Scallop Celebrates $1.5M Revenue Milestone with $100K SCA Buyback
CryptoNewsTerminal Staff09 Sep, 2024
Scallop Celebrates $1.5M Revenue Milestone with $100K SCA Buyback
Scallop, a decentralized lending protocol built on the SUI blockchain, has announced a $100,000 buyback of its native token, SCA, to celebrate surpassing $1.5 million in cumulative protocol revenue. This community reward event will run from September 11 to 15, and to be eligible for the SCA allocation, community members must hold at least 800 veSCA. Scallop also highlighted that the protocol has surpassed 10 million SCA staked and boasts an average staking duration of approximately 3.7 years. This buyback event demonstrates Scallop's commitment to its community and provides a compelling incentive for continued support.
