Scallop And Sui Wallet Unveil $10,000 SCA Campaign To Reward Users For Borrowing Assets
In Brief
Scallop launched the new campaign featuring a prize pool of $10,000 in SCA to reward users for borrowing on its platform with Sui Wallet.
Lending protocol within the Sui ecosystem, Scallop collaborated with the cryptocurrency wallet Sui Wallet to launch the new campaign featuring a prize pool of $10,000 in SCA tokens. This initiative is aimed at rewarding users for borrowing on Scallop with Sui Wallet. The activity is currently ongoing and will conclude at 12 AM GMT+8 on October 7th.
In order to participate, users are encouraged to borrow $50 worth of assets from Scallop utilizing Sui Wallet and maintain the borrow until the activity’s end date to be eligible for the rewards. A total of one hundred winners will be selected from participants to share the prize pool equally.
Scallop has specified that all borrowings made before the campaign period will not be counted. Only new borrowings conducted over the course of the campaign using Sui Wallet will qualify for the rewards.
Sui Wallet offers a solution for viewing, managing, as well as acquiring digital assets. It is available as a browser extension and a mobile wallet on iOS and Android.
For borrowing on Scallop, users are required to visit the Scallop decentralized application and connect their wallet, selecting Sui Wallet as the option. Utilizing the custom Programmable Transaction Block (PTB) created specifically for this campaign, users can fill in the necessary details, including the collateral asset and amount, as well as the borrow asset and amount. This PTB enables new users to deposit collateral and complete a borrowing transaction in a single step. After finalizing the transaction, individuals have an option to navigate to the Scallop Borrowing tab to view their assets.
Scallop: What Is It?
Scallop functions as a peer-to-peer money market in the Sui ecosystem and a decentralized finance (DeFi) protocol supported by the Sui Foundation.Â
It offers a variety of features, encompassing lending and borrowing services, lending derivatives, tools for creating Sui PTBs, flash loans, as well as software development kits (SDKs). The platform also boasts an intuitive interface for executing asset swaps and bridging transactions.
As of now, the project has a total value locked (TVL) of approximately $158.22 million, according to the information available on its website. Recently, Scallop achieved a notable milestone by generating a total revenue of $2 million.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
