Overview
Welcome to Scallop Protocol’s Airdrop Scores System Phase 2!
This unique opportunity is designed to reward our loyal community members and users with exciting benefits via a gamified Point system. Our airdrop is divided into two phases, with each offering different ways to participate and earn rewards.
In this article, we will be focusing on details for Phase 2 and how you can be eligible for Scallop’s airdrop.
Note: Points are earned in Phase 1, Scores are earned in Phase 2
Scallop Airdrop Page: https://airdrop.scallop.io/
Phase 2: Rewarding Scallop Lenders and Borrowers
Campaign Start Date: 16th January 2024
Duration: ~4 weeks
Generation of Phase 2 Scallop Pearls: Few days after Phase 2 complete
Collection of Historical Activities: From Mainnet Day 1 until 16th January 2024
Phase 2 aims to reward both Loyal Scallop supporters and New Scallop Users. Phase 2 will be reward solely on Borrowing and Lending on Scallop.
Read on for further Rules and Criteria …
Phase 2 Rules , Criteria & Eligibility
Scores will be distributed to users based on various criteria, including the amount supplied or borrowed, time period of supply and borrows, as well as other factors.
Majority of the airdrop supply will be rewarded to participants in Phase 2.
Phase 2 is divided into x2 reward category, HISTORICAL WEIGHT REWARDS and NEW FARMING REWARDS.
Scallopers will also have to meet the liquidity criteria in order to be eligible for the score rewards.
- HISTORICAL WEIGHT REWARDS
Historical Weight Rewards will be rewarded based off Average Supply Value between Day 1 of Mainnet launch until start date of Phase 2.
Example — Understanding Average Supply Value
User A and User B both supplied on Scallop. User A supplied from Mainnet launch day 1 until Phase 2 start date. User B supplied from Mainnet launch day 1 until Phase 2 start date BUT withdraw all his USDC for the month of December.
User A: average supply value = (10k x 182) / 182 = 10K
User B: average supply value = (10k x 149) / 182 = 8.187K
Exact Scores will depend on the how many ratio your Average Supply Value to Total Supply Value.
2. DAILY FARMING REWARDS
Throughout the Phase 2 campaign period, Scallopers who interact on Scallop Protocol by supplying and borrowing will be able to earn Scallop Scores.
Snapshots will be performed throughout the campaign period and Scores will be updated every 48 hours. Scallopers can keep track of their Scores on the Phase 2 panel page.
How to Claim Mystery Pearls
- Check Scores and Eligibility: Head to Scallop Airdrop Phase 2 page to check your initial scores.
- Engage with Scallop: Actively engage and interact with Scallop by supplying and borrowing to earn more scores.
- Monitor your Scallop Scores: The Scallop Phase 2 Scores will be refreshed and updated every 48 hours. Snapshot taken Daily.
- Redeem your Mystery Pearls: Redeem Mystery Pearls with your Points a few days after the end of the campaign period.
Exclusive Feature: Mysterious Pearl
As part of the airdrop, users can redeem ‘Mystery Pearls’ based on the total number of Points accumulated.
These Pearls come in different tiers (Bronze to Legend) and contains varying rewards. This means that each Pearl represents a unique opportunity to convert your hard-earned Points from the airdrop into tangible rewards, with an added element of surprise.
Important Note: The Points from Phase 1 are distinct from Scores from Phase 2. The number of pearls that can be exchanged for each phase is also different. Value of Pearl in Phase 1 & 2 will differ.
Mystery Pearl Mechanism:
- Scallop Scores >= WHALE_PEARL_COST will get Legendary Scallop Pearls.
- Scallop Scores >= CHAD_PEARL_COST will get Diamond Scallop Pearls.
- Scallop Scores < CHAD_PEARL_COST will get Random Pearls: Bronze, Silver, Gold, Platinum.
Solana Voters & NFT Holders
Regarding Early Solana Voters and NFT Holders of Previous Scallop Dapp on Solana. We have recorded your addresses and there will be rewards for these addresses. However, it will not be part Scallop Pearl System, it will be from a separate reward pool.
Do not worry, we already accounted for those who have submitted their addresses.
<Click here for Github link for Early Sol voters>
Do also note, there will not be any utility for existing Scallop Solana NFTs, please do not purchase them.
Summary
The overall flow of Events for Scallop Airdrop Event will be as follows:
Stage 1 — Check Total Points/Scores: Check your total Points earned in Phase1 and Phase2 individually.
Stage 2 — Redeem Phase1 Pearls: Exchange your Phase 1 Points for Mystery Pearls.
Stage 3 — Earn more Scores in Phase 2: Borrow and lend through-out Phase 2 to earn more Scores
Stage 4 — Redeem Phase 2 Pearls: Exchange your Phase 2 Scores for Mystery Pearls.
Stage 5 — Token Launch: Await the token launch to open your Mystery Pearls and claim your tokens.
We’re excited to begin our Journey to become the Leading DeFi protocol with our Scalloper.
Join us in this rewarding journey and make the most out of your Scallop experience!
For more information on Scallop Airdrop Phase 1, refer to the guide here:
Scallop Protocol, Leading Money Market on Sui
About Sui
Sui blockchain implements a unique architecture to achieve high scalability, using horizontal scaling to keep transaction fees low even during high demand. The network is capable of processing multiple transactions in parallel, achieving instant finality and security.
This creates an ideal environment for DeFi protocols to thrive, as seen from the surge in TVL on Sui to more than $340M as of recently.
One of the fastest-growing DeFi apps that reflect Sui’s efficiency is Scallop, a lending protocol that has become the leading money market for the Sui ecosystem.
About Scallop
Scallop is also the first DeFi project to be awarded an official grant from Sui Foundation. It has also obtained various awards from Sui Builder House hackathons. The protocol also secured funds from major institutions and venture capital (VC) firms, including Comma 3 Ventures and OtterSec.
Scallop Protocol offers a comprehensive suite of institutional-grade features, including tools for building Sui Programmable Transaction Blocks (PTxs), Scallop SDK for interacting with Scallop, Sui Kit for interacting with Sui using the TypeScript SDK, and sCoins (Scallop Market Coins) for zero-cost flash loans.
Through Scallop protocol, users will be able to borrow and lend major stablecoins, such as USDC and USDT, as well as SUI and CETUS, the native token of Cetus, a Sui-based decentralized exchange (DEX). Through its temporary incentive program funded by Mysten Labs, Sui Foundation, and Openblock Labs, Scallop rewards both lenders and borrowers who receive SUI tokens for participating in its ecosystem.
