GM Scallopers!
It has only been around a month since our very first veSCA Loyalty Program, and we are proud to announce that we have achieved another major milestone!
Scallop has recently just crossed $1 MILLION in Total Revenue earned!
This achievement would not have been possible without our community’s support. Hence, we want to give back to our Scallopers through our veSCA Loyalty Program!
We have performed a buyback for SCA and we will be giving away the SCA to our loyal Scallopers!
Buyback Transactions:
https://suivision.xyz/txblock/8RpfxFZhzTsWZQZ1qaa3rrYjj2jYZmRSrVmS6x9GzPm
https://suivision.xyz/txblock/9mPWDvCKWEJibumdwv3rjhGbh73CjpUnbxMG7TLsm7JW
Event Details
Simply stake SCA for veSCA and you will be eligible to receive more SCA!
Event Period: 17th July 2024–21st July 2024
Total SCA Rewards: 100,000 USD worth of SCA Tokens (313,353 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 on 17th July 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:
- Hold at least 500veSCA
- 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
