Buy Scallop (SCA)
What is Scallop?
Scallop is a decentralized money market operating on the Sui blockchain. It is designed to provide institutional-grade quality, enhanced composability, and robust security for peer-to-peer lending and borrowing. The platform allows for high-interest lending and low-fee borrowing, featuring elements like zero-fee flash loans and soft liquidation mechanisms, aimed at enhancing the overall user experience in decentralized finance (DeFi).
How does Scallop work?
Scallop works by leveraging the decentralized, permissionless Sui blockchain, utilizing a Proof of Stake (PoS) consensus mechanism. It features a trilinear interest rate model that adjusts interest rates based on levels of capital utilization and employs a soft liquidation mechanism for collateral management. Scallop integrates a multi-oracle consensus strategy to mitigate manipulation risks. It uses EVM and WASM-based smart contracts to manage lending, borrowing, and asset pools. These smart contracts have been audited by companies like OtterSec and MoveBit to ensure security and reliability.
What are the potential use cases for Scallop?
Scallop primarily serves the DeFi sector, enabling peer-to-peer lending and borrowing on the Sui blockchain. Users can lend and borrow various crypto assets, optimize staking yields, and utilise Scallop Market Coins (sCoins) for derivative financial products. Its decentralised money market functionality and cross-chain composability extend its utility across multiple DeFi applications. Notable partnerships, such as investments from well-known institutions and collaborations to enhance its ecosystem, further bolster its use cases.
What is the history of Scallop?
Scallop was founded by Kris Lai and Donnie Chen, who have backgrounds in computer science and development. The platform is headquartered in Taiwan with a team distributed across the APAC region. Scallop's development journey includes receiving funding from Mysten Labs, a grant from the Sui Foundation, and completing a $3 million strategic financing round. The SCA token was launched in March 2024, alongside the introduction of a ve-token model for governance and staking rewards. The platform has gained substantial traction, evidenced by nearly $200 million in total value locked and significant user activity within its ecosystem.
Related Assets
Resources
Learn More About Scallop
Frequently Asked Questions (FAQs)
What is the current price of Scallop (SCA)?
The Scallop price is $0.43693169 AUD, representing a -0.75% from the day prior.
Where is the best place to buy Scallop (SCA) in Australia?
The best place to buy Scallop (SCA) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Scallop (SCA) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Scallop (SCA)?
The trading volume of Scallop (SCA) is $21.5M AUD in the last 24hrs, representing a -0.75% from the day prior.
How can I buy Scallop (SCA)?
Scallop (SCA) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Scallop (SCA)?
The current market cap of Scallop (SCA) is $31.4M AUD.
Can I convert Scallop (SCA) to cash?
Yes - With Coinstash you can convert your Scallop (SCA) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Scallop (SCA) are there?
The current circulating supply of Scallop (SCA) is 73.0M.
Is Coinstash a safe place to buy Scallop (SCA) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Scallop (SCA) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.