Scallop Celebrates $5M Revenue Milestone with $200K sSCA Reward for veSCA Holders
Singapore, Singapore, May 1st, 2025, Chainwire
Scallop, the leading lending and borrowing protocol on the Sui blockchain, has surpassed $5 million in total revenue and achieved a 112% surge in its native token price ($SCA) over the past 30 days. To celebrate this milestone and reward its dedicated community, Scallop is distributing $200,000 USD worth of sSCA tokens to veSCA holders, reinforcing its commitment to a community-driven DeFi ecosystem.
With a Total Value Locked (TVL) of $131 million and over 34 million $SCA tokens—more than 10% of the total supply—locked for an average of 3.72 years, Scallop has solidified its position as the top money market on Sui. This $200,000 sSCA giveaway underscores Scallop’s focus on rewarding loyalty and fostering sustainable growth.
$200,000 sSCA Loyalty Reward
To mark the $5 million revenue milestone, Scallop will distribute $200,000 USD in sSCA tokens to veSCA holders—users who have staked $SCA to receive vote-escrow SCA (veSCA). A snapshot of eligible wallets holding at least 2,500 veSCA will be taken on May 2, 2025, at 8:00 AM GMT+8, with rewards distributed starting at 12:00 PM GMT+8.
Eligible veSCA holders can:
- Claim Directly: Receive sSCA tokens immediately for use within the Scallop ecosystem.
- Claim and Lock: Lock sSCA rewards to unlock bonus rewards the following week, amplifying returns.
This initiative reflects Scallop’s vision of rewarding long-term stakeholders and incentivizing active participation. Users can stake $SCA for veSCA via the Scallop app: https://app.scallop.io.
The veSCA Loyalty Program
Scallop’s veSCA Loyalty Program rewards users who stake $SCA for veSCA, incentivizing long-term commitment with exclusive benefits:
- Revenue Sharing: veSCA holders receive sSCA tokens from the protocol’s revenue.
- Boosted Yields: Staking $SCA unlocks up to 4x APR boosts on borrowing pools. For example, borrowing 1,000 SUI with 1,000 veSCA can increase SCA reward APR from 6.3% to 25.2%.
- Governance Rights: veSCA holders gain voting power to shape protocol decisions.
The amount of veSCA depends on $SCA staked and lock-up duration. Locking 1,000 $SCA for 40 weeks yields 20x more veSCA than a 2-week lock. veSCA balances decay over time, encouraging extended staking. The $200,000 sSCA giveaway follows successful loyalty campaigns at the $3M and $4M revenue milestones, with daily snapshots ensuring fair reward distribution. A minimum of 2,500 veSCA is required to qualify.
Benefits of veSCA
The veSCA model enhances $SCA utility and reduces circulating supply, benefiting the ecosystem. Key advantages include:
- Enhanced Earnings: Boosted APRs on borrowing pools maximize returns.
- Revenue Distribution: Daily sSCA distributions share protocol success.
- Governance: veSCA empowers users to influence Scallop’s future.
- Long-Term Incentives: The vote-escrow model fosters stability and aligns user incentives with growth.
For details, users can visit: https://medium.com/scallopio/what-is-vesca-f7892af60efa.
About Scallop
Scallop is a pioneering peer-to-peer money market protocol operating on the Sui blockchain. As the first DeFi project to receive official grant support from the Sui Foundation, Scallop offers a comprehensive suite of financial solutions including lending, borrowing, asset management, and advanced automated market-making (AMM) tools. Committed to security and ease of use, Scallop provides reliable services backed by robust developer tools, including an SDK for advanced trading strategies. For more information, users can visit: https://www.scallop.io/
