Scallop, a decentralized money market platform has unveiled high-anticipated details of its aidrop campaign, which has set aside a community prize pool of 1,200,000 $SCA tokens.
$SCA is the cryptocurrency that powers Scallop’s decentralized finance ecosystem with a total supply of 250 million tokens.
As per the announcement on X, the airdrop will happen in two phases, campaign I and campaign II. Both of them are aimed to make the drop as smooth as possible by introducing a special experience for community users that will make Scallop all the more interesting!
Campaign #1: Scallop Borrowing Airdrop
In Campaign #1 of Scallop’s airdrop, you will stake your SCA to get veSCA tokens, which will make it possible to earn up to a 4x boost on SCA rewards, increasing your borrowing reward APR.
The aim of this first campaign airdrop is distributing veSCA by increasing veSCA holdings to boost incentive rewards. There are three primary reasons for holding veSCA, these include:
- Boosted Borrowing APR on Scallop: Scallop’s Boosted Borrowing APR lets you earn more rewards, effectively maximizing your returns.
- Referral Rewards: Save and earn by inviting family and friends to Scallop through the referral program which follows the following formulae: (Borrow Fee Share + Borrow Fee Discount).
- Loyalty Programs: In certain occasions, Scallop would host loyalty programs, giving back $SCA to veSCA holders. Scallop has hosted 2 loyalty programs thus far
Below is an example of campaign #1 4X boost on SCA rewards
Scalloper X stakes 2,000 SCA for 4 years and earns 2,000 veSCA.
This 2,000 veSCA gives Scalloper X a 4x boost on his SCA borrowing APR.
When Scalloper X borrows 1,000 SUI, he qualifies for 9.87% APR in SUI rewards and 6.3% APR in SCA rewards. With the 4x boost, his total rewards increase to 19.74% APR for SUI and 25.2% APR for SCA.
For more users to experience the benefits of using Scallop as the go-to DeFi platform for crypto staking, lending and borrowing, the platform will be distributing free veSCA to the most loyal borrowers.
The criteria for being eligible to the veSCA airdrop include:
- Borrow $100+ worth of value on Scallop borrowing pools
- The amount of veSCA distributed will be dependent on the amount of value borrowed.
Campaign details
| Total veSCA amount | Snapshot Date | Distribution Date |
| 200,000 | September 2, 2024 | September 4, 2024 |
Campaign #2: Scallop Staking Airdrop Campaign
To show our appreciation for loyal Scallop supporters, the decentralized finance money market protocol will be rewarding stakers with SCA tokens!
Campaign details
All you need to qualify for this airdrop campaign is to stake more $SCA tokens for veSCA, and Scallop will incentivize your loyalty with $SCA.
| Eligibility | Duration | Total Rewards Pool |
| Stake more $SCA for veSCA | September 3 , 2024 (12:00 am UTC) | 1000,000 $SCA |
Throughout the duration of the 2nd airdrop, Scallop will distribute 200,000 tokens each day of the campaign.
The daily SCA rewards will grow over time, so the longer you stake your $SCA, the more you’ll earn in return.
The Reward Distribution Formula for Scallop Campaign #2 Staking Aidrop
Your SCA rewards are calculated using this formula:
- TveSCA: Total veSCA from all participants
- UveSCA:This is the amount of veSCS for specific participant in a snapshot
- Treward: Amount in the reward pool on a particular day.
- Ureward: This denotes the participant’s reward
A snapshot of veSCA will be taken daily at 12am UTC, with the first one recorded on September 3rd at 12am UTC.
How to Get More Rewards on Scallop
The more veSCA you hold, the greater your rewards!
There are two ways to boost your veSCA:
- Lock more SCA: Double your locked SCA, and you’ll double your veSCA.
- Lock SCA for a longer time: For example, if User A locks 1,000 SCA for 40 weeks and User Blocks 1,000 SCA for just 2 weeks, User A will have 20 times more veSCA than User B.
Note: veSCA decreases gradually over time until it reaches zero. You can extend your locking period anytime to increase your veSCA.
Scallop $SCA Staking Rules
To be eligible for SCA rewards, users must meet these requirements:
- Hold at least 800 veSCA
- Stake SCA for a minimum of 2 days
- The maximum staking period is 4 years (208 weeks or 1,460 days)
Final Take
Scallop is just upgrading its user interface when it announced the latest Scallop Swap V2 UI upgrade a few days ago, with which users can swap cryptocurrencies for free across different marketplaces/aggregators.
The upgrade, the airdrop campaigns and the many more other exciting stuff on Scallop’s roadmap indicate the platform has always been on the forefront to deliver the best possible experience for decentralized finance users.
Aside from that, Scallop has set itself apart from other decentralized exchanges by being the world’s first regulated DEX with over seven financial and banking licenses from Canada, the United Kingdom and Estonia, among others.
