Scallop, a prominent lending and borrowing protocol on the Sui blockchain, achieved a significant milestone by generating over $1.56 million in fees during the past month, as reported by DeFiLlama. This growth reflects Scallop’s expanding user base and its established presence within the decentralized finance (DeFi) lending sector.
Committed Community and Strong Tokenomics
Demonstrating sustained user commitment, over 34 million $SCA tokens—around one-third of the circulating supply—are currently locked for an average duration of approximately 3.74 years. This substantial token lock-up demonstrates strong community belief and confidence in Scallop’s strategic direction and growth prospects.
The protocol has recently experienced increased activity through two major campaigns: the launch of the WAL token and an ongoing Binance Wallet Simple Yield campaign. These initiatives have notably increased user engagement, boosted Scallop’s traction significantly, and affirmed its position as the leading DeFi protocol on Sui. Additionally, the endorsement from Binance Wallet further highlights the strength and credibility of Scallop’s platform.
Leading Innovation in DeFi Lending
Scallop’s recent monthly fee milestone reflects its operational scale within the increasingly competitive DeFi lending landscape. The platform combines user-centric design, institutional-grade security, and the scalable infrastructure provided by Sui, attracting a diverse range of lenders and borrowers. Furthermore, Scallop’s open-source framework actively supports broader ecosystem growth by enabling other Sui-based projects.
As the Sui blockchain ecosystem expands, Scallop remains strategically positioned to sustain its leadership role in the DeFi space, continuously delivering innovation and tangible value to users
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/
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