GM Scallopers!
Over the past months, Scallop has experienced immense growth both in TVL and revenue. This was made possible with the support from all of our loyal Scallop community and users.
We are proud to share and celebrate Scallop’s revenue milestone — $500,000 in total revenue!
To celebrate this milestone, we are excited to announce the first SCA Loyalty Program, where we buy back and Giveaway SCA to our veSCA holders!
Event Details
Simply stake SCA for veSCA and you will be eligible to receive more SCA!
Event Period: 11th June 2024 — 14th June 2024
Total SCA Rewards: 100,000 USD worth of SCA Tokens
SCA rewards will be distributed daily to veSCA holders. The more veSCA you hold, the more SCA rewards you receive!
Snapshots of veSCA will be taken daily at 12am UTC. First Snapshot taken will be at 11th June 12am UTC.
Eligible Scallopers will be able to claim their rewards 2 hours after the snapshot taken.
The amount of SCA reward a holder will receive is calculated based on the following formula:
Reward Distribution Legend:
TveSCA: the sum of veSCA from all participants in snapshot
UveSCA: the veSCA for specific participant in snapshot
Treward: reward pool amount for that day
Ureward: the reward for the participant
How to Maximize Rewards
Its simple, the more veSCA you hold the more SCA rewards you receive!
There are 2 ways to get more veSCA:
- Lock more SCA. If you double your SCA locked, you get 2x the veSCA.
- Lock your SCA for longer period. User A locks 1000 SCA for 40 weeks, User B locks 1000 SCA for 2 weeks. User A will have 20x veSCA compared to User B.
Note: veSCA will decay linearly over time until it goes to zero. Users can extend the locking period at any time to increase their veSCA.
SCA Staking Rules
To qualify for the SCA rewards, users will have to fulfill the following criteria:
- Have at least 500 veSCA
- Minimum SCA staking period is 2 day
- Maximum SCA staking period is 4 years (208 weeks or 1460 days)
Understanding veSCA
Simply lock your SCA and receive veSCA.
The amount of veSCA that you receive is proportional to the SCA and duration locked. Your veSCA amount will decay over time. It will reach zero once the lock duration is over. Your locked SCA will then be fully released.
The amount of veSCA you receive is dependent on how long you lock your SCA.
You can increase your veSCA value by choosing to extend your staking duration and/or increase your staked amount.
For more information on veSCA, check out our detailed veSCA guide: https://medium.com/scallopio/what-is-vesca-f7892af60efa
