Pearls in relation to their supply and borrow amount on Scallop protocol. These Mystery Pearls were used to exchange for SCA tokens on the day of launch.
To celebrate the launch of SCA, we also held a Phase 3 Staking Campaign where we distributed 2,250,000 SCA over a period of 15 days as daily rewards. The more you stake, the more SCA you receive!
This campaign has brought the total value of SCA tokens distributed back to community to $2.85M, on top of more than $165K rewarded to the community through prior events and campaigns.
Key Scallop Metrics and Growth
Over the past year, Scallop’s TVL has been on a steady rise and even reaching a peak of $164M on March 28th 2024.
Looking at the charts, Scallop’s TVL has grown to more than 5x within just 3 months from $30M in January 2024 to $160M in March 2024.
From mainnet till today, Scallop’s total platform volume has also grown exponentially to reach close to $40 Billion in total lending and borrowing volume.
Over the past year, Scallop has also seen a huge increase in revenue and as of today, we are close to crossed $1 million in lifetime revenue! We have celebrated our first milestone of $500K revenue by conducting our first SCA buyback event and distributed $100,000 worth of SCA back to our community.
For our second milestone of $1 Million Revenue, we conducted another $100,000 USD worth of SCA buyback and distributed to our veSCA holders.
Since our mainnet launch, we have also reached over 1.5 million accumulated active users over the past year. We are excited to further onboard more users over time with our referral program.
Key Product Developments
Scallop Borrow-Centric Model
Starting April 2024, Scallop has fully allocated all of our SUI incentives to our Borrow Pools. This was done in line with Scallop’s Borrow-Centric Model.
Scallop has a unique feature which is its distinction between lending and collateral pools. This ensures that the collateral deposited by borrowers is protected and not lent out to others, thus eliminating the risk of liquidity shortages due to liquidations. This enhances the protocol’s overall risk management and security.
Encouraging borrowing will benefit both lenders and borrowers, as demand for borrowing also positively impacts lenders. As the borrowing rate increases, the utilization rate also increases which triggers a higher interest rate for those who supply their assets on Scallop. This would eventually benefit Scallop Lenders as well by earning greater interest rates.
More Details: https://medium.com/scallopio/scallop-borrow-incentives-update-8e99fd3bf1a8
Integration of Scallop Swap
Scallop has integrated Aftermath Finance, FlowX and Hop Aggregators into our Scallop Swap feature. This provides users with the flexibility and option to choose the aggregators of their choice based on the rates they get.
This implementation was also done as part of Scallop’s close partnerships with Aftermath Finance, FlowX and Hop.
Scallop Referral Program
In May, we have also launched our Scallop Referral Program. This program aims to involve the wider Scallop community and invite the onboarding of new Scallop users. Through this program, referees will enjoy up to 20% borrow fee discount, while referrers will be able to earn up to 40% borrow fee share depending on veSCA held.
Scallop Integration on Sui Mobile Wallet
Enjoy the convenience of accessing Scallop’s wide range of features through your phone wherever you are from Sui Mobile Wallet.
Scallop Integration on Binance Web3 Wallet
On 8th July, Scallop has been featured on Binance Web3 Wallet under the Sui Ecosystem section! Scallopers will be able to access Scallop dApp directly through Binance Web Wallet.
Scallop Stashed Wallet Integration
Scallop has integrated Stashed Wallet by Mysten Labs. Users can now sign in their your Google or Twitch account to get started on Scallop.
Scallop Account History
Scallop Account History feature is now live, allowing Scallopers to view their past account transactions and activity directly on Scallop dApp.
Scallop Wrapped sCoins
Scallop’s sCoins are now wrapped and will be viewable across Sui Wallets! With this update, Scallopers will be able to migrate from the old sCoins version to the newer Wrapped sCoins directly via Scallop dApp!
This important update will unlock endless opportunities and utilities for sCoins in the coming weeks. Some of these includes integration of sCoins on other DeFi protocols, tradeable and transferrable via Sui Wallets, viewable within Sui Wallets, and many others.
Other Updates
Scallop Events and Sponsorships
Over the past year, Scallop has participated in various major events and were even official sponsors for most of them. Here are some of the notable ones:
GMVietnam
Scallop was the official Silver Sponsor for GMVietnam and Silver Sponsor for Sui Showcase. Our Founder and CEO Kris, and CMO Joe, were panelists and shared the stage with other major players and builders of Web3.
Being an official sponsor, every guest who took a photo at the official photo booth received a printed copy with Scallop as the photo frame.
Sui Basecamp Paris
Scallop attended the first ever Sui Basecamp in Paris this year, and also organised a private lunch for our investors and ecosystem partners.
Web3 Summit Dubai 2024
Scallop Team arrived in Dubai early April this year, and were the Silver Sponsor for the Web3 Summit.
Sui Hacker House Taipei
Scallop Team headed to Taipei for Sui Hacker House to provide our insights and knowledge on DeFi and Web3 on Sui!
Scallop x ETHVietnam
Scallop and FlowX were the sponsors for the official ETHVietnam side event for Sui Foundation and OKX Web3.
IVS Crypto 2024 Kyoto
Scallop was the official Silver Sponsor for IVS Crypto 2024 Kyoto!
XueDAO Connect Hackathon
Scallop is the official sponsor for Connect Hackathon. CONNECT is a student-only hackathon empowering young Web3 talents to bring their innovative ideas to life.
Malaysia Blockchain Week
Scallop is the Bronze Sponsor for Malaysia Blockchain Week happening 31st July to 1st August.
Asia Blockchain Summit 2024 Taipei
ABS2024 is one of the top three crypto summits in Asia, and the largest Web3 event in Taiwan’s history.
AMAs and Spaces with Partners
Scallop x Mario Nawfal Roundtable Space
In May, Scallop had the opportunity to join the notable Mario Nawfal’s exclusive Roundtable Space on X.
Hear from the Space here: https://x.com/i/spaces/1dRKZEZLYvdxB
Kucoin Fireside Chat with Scallop: https://x.com/i/spaces/1YpJkwwvOyXJj
Bluecon Spaces by Pukecast: https://x.com/i/spaces/1lPJqbkkndWxb
Bitmart AMA with Scallop: https://x.com/i/spaces/1mnxepOEdzYJX
Scallop Mega Spaces: Episode 1, Episode 2, Episode 3, Episode 4, Episode 5
Sui DeFi Spaces with OKX Web3 CN: https://x.com/i/spaces/1DXxyjXbynRKM
Blockbeats AMA: https://x.com/i/spaces/1zqJVqkBvDVGB
Scallop Sentio Public Dashboard
We have also made a public Sentio dashboard showcasing Scallop’s latest growth statistics and metrics. This is to allow Scallop users to stay updated with our latest milestones in real time.
Sentio Link: https://app.sentio.xyz/share/neko3aotf2t441nd?from="now-30d"&to="now"
Media Features for Scallop
Over the past year, we are also very grateful to have been featured on various Crypto media and platforms. This has helped with our growth and exposure tremendously.
Scallop Boosted Yield Strategy by @j2blockchain_
Scallop Borrow Incentive Guide by @tinyminer_yt
Scallop Liquid Staking Tutorial by @fullvaluedan
Cointelegraph:
Scallop Community Events
Bybit SCA Trading Event
Partnered with Bybit to launch a SCA Derivatives Trading Event with 50,000 USDT prize pool.
Scallop x Flipster Trading Event
We have partnered with Flipster to giveaway 69,750 SCA for our SCA Trading Event!
Scallop x PYTH Airdrop Campaign
We have partnered with Pyth Network to distribute 100K $PYTH to 1,000 lucky Scallop users.
DOKDO DAO Lunar New Year Event
Scallop x OKX DeFi Campaign
We have partnered with the second largest Crypto exchange, OKX, to organise a DeFi campaign that distributed 50,000 USDC as rewards to participants. Users were able to get up to 35% APR for supplying SUI and 32% APR for supplying USDC.
Scallop x OKX DeFi Suinami Event
Scallop was part of the OKX DeFi Suinami event, and offered a boosted APR of 8.27% for users who lend afSUI on Scallop through OKX DeFi platform.
Scallop x BitMart Spot Trading Event
Scallop has partnered with BitMart to launch a SCA spot trading event with a prize pool of 5,200 USDT!
Conclusion
As we celebrate Scallop’s 1 Year Anniversary, we want to thank each and every one of our Scallopers for the continuous support over the past 1 year. Our growth and achievements reflect the support we have received from our users, and we will always be grateful for that.
More features and developments will be coming in 2024, and we look forward to sharing more achievements with our Scallopers.
Once again, thank you for riding with us all this while. Big things are coming, stay tuned Scallopers!
