Top Highlights
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Rapid Growth: Scallop Protocol has achieved impressive revenue of $79,920 in the last 24 hours, positioning itself as the second-highest DeFi lending platform, just behind Aave.
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Sui Blockchain Advantages: Built on the high-performance Sui blockchain, Scallop benefits from low fees and high scalability, contributing to a Total Value Locked (TVL) exceeding $2 billion across the ecosystem.
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Strong Community and Support: Scallop is the first DeFi project to receive a grant from the Sui Foundation and has garnered backing from major investors, indicating strong industry confidence and strategic importance.
- Innovative Offerings: Scallop differentiates itself with a user-friendly design, including a vote-escrow model for staking, recent token listings, and partnerships, underscoring its potential to redefine the DeFi landscape on Sui.
Scallop Protocol on Sui Hits Record Revenue, Solidifying Leadership in DeFi Lending
SINGAPORE, March 29, 2025 — Scallop, a decentralized lending protocol on the Sui blockchain, reported a remarkable revenue of $79,920 in just 24 hours, according to data from DeFiLlama. This accomplishment positions Scallop as the second-largest DeFi lending platform, behind only Aave, an established name in the industry.
Sui, a cutting-edge Layer 1 blockchain, launched in May 2023. It has quickly developed into a center for scalable DeFi applications. Sui offers low fees and fast transactions, enhancing its appeal to developers and users. As a result, the Total Value Locked (TVL) in Sui’s DeFi ecosystem has surpassed $2 billion.
The Sui Foundation supports innovative projects in this ecosystem. Notably, Scallop became the first DeFi protocol to receive a grant from the foundation. This financial backing, along with support from significant players like CMS Holdings and UOB Venture Management, has propelled Scallop’s growth.
Scallop Lend provides a peer-to-peer money market platform, allowing users to lend and borrow digital assets easily. Since its token launch a year ago, Scallop has established a TVL of approximately $130.27 million, reflecting a growth of 34% in just a week. The protocol’s total deposits and collateral have reached $187 million, with cumulative revenue hitting $3.94 million.
Accessibility and user experience drive Scallop’s design. The protocol enhances security by separating lent assets from collateral and employs a vote-escrow model to encourage borrowing. So far, the community has locked over 27 million $SCA tokens, showcasing a strong investment in the protocol’s future.
Recently, Scallop expanded its offerings by listing the Walrus token and partnering with Binance Wallet. These initiatives highlight Scallop’s commitment to diversifying its ecosystem and increasing user value.
With revenue hitting $79,920 in 24 hours, Scallop has proven its competitive strength in the DeFi landscape. The protocol leverages Sui’s technical strengths, offering a smooth experience for users. Its open-source nature allows other projects to build on its infrastructure, creating a more expansive ecosystem.
As Scallop continues to innovate and engage its community, it stands ready to influence the future of DeFi lending not only on Sui but across the broader landscape.
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