Scallop Protocol, a leading DeFi platform on the Sui Network, has successfully raised $3 million in a strategic investment round for expansion.
Scallop Protocol, a burgeoning force in the decentralized finance (DeFi) space, announced a successful $3 million funding round co-led by CMS Holdings and 6th Man Ventures. The strategic investment round, kicking off in the first quarter of 2024, also saw significant contributions from Kucoin Labs, Blockchain Founders Fund and UOB Venture Management, among others.
This recent investment highlights the growing interest and confidence in Scallop Protocol’s mission to redefine lending and borrowing on the Sui network. Since its launch on the mainnet in July 2023, Scallop Protocol has quickly risen to the top of the Sui DeFi space, boasting a user-friendly interface, cutting-edge functionalities, and robust security measures. The platform achieved an all-time high Total Locked Value (TVL) of $156 million, with a staggering $15 billion in total lending and borrowing volume and an additional $2 billion in quick loan volume.
The influx of capital will push Scallop Protocol’s journey to become the quintessential All-In-One DeFi protocol. Plans are already underway to scale operations and integrate new features that promise to significantly improve the user experience. Notably, Scallop Protocol introduced Flash Loan SDK and Scallop Swap powered by Aftermath Finance, among other improvements.
In the near future, Scallop Protocol is setting its sights on the next phase of development, with the long-awaited launch of their own governance token, SCA. The initial offering of Dex (IDO) for SCA will be hosted exclusively on strategic partner Cetus Protocol’s launch pad, signaling the start of a new chapter for the platform.
The Scallop Protocol’s rise to prominence is bolstered by its status as a 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 an emphasis on institutional-grade quality, improved composability and robust security, Scallop Protocol is poised to redefine the DeFi landscape. It offers a unified platform for high-interest lending, low-fee borrowing, automated market maker (AMM) functionality, and a suite of digital asset management tools accompanied by an SDK for professional traders. The platform’s main asset pools currently yield an average APR of 20%.
The Scallop ecosystem is supported by an extensive network of strategic partnerships with projects such as Aftermath Finance, Haedal Protocol and KriyaDEX to name a few. Its commitment to openness is exemplified by its decision to go open source, enabling greater collaboration and innovation in the Sui ecosystem.
As Scallop Protocol moves from its successful investment round to the launch of its token, thanks are extended to the investors and community whose unwavering support has been critical.
Image source: Shutterstock