GM Scallopers!
We are very excited to finally introduce Scallop’s latest protocol feature — Scallop Referral Program!
This program is designed to offer more benefits to both existing Scallopers and new Scallopers that you refer!
Here’s how it works:
Scallop Referral Program Overview
The Scallop Referral Program is designed to onboard new users onto Scallop, while incentivising current users who promote the platform.
Scallopers will be able to generate their unique referral link and share it to invite new users. When a new user joins Scallop through the referral link and create an obligation key on Scallop, this obligation key will be associated to the referrer through the referrer’s wallet address.
Do note that once you have accepted a referral link, you will not be able to unbind the referral link!
Why Refer?
Scallop shifted its focus on being a borrow-centric DeFi. In the past few weeks, incentive has been allocated to borrowing pools. This incentivise and encourage borrowing activities. Borrowed amount on Scallop has since increase x5 from this change (from 12M to 72M).
Just this week, we have further increase our incentive to borrowing pools. The new change will see 100% of Sui incentives going to borrowing pool.
This will drive borrow APR high, attracting users to borrow on Scallop. The more the borrow, the highern the asset utilisation rate on the Tri-linear chart. This will give rise to a high APR for lenders too.
Fees earned from Borrowing pools have also increase significantly. This came from the increased in borrowed amount and the increase in borrowing fees, 0.1% to 0.3%.
We are looking forward for users on Scallop to enjoy the upside of our Borrowing Fee through our referral program.
Benefit of Referral Program
- Referrer will get a share of the borrow fee generated each time their Referee borrows from Scallop pools. The share of borrow fee is dependent on the amount of veSCA held by the Referrer.
- Referees will be eligible for up to 20% discount on their Borrow Fees when they borrow from Scallop.
Tier-Based Rates
Do note that these rates may be adjusted in the future.
A Simple Example:
Scallop A has 200,000 veSCA, and generates a referral link for Scalloper B.
Scalloper A is entitled to 40% Borrow Fee Share.
Scalloper B who uses Scalloper A’s referral link will enjoy 10% Borrow Fee Discount.
Let’s say Scalloper B borrows $1,000:
The Base Borrowing Fee: $1,000 * 0.3% = $3
Scalloper B needs to pay: $3 * (100% — 10%) = $2.7
Borrowing Fee share for Referrer: $3 * 40% = $1.2
Getting Started with Scallop Referral Program
How to Refer:
Step 1: Head to Scallop Referral page under “Refer & Earn”
Referral Page: https://app.scallop.io/referral
Step 2: Click on “Start Earning” to generate your unique Referral Link.
You will be required to approve the transaction.
Step 3: Once the link is generated, you can now copy and share your link to start earning!
You will also be able to see your current eligible Borrow Fee Discount and Borrow Fee Share.
How to Accept Referral:
Visit a Referral Link and you will be prompted to accept the invitation. Simply click “Accept Refer” to join Scallop.
Once accepted, you can now see that your account will be binded to your Referrer’s code! Do note that you will not be able to unbind once you have accepted a referral code.
Join the Scallop Referral Program Today
By participating in the Scallop Referral Program, you’re not just earning rewards; you’re also helping grow our community. Stake your SCA and start sharing your referral link today!
