What is Scallop?
Scallop is the next generation money market on Sui. Scallop emphasises on institutional-grade quality, enhanced composability, transparency, and robust security.
As the first DeFi protocol to receive an official grant from Sui Foundation, Scallop offers a myriad of features and services including lending and borrowing, lending derivatives, Sui PTB Building Tools, UI for swaps and cross-chain bridging, and many more.
Why use Scallop?
As the leading money market on Sui, Scallop offers one of the highest APYs and rewards for lending and borrowing across various assets. By supplying into Scallop pools, users will be able to receive interests as a reward for providing funds for the borrowers. When users supply into Scallop pools, users will receive Scallop sCoins as a proof of deposit in the specific asset pool. Scallop sCoins are interest-bearing tokens and the value of sCoins will gradually increase over time.
Scallop also utilises a trilinear interest rate model unlike any other traditional money market protocols. The trilinear model is specifically designed to cater to the dynamic needs of the decentralized finance space, therefore optimizing the stability of interest rates and responsiveness to market conditions. In addition, Scallop offers up to 4x boost for the base borrow reward APR for holders of veSCA, Scallop’s vote-escrow token.
With Scallop’s secure and careful design, Scallop provides its users with the best yields while maintaining security and sustainability.
Visit Scallop here.
How to lend on Scallop
Connect OKX Wallet: Click “Connect Wallet” on the Scallop interface, select “OKX Wallet,” and approve the connection. Download OKX Wallet here.
Select an Asset to supply (lend): Navigate to the “Lending Pools” section to view the assets that you can supply as collateral to earn yield. In this example we will be supplying SUI.
Supply your token: Click on “Supply” of the asset you would like to lend and enter the amount you would like to supply. Click the “Supply” button and confirm the transaction in your OKX wallet.
How to borrow on Scallop
In order to borrow, you will need to have lent (supplied) assets as collateral. Follow the steps above to supply assets. Always note the ‘Borrow APR’ as this is the interest you will need to pay back for borrowing.
Connect OKX Wallet: Click “Connect Wallet” on the Scallop interface, select “OKX Wallet,” and approve the connection. Download OKX Wallet here.
Borrow an asset: Navigate to the “Borrowing Pools” section. Select the token you would like to borrow and click the “Borrow” button. Enter the amount you would like to borrow, click on “Borrow” and sign transactions to confirm your position.
