Introduction to Scallop's Latest Incentives
The SUI ecosystem continues to thrive with high-quality projects, and Scallop stands out as its leading platform. On July 17, 2024, Scallop launched its second Loyalty Program, distributing $100,000 worth of SCA tokens (313,353 SCA) through a buyback mechanism to reward users.
Key Program Details:
- Duration: July 17–21, 2024 (4 days)
- Reward Pool: 313,353 SCA tokens ($100,000)
- Daily Distribution: Rewards allocated proportionally to veSCA holders
- Minimum Stake: 500 SCA (~$160)
- Lock Period: Minimum 2 days
Why This Isn't a "Trap" – Understanding Scallop's Model
Critics often misunderstand staking requirements. Here’s why Scallop’s approach benefits users:
veSCA Has Intrinsic Value
- Earn 20% APR by providing veSCA liquidity
- Participate in governance and revenue sharing
- Full principal (SCA) recoverable after lock-up (2 days to 4 years)
- The Loyalty Program Is a Bonus
The $100,000 reward pool is an additional incentive for existing stakers—not a scheme to lock funds.
Step-by-Step Interaction Guide
Prerequisites:
- Install Sui Wallet
- Hold ≥500 SCA tokens + Sui for gas fees
Interaction Steps:
- Access Platform: Scallop App
👉 Maximize rewards with this referral link Navigate to veSCA Section
- Enter stake amount (min. 500 SCA)
- Select lock period (2 days minimum)
- Confirm via wallet
Claim Daily Rewards
- Check rewards at 10:00 UTC daily
- Withdraw anytime after July 21
Reward Calculation Table
| veSCA Staked | 4-Day Estimated Reward (SCA) | USD Value* |
|---|---|---|
| 500 | ~23.2 | $7.40 |
| 1,000 | ~46.4 | $14.80 |
| 5,000 | ~232 | $74.00 |
| 10,000 | ~464 | $148.00 |
*Based on SCA price: ~$0.32
Formula: Your Reward = (Your veSCA / Total veSCA Pool) × Daily Reward Pool
Current veSCA Pool: 6.75 million
FAQs: Scallop Loyalty Program
1. Is there a risk of impermanent loss?
No. Scallop’s staking involves fixed-term locking (like a CD), not liquidity pool exposure.
2. Can I unstake early?
Partial early unstaking incurs penalties. Optimal strategy: Stick to chosen lock period.
3. How does this compare to other SUI projects?
Scallop offers 3-5x higher APR than typical SUI DeFi platforms due to veSCA incentives.
4. Where can I track my rewards?
Real-time data available on Suivision Explorer.
Strategic Insights
- Short-Term (2-4 days): Ideal for testing the platform
- Long-Term (1+ months): Higher yields + governance perks
- Pro Tip: 👉 Combine veSCA with LP farming for compounded returns
Disclaimer: Always assess personal risk tolerance. This guide analyzes potential outcomes but isn’t financial advice.
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