Scallop Protocol, Sui Network’s leading DeFi platform, successfully raised $3 million in a strategic investment round for expansion.
Scallop Protocol, a fast-growing presence in decentralized finance (DeFi), announced the success of a $3 million funding round co-led by CMS Holdings and 6th Man Ventures. The strategic investment round, which kicks off in Q1 2024, saw significant contributions from Kucoin Labs, Blockchain Founders Fund and UOB Venture Management, among others.
This latest investment highlights the burgeoning interest and trust in Scallop Protocol’s mission to reimagine lending and borrowing on the Sui Network. Since its mainnet launch in July 2023, Scallop Protocol has quickly risen to the top of the DeFi sector in Sui, boasting a user-friendly interface, cutting-edge features, and strong security measures. The platform achieved a record total value locked (TVL) of $156 million, with total lending and borrowing volume reaching $15 billion and flash loan volume reaching an additional $2 billion.
The capital influx will fuel Scallop Protocol’s journey to become the quintessential all-in-one DeFi protocol. Plans are already underway to expand operations and incorporate new features that will significantly improve the user experience. In particular, Scallop Protocol introduces a number of enhancements, including the Flash Loan SDK and Scallop Swap provided by Aftermath Finance.
In the near future, Scallop Protocol has set its sights on the next phase of its development with the highly anticipated launch of its own governance token, SCA. The Initial Dex Offering (IDO) for SCA will be hosted exclusively on the launchpad of strategic partner Cetus Protocol, marking the beginning of a new chapter for the platform.
Scallop Protocol’s rise to prominence is underpinned 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 its focus on institutional-grade quality, improved composability, and strong security, the Scallop protocol is poised to redefine the DeFi landscape. It provides an integrated platform for high-interest lending, low-interest lending, automated market maker (AMM) functionality, and a suite of digital asset management tools, along with an SDK for professional traders. The platform’s main asset pools currently yield an average APR of 20%.
The Scallop ecosystem is enabled by an extensive network of strategic partnerships with projects such as Aftermath Finance, Haedal Protocol, and KriyaDEX. Our commitment to openness is evident in our decision to open source, enabling greater collaboration and innovation within the Sui ecosystem.
We would like to thank our investors and community for their unwavering support as Scallop Protocol transitions from a successful investment round to token launch.
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