Singapore, Singapore, March 12th, 2024, Chainwire
Scallop Protocol presents their main governance and utility token, SCA. This article will outline $SCA’s token distribution, emission schedules, utilities and more.
What is SCA Token
SCA is Scallop’s core utility token which will be used as the medium of exchange between participants on Scallop in a decentralized manner.
SCA will be distributed as incentives to users to encourage active participation and contribution to the ecosystem.
Core utility of SCA allows holders to stake and receive Vote-escrowed SCA, also known as veSCA.
Token Overview
- Name: Scallop Token
- Ticker: $SCA
- Chain: Sui
- Total Supply (Max): 250,000,000 SCA
- Liquidity Mining (45%) — Distributed via a variety of liquidity incentivization schemes.
- Scallop Core Contributors (15%) — Owned by the founding team contributors.
- Dev & Operation (4%) — Allocated for development and operational purposes.
- Advisor (1.5%) — Distributed to key project advisors.
- Strategic Investors & Partners (15%) — Reserved for private fundraising and strategic partnerships.
- Ecosystem/Community/Marketing/Airdrop (7.5%) — Allocated to fund marketing and platform growth initiatives.
- Liquidity (5%)
- Treasury (7%)
What is veSCA?
By utilizing veSCA, SCA holders gain access to a myriad of features that increase the token’s utility.
veSCA also serves as an additional tool for reducing the supply of SCA tokens, thereby increasing the token’s stability and the overall liveliness of the protocol. In this way, veSCA serves as an important backbone for ensuring sustainability and success of the Scallop ecosystem.
Getting veSCA
User can simply lock their SCA and receive veSCA.
The amount of veSCA that users receive is proportional to the SCA and duration locked. User’s veSCA amount will decay over time. It will reach zero once the lock duration is over. User’s locked SCA will then be fully released.
Users can increase their veSCA value by choosing to extend staking duration and/or increase their staked amount.
Locking principal
- The unlock date occurs everyday at 12 AM UTC. Therefore, users need to select this unlock date.
- One round lasts for one day (24 hours).
- Users need to lock at least one full round. So for example, if they start at 12 PM UTC, they can’t unlock it on the next 12 AM UTC (12 hours later) because it’s not a full round yet. In this case, users need to lock it for more than one day to achieve at least one full round.
- The minimum round is 1 and the maximum round is 1460. Maximum round is equal to 4 years.
veSCA utility
- Users who hold their veSCA tokens can join pools that offer incentives
- The amount of boost a user receives depends on the percentage share of veSCA they hold. The more liquidity a user has, the more veSCA they need.
Revenue Sharing (Q2 2024):
- Holder of veSCA can get revenue sharing. The protocol will allocate some revenue to the holder of veSCA as a reward.
Governance (Q3 2024)
- Scallop’s Governance, also known as veSCA, will help enable a higher degree of decentralization
Detailed information can be found on Scallop's Blog.
About Scallop Protocol
Scallop Protocol emphasizes institutional-grade quality, enhanced composability, and robust security to build a dynamic money market that offers high-interest lending, low-fee borrowing, AMM, and digital asset self-administration tool on a unified platform and offers an SDK for professional traders. Scallop also features an average APR of 20% for our main asset pools.
Scallop Protocol is the leading money market on Sui Network, and is currently sitting at just over $110M in TVL. Over the past few months, Scallop has achieved many incredible milestones, including reaching an all time high TVL of $156M, with over $5 billion in total lending and borrowing volume and over $2 billion in Flash Loans volume.
Scallop Protocol has also formed a wide network of partnerships with projects like Aftermath Finance, Haedal Protocol, FlowX Finance, Typus Finance, KriyaDEX, OKX Wallet and many others. Scallop is also a popular choice to build on and integrate as they have been made open-source, thus allowing for projects on Sui to easily build upon Scallop such as Kai Finance and SuiPearl.
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Contact
CMO
Joel Chng
Scallop
Joe@scallop.io
Disclaimer: Press release sponsored by our commercial partners.