Scallop (SCA) is a decentralised finance (DeFi) platform built on the Sui blockchain, designed to facilitate peer-to-peer lending and borrowing of digital assets. It aims to provide users with high-interest lending opportunities and low-fee borrowing options. The platform also enables users to swap tokens native to the Sui network.
The platform's native token, SCA, serves multiple purposes within the Scallop ecosystem. It is used for governance, allowing holders to vote on protocol decisions, and can be staked to earn rewards. Additionally, SCA tokens are distributed as incentives to encourage active participation and contribution to the platform.
Scallop's integration with the Sui blockchain enables it to leverage the network's scalability and security features, offering a robust DeFi experience for users. The platform has also received support from notable investors and was the first DeFi protocol to receive an official grant from the Sui Foundation.