Alisa Davidson
Published: September 02, 2024 at 2:56 am Updated: September 02, 2024 at 2:56 am
Edited and fact-checked:
September 02, 2024 at 2:56 am
In Brief
Scallop launched an airdrop to reward its loyal borrowers with veSCA tokens and introduced an SCA staking campaign for earning extra rewards.
Lending protocol within the Sui ecosystem, Scallop (SCA) announced the launch of an airdrop campaign aimed at rewarding its loyal borrowers with veSCA tokens. These veSCA tokens provide holders with benefits, encompassing the potential to increase their SCA reward APR by up to 4x and their SUI reward APR by up to 2x when they engage in borrowing activities on the platform.
Scallop has allocated a total of 200,000 veSCA tokens for the airdrop. The snapshot to determine eligible participants is scheduled to take place on September 2nd, with the distribution of tokens set for September 4th. To qualify for the airdrop, users need to borrow more than $100 USD from Scallop’s borrowing pools. The amount of veSCA tokens allocated to each user will be based on the total amount they have borrowed.
Along with the airdrop, it has introduced a staking campaign to further reward its supporters. This initiative involves allocating SCA tokens to users who stake their funds within the Scallop platform. To take part in the airdrop, individuals are encouraged to stake SCA in exchange for veSCA, which will also generate additional SCA rewards.
The total reward pool for this activity consists of 1 million SCA tokens, which will be evenly distributed over the course of the campaign period, running from September 3rd to September 7th.
SCA rewards will be distributed daily, with the rewards increasing over time. As a result, the longer users stake their SCA tokens, the more rewards they can accumulate.
In order to be eligible for these SCA rewards, users must hold a minimum of 800 veSCA tokens. The staking period has a minimum duration of two days, while users can choose to stake for up to four years for maximum benefits.
Scallop Partners With Bluefin, Enabling VeSCA holders To Qualify For Bluefin Airdrop
Scallop functions as a peer-to-peer money market within the Sui ecosystem and operates as a decentralized finance (DeFi) protocol supported by the Sui Foundation. It offers a range of features, including lending and borrowing services, lending derivatives, Sui PTB building tools, flash loans, SDKs, and a user-friendly interface for swaps and bridges.
Recently, Scallop has partnered with Bluefin, a decentralized trading protocol within the Sui ecosystem. This collaboration also allows veSCA holders to qualify for the Bluefin airdrop, expanding the benefits for Scallop users.
Disclaimer
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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.
More articles
Alisa Davidson
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.
More articles
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Conclusion
Overall, Scallop’s airdrop campaign and SCA staking initiative demonstrate the platform’s commitment to rewarding its users and fostering community participation. By leveraging veSCA tokens and engaging in staking activities, users can not only enhance their rewards but also contribute to the growth and sustainability of the Scallop ecosystem. The partnership with Bluefin further expands the opportunities for veSCA holders, adding more value to their participation in the DeFi space. As the decentralized finance landscape continues to evolve, initiatives like these pave the way for a more inclusive and dynamic ecosystem where users are incentivized to actively engage with DeFi platforms.
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