Crypto:
30351
Bitcoin:
$64.270
% 0.07
BTC Dominance:
%54.1
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
Bitcoin:
$ 64.270
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Scallop Protocol Secures $3 Million in Strategic Investment Round

Scallop

Scallop, the premier money market on the Sui Network, has successfully concluded its Q1 2024 Strategic Investment Round, securing a total of $3 million in raised funds. With the official announcement of their investors, Scallop has unveiled a lineup of Angel Investors boasting some of the most prominent names in the Crypto and NFT spheres.

Among the notable angel investors are Dingaling and Zeneca, recognized as two of Web3’s foremost NFT whales and influencers. The list also includes VirtualBacon, a Crypto VC investor and YouTuber boasting over 160,000 subscribers, along with Cryptonauts, who command a subscriber base exceeding 100,000. Renowned figures like Mario Nawfal, Alex Kruger, and Anbessa also feature prominently in Scallop’s Angel Investor roster.

“We are profoundly appreciative of the unwavering support from our investors, which empowers us as a project to expand and introduce more products, positioning us as the leading DeFi project on the Sui Network.”

About Scallop Protocol

Scallop Protocol places a strong emphasis on institutional-grade quality, enhanced composability, and robust security to construct a dynamic money market offering high-interest lending, low-fee borrowing, AMM, and digital asset self-administration tools on a unified platform. Additionally, Scallop offers an SDK tailored for professional traders. The protocol boasts an average APR of 20% for its primary asset pools.

As the leading money market on the Sui Network, Scallop Protocol currently boasts a Total Value Locked (TVL) of just over $110 million. Over recent months, Scallop has achieved numerous remarkable milestones, including reaching an all-time high TVL of $156 million, facilitating over $5 billion in total lending and borrowing volume, and handling over $2 billion in Flash Loans volume.

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Scallop Protocol has forged an extensive network of partnerships with projects such as Aftermath Finance, Haedal Protocol, FlowX Finance, Typus Finance, KriyaDEX, OKX Wallet, and many others. Its popularity as a choice for integration and development is evident, as Scallop has been made open-source, facilitating easy building upon the platform for projects within the Sui ecosystem, including Kai Finance and SuiPearl.


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