Technology

Scallop Protocol Makes Waves with $3 Million Funding Boost

Scallop Protocol Secures $3M in Investment Round for Expansion

Scallop Protocol, a leading decentralized finance (DeFi) platform on the Sui Network, has recently announced a successful $3 million funding round. The investment was co-led by CMS Holdings and 6th Man Ventures, with contributions from Kucoin Labs, Blockchain Founders Fund, and UOB Venture Management, among others.

Since its main-net launch in July 2023, Scallop Protocol has quickly become a prominent player in the DeFi space on Sui. The platform offers users a user-friendly interface, cutting-edge functionalities, and robust security measures. With an all-time high Total Value Locked (TVL) of $156 million, $15 billion in total lending and borrowing volume, and $2 billion in flash loans volume, Scallop Protocol has seen significant growth and adoption.

The recent funding will be used to further develop Scallop Protocol into an All-In-One DeFi protocol. Plans are already in place to scale operations and introduce new features to enhance the user experience. Some of the new features include a Flash Loan SDK and Scallop Swap powered by Aftermath Finance.

Looking ahead, Scallop Protocol is preparing for the launch of their native governance token, SCA. The Initial Dex Offering (IDO) for SCA will be hosted on the launchpad of strategic partner Cetus Protocol, marking a new chapter for the platform.

With a focus on institutional-grade quality, enhanced composability, and robust security, Scallop Protocol aims to redefine the DeFi landscape. The platform offers high-interest lending, low-fee borrowing, AMM functionality, and digital asset management tools, with an average APR of 20% in its main asset pools.

Scallop Protocol has also established strategic partnerships with projects like Aftermath Finance, Haedal Protocol, and KriyaDEX, demonstrating a commitment to collaboration and innovation within the Sui ecosystem.

As Scallop Protocol moves towards its token launch, the team expresses gratitude to investors and the community for their support. The future looks bright for Scallop Protocol as it continues to innovate and expand within the DeFi space.

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