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Friday, April 12, 2024

Scallop Protocol Secures $3 Million Funding

Scallop Protocol, a leading DeFi platform on Sui Network, successfully raises $3M in strategic investment round for expansion.

Scallop Protocol, a burgeoning force in the decentralized finance (DeFi) space, has announced a successful $3 million funding round, co-led by CMS Holdings and 6th Man Ventures. The strategic investment round, marking the beginning of Q1 2024, also saw significant contributions from Kucoin Labs, Blockchain Founders Fund, and UOB Venture Management, among others.

This recent investment underscores the burgeoning interest and confidence in Scallop Protocol’s mission to reimagine lending and borrowing on the Sui Network. Since its main-net launch in July 2023, Scallop Protocol has rapidly ascended to the top of the DeFi space on Sui, boasting a user-friendly interface, cutting-edge functionalities, and robust security measures. The platform has achieved an all-time high Total Value Locked (TVL) of $156M, with a staggering $15 billion in total lending and borrowing volume and an additional $2 billion in flash loans volume.

The inflow of capital will propel Scallop Protocol’s journey to become the quintessential All-In-One DeFi protocol. Plans are already underway to scale operations and integrate novel features that promise to elevate the user experience significantly. Notably, Scallop Protocol has introduced a Flash Loan SDK and Scallop Swap powered by Aftermath Finance, among other enhancements.

In the imminent future, Scallop Protocol sets its sight on the next development phase, with the highly anticipated launch of their native governance token, SCA. The Initial Dex Offering (IDO) for SCA will be hosted exclusively on the launchpad of strategic partner Cetus Protocol, signaling the start of a new chapter for the platform.

Scallop Protocol’s rise to prominence is backed by its status as the leading money market on the Sui Network and the distinction of being the first DeFi protocol to secure an official grant from the Sui Foundation. With an emphasis on institutional-grade quality, enhanced composability, and robust security, Scallop Protocol is poised to redefine the DeFi landscape. It offers a unified platform for high-interest lending, low-fee borrowing, Automated Market Maker (AMM) functionality, and a suite of digital asset management tools, accompanied by an SDK for professional traders. The platform’s main asset pools are currently yielding an average APR of 20%.

The Scallop ecosystem is buoyed by an expansive network of strategic partnerships with projects such as Aftermath Finance, Haedal Protocol, and KriyaDEX, to name a few. Its commitment to openness is exemplified by its decision to go open-source, allowing for greater collaboration and innovation within the Sui ecosystem.

As Scallop Protocol transitions from its successful investment round to its token launch, gratitude is extended to the investors and community whose unwavering support has been instrumental. 

Image source: Shutterstock

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