Scallop Protocol on Sui Raises $3M from CMS Holdings, 6th Man Ventures, Kucoin Labs & UOB Venture - Chainwire

03Mar

Scallop Protocol on Sui Raises $3M from CMS Holdings, 6th Man Ventures, Kucoin Labs & UOB Venture

Singapore, Singapore, March 3rd, 2024, Chainwire

Scallop Protocol, the leading lending and borrowing protocol on Sui Network, has raised a total of $3M through its Investment Rounds!

The team is also excited to share that the company has just concluded its Q1 2024 Strategic Investment Round, co-led by CMS Holdings and 6th Man Ventures!

The Q1 2024 Investment Round also featured participation from various notable investors including Kucoin Labs, Blockchain Founders Fund, Oak Grove Ventures, Side Door Ventures, UOB Venture Management, Signum Capital, Cypher Capital, Mysten Labs, Kyros Ventures, Criterion, 8186 Capital, 7UpDao, LBank Labs, ViaBTC, Cetus Protocol, AC Capital, and Zellic.

Scallop Protocol first went Main-net on Sui back in July-2023, and rapidly gained popularity due to its user-friendly UI, innovative functionalities and high level of protocol security. Scallop achieved an all-time-high TVL value of $156M, with over $15 Billion in total lending & borrowing volume and over $2 Billion in Flash Loans volume. This placed Scallop in the Number 1 spot across all DeFi protocols on Sui Network.

With this funding, Scallop Protocol will be able to scale and integrate new features to enhance the user experience and become the leading All-In-One DeFi protocol. Some features that Scallop Protocol has pushed include a Flash Loan SDK, Scallop Swap powered by Aftermath Finance, and many more.

In the coming days, Scallop Protocol will be moving into the next stage of development with its highly anticipated token launch. Scallop will be launching their native governance token, SCA, through an IDO round exclusively on their strategic partner Cetus Protocol’s launchpad.

Users cab stay tuned for more token launch announcements.

About Scallop

Scallop Protocol is the leading money market on Sui Network and is the first DeFi protocol to receive an official grant from Sui Foundation.

Scallop Protocol emphasizes on 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 has also formed a wide network of partnerships with projects like Aftermath Finance, Haedal Protocol, FlowX Finance, Typus Finance, KriyaDEX, OKX Wallet and many more! Scallop Protocol was also made open-source, thus allowing for projects on Sui to build upon Scallop such as Kai Finance and SuiPearl.

As Scallop Protocol concludes its Strategic Investment Round and moves towards its token launch, the team would like to thank its investors and community for the incredible support thus far. This is an exciting milestone for Scallop and we look forward to onboarding many new Scallopers!