FAQs

Who is behind Scallop?

The Scallop Project Contributors currently consist of 7 core members who are solely focused on this project. The CEO and founder bring extensive experience in web application security, development, and crypto, having founded Scallop in early 2021 and expanded it to the Sui network in 2022. Under their leadership, the project contributors have achieved numerous milestones, such as receiving the first DeFi project award grants from the Sui Foundation and ranking high in various Hackathon and CTF challenges.

For more Scallop Project Contributor info please visit​ https://scallop.io/

Does Scallop charge any fees?

In order to ensure the long-term operation of the protocol, Scallop charges a certain percentage of transaction fees for specific functionalities. Additionally, Scallop incurs some basic operational costs, which include blockchain Gas Fees and Oracle consensus fees.

Borrowing Fee

When users take out a loan, 0.1% of the borrowing amount will be paid to the protocol as protocol income.

Borrowing Interest Fee

When users pay the borrowing interest, 10% of the total interest amount will be paid to the protocol as protocol income.

Liquidation Fee

When a user's unhealthy accounts are liquidated, 1% of the liquidation amount will be paid to the protocol as protocol income.

Flash Loan Fee

When users use flash loans, 0% of the flash loan amount will be paid to the protocol as protocol income.

Sui Network Fee

Sui Network Fees are necessary for processing your transactions on Scallop. These Sui transaction fees are deducted from your wallet when your transaction is executed. (Usually less than 0.0001 SUI)

Oracle Fee

We have added an extra layer of security for the oracle (the oracle responsible for price provider), as a tradeoff you need to pay an additional fee to fetch from multi-oracle. (Usually less than 0.01 SUI)