Scallop Kicks Off An Airdrop Initiative Offering A $1.2 Million Prize Pool, Honoring Its Community Supporters
In Brief
Scallop has rolled out an airdrop to appreciate its dedicated borrowers by distributing veSCA tokens, and has also initiated an SCA staking scheme for those looking to earn extra benefits.
A lending protocol existing within the Sui ecosystem, Scallop (SCA) has unveiled its airdrop campaign designed to reward devoted borrowers with veSCA tokens. These tokens not only increase user benefits but also enhance their potential to earn SCA and SUI rewards APR significantly when they engage in borrowing on the platform.
For this airdrop, Scallop has set aside 200,000 veSCA tokens. A snapshot to identify eligible participants is scheduled for September 2nd, with token distribution slated for September 4th. To take part, users must borrow at least $100 from Scallop’s lending pools, with veSCA token allocations determined by their total borrowed amount.
In addition to the airdrop, Scallop has launched a staking program designed to amplify rewards for its supporters. This program offers SCA tokens to users who stake their assets within the Scallop platform. To participate in the airdrop, individuals should stake SCA in exchange for veSCA, which in turn will generate further SCA rewards.
The campaign will feature a total reward pool comprising 1 million SCA tokens, evenly distributed during the campaign that runs from September 3rd to September 7th.
SCA rewards will be granted on a daily basis, and these rewards will increase over time. This means the longer users keep their SCA tokens staked, the more rewards they stand to earn.
To qualify for the SCA rewards, users need to maintain at least 800 veSCA tokens. The staking period has a minimum length of two days, but users can opt to stake for as long as four years to maximize their benefits.
Scallop Forms Alliance With Bluefin, Allowing VeSCA Holders to Access Bluefin Airdrop
Scallop functions as a peer-to-peer marketplace for financial transactions within the Sui ecosystem and operates as a decentralized finance (DeFi) protocol backed by the Sui Foundation. It boasts a broad range of functionalities, from lending and borrowing services to lending derivatives, Sui PTB development tools, flash loans, SDKs, and an intuitive interface for swaps and bridges.
Recently, Scallop has partnered with Bluefin, a decentralized trading platform within the Sui ecosystem. This partnership also opens the door for veSCA holders to qualify for Bluefin’s airdrop, significantly enhancing the rewards for Scallop users.
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