Scallop Initiates Loyalty Program To Reward Community Members With $100,000 In SCA
In Brief
Scallop announced a loyalty program with plans to distribute $100,000 worth of SCA tokens to its dedicated community members.
Lending protocol within the Sui ecosystem, Scallop announced a loyalty program with plans to distribute $100,000 worth of SCA tokens to its dedicated community members. The program will run from September 26th to September 30th.
In order to participate in the reward distribution, users must stake their SCA tokens to obtain veSCA during the event period. Rewards will be allocated daily to those holding veSCA, with a proportionate structure, meaning that the more veSCA a user holds, the greater the SCA rewards they are eligible to receive.
Users have the opportunity to enhance their rewards by locking in more SCA tokens and extending the duration of their asset lock. It is important to note that veSCA will gradually decay over time until it reaches zero. However, users can choose to prolong the locking period at any point to boost their veSCA balance. The quantity of veSCA that users receive is directly related to both the amount of SCA they stake and the length of the locking period.
Daily snapshots of veSCA will be recorded at 12:00 AM UTC, with the first snapshot scheduled for September 26th. Eligible community members will be able to claim their rewards two hours after each snapshot is captured.
Users must hold a minimum of 1,000 veSCA to qualify for the SCA rewards. The staking period for SCA can range from a minimum of two days to a maximum of four years.
Scallop Achieves $2M In Total Revenue, While Its Total Value Locked Surpasses $157M
Scallop functions as a peer-to-peer money market within the Sui ecosystem and operates as a decentralized finance (DeFi) protocol backed by the Sui Foundation. It provides a variety of features, including lending and borrowing services, lending derivatives, tools for building Sui PTBs, flash loans, software development kits (SDKs), and an intuitive interface for executing swaps and bridging assets.
Currently, the project’s total value locked (TVL) is reported to be $157.71 million, according to information from the project’s website. This latest announcement coincides with Scallop recently reaching a notable milestone of generating $2 million in total revenue.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, 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 crypto, AI, 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.
