About

Scallop is a decentralized Money Market protocol and platform that is part of the Sui blockchain ecosystem. It focuses on delivering a dynamic Money Market that includes high-interest lending, low-fee borrowing, automated market making, and digital asset self-administration tools. Scallop also provides an SDK for professional traders.

History

Scallop was founded in 2021 by developer and cybersecurity engineer Kris Lai and co‑founder Donnie Chen, with an initial deployment on Solana before the team decided to focus on Sui’s Move‑based ecosystem. Slightly

In early 2024, the team announced a $3M round from institutional backers such as CMS Holdings, 6th Man Ventures, KuCoin Labs, UOB Venture Management, Signum Capital, Cypher Capital Group and others, alongside Web3 angel investors like Dingaling, Zeneca, VirtualBacon, Cryptonauts, Mario Nawfal, Alex Krüger, and Anbessa.

In March 2024, the SCA TGE concluded, synchronized with the token listing on Bitget, which opened SCA deposits on March 7, 2024, and began spot trading on March 8, 2024.

In April 2025, the team introduced veSCA, a vote-escrowed form of the SCA token, which users receive by locking SCA for a specified duration, granting them governance voting power, boosted yield rewards, fee sharing, and access to loyalty programs while reducing token circulation and promoting protocol decentralization.

Throughout 2025, SCA had expanded to multiple trading venues, including a Binance Alpha listing and trading competition launched in May 2025 with over $440K equivalent in combined SCA and SUI rewards, further deepening liquidity and reinforcing SCA’s roles in transaction fees, staking (veSCA), and protocol governance. By October 2025, the SCA token was listed on the Kraken Exchange, bringing the total exchanges list to 20, including HTX, Bybit, Gate IO, MEXC Global and others.