By Chainwire
4 min read
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.
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.
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.
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.
Revenue Sharing (Q2 2024):
Governance (Q3 2024)
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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CMO
Joel Chng
Scallop
Joe@scallop.io
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