Scallop, a DeFi protocol on the SUI blockchain, has almost tripled its total locked value (TVL) to exceed $153 million between August 9 and September 23.
The impressive growth comes immediately after the host blockchain SUI; recorded an significant 3,285% growth over the last one year to reach $900 million in TVL
This growth can be attributed to months of robust developments that have propelled SUI’s ecosystem to 8th position by DeFi activity
In this article, we are going to look at Scallop’s next generation money market platform and how it’s exploded to such an impressive TVL, as well as how the growth of SUI blockchain has contributed to Scallop’s astounding performance.
What is Scallop?
Scallop is a decentralized finance platform on the SUI blockchain that’s pioneering a peer-to-peer money market economy for crypto lending/borrowing, processing flash loans, providing SDKs, lending derivatives, development tools for building on SUI as well as a hassle-free built-in swap and bridging feature for moving assets from one blockchain to another.
The platform’s fast-growing performance and continued decentralized finance growth has demonstrated how a good Web3 roadmap and rich features can attract community-wide support.
Remember that besides Scallop’s staggering TVL ascent, DeFi activity on the protocol has also hit record numbers, with total borrowing closing in $80 million and swap volume about to cross $50 million.
Insights from CoinMarketCap also indicate the protocol’s native token, the $SCA has jumped 60.2% over the last 2-weeks from $0.2207 to the press time price of $0.3615. The market capitalization for $SCA has also jumped 6.35% versus last week’s price.
Source: CoinMarketCap
What has contributed to Scallop’s impressive DeFi growth?
Scallop ascended to be the number #1 chain on SUI blockchain as of January 18 2024 after reaching its then TVL all time high of $64 million.
Attractive DeFi products
The ascent was for a couple of reasons, the key ones being its attractive lending pools which offered traders competitive yield on their holdings.
The protocol also offers boosted reward APR when borrowing on Scallop, thereby allowing you to maximize your returns by effectively lowering your borrowing costs.
At the same time, the decentralized finance platform had a strong emphasis on accessibility given that it was founded on a vision of creating day-to-day DeFi powered banking products that will push crypto to mainstream adoption.
Next generation user interface : New UI upgrade
To build on accessibility, Scallop has also been at the forefront of deploying an easy to use user interface (UI) and user experience (UX) with its recent UI upgrade which speeds up transactions, provides flexible network fees and simplifies the entire decentralized finance experience when swapping, lending and borrowing.
One of the prominent features on the new upgrade is the Scallop Swap V2 which comes with three integrated swap aggregators that ensure users get flexible swap routes and rates.
SUI blockchain
Scallop is also built on top of an astounding blockchain ecosystem on the SUI network, which has made it reap all the advantages of an increasingly robust and user-centric technology.
The chain has received praise for its implementation of parallel transaction processing and object-oriented storage model which have boosted speeds on native dApps and led to faster transactions.
Team
Scallop also has a strong team of experts across fintech, quantitative trading, cybersecurity and decentralized finance who are united by the mission of deploying a comprehensive money market that leverages the security and composability of the SUI blockchain.
Community Campaigns
Community campaigns are one of the best methods for keeping existing users engaged and excited, as well as a suitable approach for attracting more community.
Scallop recently completed 2 airdrop campaigns in September 2024, both of which had a total prize pool of 1,200,000 $SCA tokens. In one of the campaigns, you only had to stake $SCA for veSCA tokens to get a 4X boost on all $SCA rewards.
To never miss out on upcoming campaigns, it’s best if you followed Scallop on X or joined the Telegram channel to stay ahead of community news.
Other pages
Discord: https://discord.com/invite/F7umecFArJ
Medium: https://medium.com/scallopio
Reddit: https://www.reddit.com/r/Scallop/
Final Take
To be able to build and deploy ultra-accessible DeFi powered products the way Scallop has done is honestly amazing for users
Pioneering a new generation of decentralized finance does come with obstacles but we’ve seen Scallop’s commitment in addressing those challenges and giving us what many have found to be a hassle-free, easy to use and competitive platform for borrowing, lending, staking and swapping.
The transition to mainstream adoption of crypto and DeFi starts with creation of equitable financial solutions. Scallop is doing just that with its mission of accelerating crypto adoption using equitable DeFi services.
