Scallop Token
$SCA
Name: Scallop Token
Ticker: $SCA
Chain: Sui
Total Supply (Max): 250,000,000 SCA
The native cryptographically-secure fungible protocol token of Scallop (ticker symbol $SCA) is a transferable representation of attributed utility functions specified in the protocol/code of Scallop, and which is designed to be used solely as an interoperable utility token thereon.
$SCA is a functional multi-utility token which will be used as the medium of exchange between participants on Scallop in a decentralised manner. The goal of introducing $SCA is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on Scallop without any intermediaries such as centralised third party entity/institution/credit. It is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $SCA does not in any way represent any shareholding, ownership, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will $SCA entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in the British Virgin Islands, Singapore or any relevant jurisdiction. $SCA may only be utilised on Scallop, and ownership of the same carries no rights, express or implied, other than the right to use $SCA as a means to enable usage of and interaction within Scallop. The secondary market pricing of $SCA is not dependent on the effort of the Scallop Project Contributors, and there is no token functionality or scheme designed to control or manipulate such secondary pricing.
For the avoidance of doubt, neither the Company nor the Distributor deals in, or is in the business of buying or selling any virtual asset or digital payment token (including $SCA). Any sale or distribution of tokens would be performed during a restricted initial period solely for the purpose of obtaining project development funds, raising market/brand awareness, as well as community building and social engagement; this is not conducted with any element of repetitiveness or regularity which would constitute a business.
Further, $SCA provides the economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on Scallop, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. $SCA is an integral and indispensable part of Scallop, because without $SCA, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on Scallop. Given that additional $SCA will be awarded to a user based only on its actual usage, activity and efforts made on Scallop and/or proportionate to the frequency and volume of transactions, users of Scallop and/or holders of $SCA which did not actively participate will not receive any $SCA incentives.
$SCA emissions on deposits & borrows. Scallop itself is simply a set of deployed smart contracts which does not offer any resources for utilization. As such, to ensure that the protocol is able to perform its core peer-to-peer money market functions other users would need to be incentivized to deposit into or borrow from the protocol. As compensation for opportunity costs, these participants who help to promote the adoption of Scallop by staking or including assets to liquidity pools would be rewarded with $SCA (i.e. "liquidity mining" on Scallop), according to each user's relative contribution after various adjustment and correction parameters. Distributing $SCA in this manner ensures that the governance token will be distributed primarily to key network contributors and allow them to have a say in protocol parameters.
$SCA would allow holders to propose and vote on governance proposals to determine future features, modifications, and/or parameters of Scallop, with voting weight calculated in proportion to the tokens staked. The right to vote is restricted solely to voting on features of Scallop; it does not entitle $SCA holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets to token holders, or select the board of directors or similar bodies of these entities, or determine the development direction of these entities, nor does $SCA constitute any equity interest in any of these entities or any collective investment scheme; the arrangement is not intended to be any form of joint venture or partnership. After the governance launch, there will be no individual or corporate entity or another active promoter, sponsor, group, or affiliated party that maintains sole control over Scallop.
$SCA tokens can be employed to provide discounts on borrowing interests fee for users holding a predetermined amount of tokens, thereby creating additional utility for $SCA.
Only users who supply/borrow into Scallop pools activate eligibility to receive $SCA emissions within the peer-to-peer money market. $SCA Liquidity mining emissions will be vested for three months. Vesting $SCA may be claimed early for an exit penalty to receive 10-75% of rewards, decaying linearly during the three-month vesting period.
Emission Rate | Allocation |
|---|---|
Liquidity Mining | 45.00% |
Scallop Project Contributors | 18.50% |
Dev & Operation | 4.00% |
Advisor | 2.00% |
Strategic partners | 10.00% |
Ecosystem/Community/Marketing | 8.50% |
Liquidity | 5.00% |
Treasury | 7.00% |
- Liquidity Mining is Distributed via a variety of liquidity incentivization schemes.
- Scallop Project Contributors are Owned by the founding team contributors.
- Dev & Operation Allocated for development and operational purposes.
- Advisor Owned by key advisors.
- Strategic partners Up to 10% reserved for private fundraising and strategic partnerships.
- Ecosystem/Community/Marketing Allocated to fund marketing and platform growth initiatives.
- Liquidity 5% reserved for liquidity.
- Treasury 7% reserved for the Treasury.
- Scallop Project Contributors
- 1.5 years locked and 3.5 years linear unlock
- 5% unlock while TGE (Token Generation Event)
- Advisor
- 1.5 years locked and 3.5 years linear unlock
- 5% unlock while TGE (Token Generation Event)
- Dev & Operation
- 5 years linear unlock
- Angel round
- 1 year locked and 3 years linear unlock
- 5% unlock while TGE (Token Generation Event)
- Pre-seed round
- 1 year locked and 2.5 years linear unlock
- 5% unlock while TGE (Token Generation Event)
- Seed round
- 1 year locked and 2 years linear unlock
- 8% unlock while TGE (Token Generation Event)
Last modified 1mo ago