Scallop Conducts Protocol Updates, Suspends Scallop Swap To Resolve RPC And Swap Router Issues With Partners
In Brief
Scallop announced its intention to conduct updates to the protocol and implement adjustments to its pool parameters.
Sui ecosystem lending protocol Scallop announced its intention to conduct updates to the protocol. As per the announcement made on the social media platform X, the project will temporarily suspend Scallop Swap to address issues related to remote procedure call (RPC) and Swap Router with its partners. Scallop Swap operations will resume at a later time, with a separate announcement to follow.
Scallop has also announced adjustments to its pool parameters, effective today. The liquidation threshold will be revised from 80% to over 65%, and the collateral weight will be lowered from 50% to over 45%.
Scallop functions as a P2P money market within the Sui ecosystem and represents a decentralized finance (DeFi) protocol backed by the Sui Foundation. It offers a range of features, such as lending and borrowing pools, Scallop Swap, Scallop Bridge, lending derivatives, Sui PTB development tools, Sui Derivatives, Scallop Flash loans, SDKs, along with additional functionalities. Presently, Scallop’s total value locked is recorded at $135 million, as per data obtained from DefiLlama.
Sui serves a Layer 1 decentralized PoS network that offers horizontally scalable throughput and storage capabilities, facilitating fast and economically viable application development.
Scallop Advances With Protocol Parameter Increases, Surpasses $25 Billion In Accumulated Lending And Borrowing Volume
In April, the project underwent various developments and updates, notably raising the protocol parameters for different collateral asset pools to accommodate increased borrowing. This involved raising the limits from 30 million to 100 million for Sui, USDC, and USDT, from 10 million to 20 million for afSUI, and from 5 million to 20 million for haSUI.
Recently, Scallop announced several notable milestones, including surpassing $25 billion in accumulated lending and borrowing volume and exceeding $2 billion in flash loan volume. Additionally, the total borrow amount rose from $20 million to $50 million, with an average utilization rate of over 60% for borrow pools.
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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.
