As the first project to announce that it has received a grant from Sui Foundation, Scallop does attract our attention. Scallop was a Premium Bonds protocol on Solana, and now it is moving to Sui Network.
Scallop is the leading Premium Bond DeFi protocol on Solana. It’s a verifiable random interest rate machine based on lending/staking protocol. Sometimes people call it the no-loss lottery.
Scallop protocol has won the Sui Builder House Lisbon Grant Competition and received an official grant from the Sui Foundation. And recently, they have just completed a strategic angel round.
Website: https://scallop.io/ Twitter: https://twitter.com/Scallop_io
Scallop is a flexible DeFi app that can maximize the potential yield and with no principal loss. No-loss protocol is also an interesting protocol that could let you put a few tokens there, and maybe the next time you check it, you will find you earned lots of tokens.
Scallop combines Defi and NFT in one app, making Scallop become an enthusiastic protocol, and also make users a chance to win something else while they are having bad luck.
Users can deposit/withdraw tokens on its on-chain program asset pool, and its on-chain program will use lending/staking protocols to earn the yield.
Every 24 hours, call the Switchboard VRF (Verifiable Random Function) every day to pick a winner in each pool to get 93% of the yields, other 7% rewards will belong to Scallop Treasury, which will return to Scallop pools and earn yields for the next period.
Scallop Decorations are the ocean theme NFTs. They will be shown at Scallop Tank and interact with Scallop protocol. Scallop Decorations make a small on-chain collectibles ecosystem, providing extra rewards to users and increasing the application's stickiness.
The Scallop team has 4 core members and most of them are in Taiwan. They’ve joined many Solana hackathons and did well in the Asia division. In Solana Ignition Asia, they got the highest community vote in over 40 projects.
Currently, there are already many DeFi protocols built on Sui, such as lending/borrowing protocols, AMM protocols, order books, etc. As a no-loss protocol, Scallop will have more advantages to stand out on Sui among so many DeFi protocols.
Scallop team has mature development experience on Solana, so this will help them better build on Sui. We believe that Scallop will bring more new features and innovations to the Sui ecosystem and present us with an attractive DeFi & NFT protocol. Let’s stay tuned for Scollap’s more updates on Sui.
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