[PRESS RELEASE – Singapore, Singapore, March 29th, 2025]

Scallop, a lending and borrowing protocol on the Sui blockchain, has recorded an impressive revenue of $79,920 over the past 24 hours, according to recent data from DeFiLlama. This achievement places Scallop second among all decentralized finance (DeFi) lending protocols, trailing only Aave, a well-established name in the sector. The milestone underscores Scallop’s growing prominence within the Sui ecosystem and the broader DeFi landscape.

The Sui Ecosystem: A Foundation for Innovation

Sui, a high-performance Layer 1 blockchain launched in May 2023, has quickly emerged as a hub for scalable and efficient DeFi applications. Designed with a unique object-centric data model and powered by the Move programming language, Sui offers low transaction fees, high throughput, and robust security. These attributes have fueled significant growth in its DeFi ecosystem, with Total Value Locked (TVL) surpassing $2 billion in early 2025, as reported by DeFiLlama. The blockchain’s ability to process transactions in parallel and achieve instant finality has attracted developers and users alike, positioning Sui as a competitive player alongside established networks like Ethereum and Solana.

The Sui Foundation, the organization driving the blockchain’s development, has played a pivotal role in nurturing innovative projects. Scallop stands out as the first DeFi protocol to receive an official grant from the Sui Foundation, a testament to its strategic importance within the ecosystem. This support, combined with backing from prominent industry players such as CMS Holdings, 6th Man Ventures (6MV), UOB Venture Management, and notable individuals like Dingaling, Pentoshi, and Virtual Beacon, has provided Scallop with a strong foundation for growth.

Scallop Protocol: Redefining Lending on Sui

Scallop Lend is a peer-to-peer money market protocol built on Sui, offering users a platform to lend and borrow digital assets with institutional-grade features. Since its token generation event (TGE) a year ago, Scallop has established itself as the top lending and borrowing protocol on Sui, boasting a TVL of approximately $130.27 million as of March 29, 2025. This figure reflects a notable 34% increase over the past seven days, highlighting sustained user confidence and adoption. The protocol’s total deposits and collateral currently stand at $187 million, with cumulative revenue reaching $3.94 million.

Scallop’s design emphasizes accessibility, security, and user experience. It separates lent assets from collateral to enhance resilience and employs a vote-escrow (ve) model to incentivize borrowing activity. Under this model, users who stake Scallop’s native token, $SCA, can access higher yield rewards. To date, the community has locked more than 27 million $SCA tokens—over 10% of the total supply—for an average duration of 3.72 years, signaling strong long-term commitment to the protocol.

In the past three days, Scallop has expanded its offerings by listing the Walrus token and partnering with Binance Wallet to host a yield-focused activity. These developments reflect Scallop’s ongoing efforts to diversify its ecosystem and enhance value for users.

A Competitive Force in DeFi Lending

Scallop’s recent 24-hour revenue of $79,920 positions it as a formidable contender in the DeFi lending space, trailing only Aave, a protocol with a long-standing presence on Ethereum and other chains. With a focus on scalability and innovation, Scallop leverages Sui’s technical advantages to deliver a seamless experience for lenders and borrowers. Its open-source framework has also enabled other projects within the Sui ecosystem to build on its infrastructure, further amplifying its impact.

As the Sui ecosystem continues to mature, Scallop’s performance suggests it is well-positioned to maintain its leadership in lending and borrowing. The protocol’s combination of strategic partnerships, community engagement, and robust metrics underscores its potential to shape the future of DeFi on Sui and beyond.

About Scallop

Scallop is the pioneering Next Generation peer-to-peer Money Market for the Sui ecosystem and is also the first DeFi protocol to receive an official grant from the Sui Foundation.

The protocol offers a range of financial services, including high-interest lending, low-fee borrowing, asset management, and automated market-making (AMM) tools, all on a single platform. Additionally, Scallop provides a software development kit (SDK) that enables professional traders to implement complex trades, including zero-interest loans easily. By emphasizing security and adhering to best practices, Scallop aims to reduce the risk of malicious behavior in the DeFi space, providing users with a trustworthy and reliable platform.

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