Today, Water Brother wants to share a project he studied over the past couple of days on the $SUI blockchain, which has recently topped the Bybit gainers list $SCA (Scallop). He also wants to introduce everyone to this interesting DeFi project within the Sui ecosystem.
Scallop is a native decentralized lending protocol on the Sui blockchain. Its model references the design concepts of well-known lending protocols such as Compound v3 and Solend, offering on-chain lending, flash loans, and a second-layer SDK and arbitrage interface specifically for professional traders, allowing operation without programming skills.
Scallop is one of the first DeFi projects officially funded by the Sui Foundation. In terms of funding, Scallop completed a strategic financing of $3 million in March 2024, led by THE CMS and 6MV. The $SCA token will officially launch in March 2024. With the recent explosive growth of the Sui ecosystem, Scallop has attracted a large amount of capital and users, showing very strong performance. Starting from around 0.09 on July 1, it surged to a high of 0.153 the day before yesterday, with a maximum increase of over 70% in just a few days. It is currently consolidating around 0.13 to 0.14.
In addition, Scallop is now listed on many exchanges, such as Bybit, Gate, KuCoin, Bitget, MEXC, HTX (formerly Huobi), CoinEx, Deepcoin, BitMart, LBank, BingX, and is basically directly tradable on mainstream platforms, with very good liquidity and exposure.
It is important to know that lending protocols are the core infrastructure within DeFi, as everyone needs leverage and capital management. As the TVL of the chain continues to increase, the demand for lending will grow larger.
Additionally, with the recent strong trend of Sui itself, funds have started to flow back into the Sui ecosystem. Water Brother believes that quality projects on Sui, like Scallop, are likely to have even more impressive performances in the future. Brothers can stay tuned. #SCA #sui
