How does Scallop work?

Scallop operates as a decentralized money market on the Sui blockchain, enabling users to supply assets as collateral for borrowing or earn interest through lending. Borrowing capacity is determined by collateral value, with dynamic interest rates adjusted based on market demand. The platform utilizes Sui's high-speed infrastructure for transaction validation and integrates multi-oracle price feeds to mitigate manipulation risks.

Is Scallop a secure platform?

Scallop prioritizes security through third-party audits by Zellic, Ottersec, and MoveBit, alongside a $300,000 bug bounty program. Its smart contracts employ multi-signature protocols and segregated collateral management to minimize risks. The platform also leverages Sui's consensus mechanism and on-chain transparency for tamper-resistant operations.

Users start by connecting a Sui-compatible wallet (e.g., TokenPocket) and bridging assets via Wormhole for cross-chain deposits. Assets can then be supplied to lending pools or used as collateral for borrowing through an intuitive interface. Repayments, withdrawals, and staking operations are executed directly within the platform's dashboard.

What services does Scallop offer?

Scallop provides high-yield lending, low-cost borrowing, automated market-making (AMM) tools, and asset management services. It supports major tokens like SUI, USDC, and USDT, with SDK integration for advanced trading strategies. The platform also incentivizes participation through veSCA staking rewards and ecosystem partnerships.

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FAQ

How does Scallop work?
Scallop operates as a decentralized money market on the Sui blockchain, enabling users to supply assets as collateral for borrowing or earn interest through lending. Borrowing capacity is determined by collateral value, with dynamic interest rates adjusted based on market demand. The platform utilizes Sui's high-speed infrastructure for transaction validation and integrates multi-oracle price feeds to mitigate manipulation risks.
Is Scallop a secure platform?
Scallop prioritizes security through third-party audits by Zellic, Ottersec, and MoveBit, alongside a $300,000 bug bounty program. Its smart contracts employ multi-signature protocols and segregated collateral management to minimize risks. The platform also leverages Sui's consensus mechanism and on-chain transparency for tamper-resistant operations.
How to use Scallop?
Users start by connecting a Sui-compatible wallet (e.g., TokenPocket) and bridging assets via Wormhole for cross-chain deposits. Assets can then be supplied to lending pools or used as collateral for borrowing through an intuitive interface. Repayments, withdrawals, and staking operations are executed directly within the platform's dashboard.
What services does Scallop offer?
Scallop provides high-yield lending, low-cost borrowing, automated market-making (AMM) tools, and asset management services. It supports major tokens like SUI, USDC, and USDT, with SDK integration for advanced trading strategies. The platform also incentivizes participation through veSCA staking rewards and ecosystem partnerships.

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