March 05, 2024
Scallop Protocol, a leading lending and borrowing platform on the Sui Network, has raised $3 million in its latest investment round. The round was co-led by CMS Holdings and 6th Man Ventures, with participation from notable investors, including Kucoin Labs, Blockchain Founders Fund, Oak Grove Ventures, and UOB Venture Management.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Scallop Protocol | $3M | Mar 5, 2024 | Seed | $3M | CMS Holdings, 6th Man Ventures | Lending |
Launched in July 2023, Scallop Protocol has gained popularity due to its user-friendly interface, advanced functionalities, and strong security measures. The platform has reached an all-time high Total Value Locked (TVL) of $156 million, with over $15 billion in total lending and borrowing volume and $2 billion in flash loan volume, making it the top DeFi protocol on the Sui Network.
The new funding will enable Scallop Protocol to scale and integrate new features to enhance user experience. Planned features include a Flash Loan SDK and Scallop Swap powered by Aftermath Finance. Additionally, Scallop Protocol is preparing to launch its native governance token, SCA, through an IDO round on Cetus Protocol's launchpad.
Scallop Protocol offers various features designed to enhance user experience and protocol efficiency. The platform's Flash Loan SDK allows developers to integrate flash loan functionalities seamlessly into their applications. Scallop Swap, powered by Aftermath Finance, provides users with an efficient and secure way to swap digital assets. The platform's focus on institutional-grade quality ensures high-interest lending and low-fee borrowing options. The average Annual Percentage Rate (APR) for Scallop's main asset pools is around 20%, providing attractive returns for lenders.
Scallop Protocol has formed partnerships with several projects to strengthen its ecosystem. Collaborations with Aftermath Finance, Haedal Protocol, FlowX Finance, Typus Finance, KriyaDEX, and OKX Wallet help expand the platform's capabilities. The open-source nature of Scallop Protocol allows other projects on the Sui Network to build upon its foundation, fostering innovation and growth within the ecosystem.
About Scallop:
Scallop Protocol is the leading money market on the Sui Network and the first DeFi protocol to receive an official grant from the Sui Foundation. On a unified platform, it offers high-interest lending, low-fee borrowing, and various digital asset management tools.
Website: https://www.scallop.io
X Account: https://x.com/Scallop_io
X Followers today: 110,433
X Followers 30 days ago: 90,873
X Follower change: 19,560 (+21.52%)
About Investor
Investor: CMS Holdings and 6th Man Ventures
CMS Holdings focuses on providing strategic capital to support the development and integration of blockchain technologies. 6th Man Ventures is known for investing in early-stage blockchain startups. Their investment in Scallop Protocol, totaling $3 million, will enable the protocol to enhance its features and scale its operations.
Location: United States
Website: CMS Holdings and 6th Man Ventures
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