Referral
The Scallop Referral Program pays you to bring borrowers to Scallop. Every Scalloper can create a referral link and share it. When someone binds to your link, both of you earn from every borrow that person makes.
Referral Program v2 is live. It rebalances the veSCA tiers, lets you unbind and rebind at any time, and lets you bind to your own link.
What is new in v2
Rebalanced tiers. More veSCA now gives a much larger discount and share.
Unbind and rebind. You still have one referrer at a time, but the choice is no longer permanent. You can unbind at any time and accept a new link.
Self-referral. You can bind to your own referral link. You then get the discount and the share together, as one Self-Bind Rebate.
How it works
Your referral link belongs to a veSCA key, not to your wallet. If you hold several veSCA keys, each key has its own link.
The binding is between the referee's wallet address and the referrer's veSCA key. It covers every obligation account in that wallet. Version 1 bound the obligation key instead.
Every time the referee borrows, Scallop splits the borrow fee:
The referee pays less. This is the Borrow Fee Discount.
The referrer earns a cut of the fee. This is the Borrow Fee Share.
Both rates come from the referrer's tier. The tier follows the current veSCA balance of the bound key. veSCA decays over time, so a tier can fall. Lock more SCA, or lock for longer, to hold a tier.
Tier-based rates
0
0%
0%
0%
1,000
5%
5%
10%
50,000
15%
15%
30%
100,000
20%
25%
45%
500,000
35%
35%
70%
1,000,000
50%
49%
99%
A tier applies from its veSCA amount up to the next one. The Self-Bind Rebate is the discount plus the share. You get it only when you bind to your own link.
The rates table in the app reads these values from the chain. These rates can change in the future.
Self-referral
Bind to your own referral link and you take both sides of the split. The app shows the total as the Self-Bind Rebate.
Self-referral is the best option if nobody else refers you and you hold veSCA. At 1,000,000 veSCA the rebate reaches 99% of your borrow fee.
Examples
Scallop charges a 0.3% borrow fee on main assets. Emerging and isolated assets cost 1%. See Fee.
Example 1: refer a friend
Scalloper A holds 1,000,000 veSCA and shares a referral link. Scalloper B binds to it.
Scalloper B borrows $1,000 of a main asset:
Base borrow fee: $1,000 × 0.3% = $3
Scalloper B pays: $3 × (100% − 50%) = $1.50
Scalloper A earns: $3 × 49% = $1.47
Example 2: bind to your own link
Scalloper C holds 100,000 veSCA and binds to their own link. The rebate is 20% + 25% = 45%.
Scalloper C borrows $1,000 of a main asset:
Base borrow fee: $1,000 × 0.3% = $3
Scalloper C pays: $3 × (100% − 20%) = $2.40
Scalloper C earns back: $3 × 25% = $0.75
Net cost: $2.40 − $0.75 = $1.65
How to create your referral link
Step 1: Open the Referral page.
Step 2: Click Start Earning.
Your wallet asks you to sign a message. If you hold no veSCA key yet, the app first creates an empty one for you. That step is a transaction.
Step 3: Copy your link and share it.
Your link looks like https://app.scallop.io/referral?ref=<code>. The Referral Reward panel shows the discount your referees get and the share you earn. Use the X and Telegram buttons to post the link.
If you hold several veSCA keys, pick the key in the dropdown at the top of the panel. Each key has its own link and its own rewards.
How to accept a referral
Open a referral link. The app shows the Referral Invitation dialog with the referrer address and your discount. Click Accept Refer and approve the transaction.
The My Referrer panel then shows who referred you, their veSCA, your discount, and the fees you saved.
How to switch your referral
Open a new referral link while you are already bound. The app shows the Switch Referral dialog. It puts your current referral next to the new one, so you can compare the rates.
Click Switch Referral to change. One transaction unbinds the old referrer and binds the new one. The change takes effect at once, and you can switch again later.
How to unbind
Open the My Referrer panel and click Unbind. Approve the transaction.
Your discount stops the moment you unbind. You keep what you already saved. You can accept a new link at any time, including your own.
How to claim your rewards
The Referral Overview panel shows your total fee earned, your veSCA keys, your referral count, and your pending reward.
Click the claim button. Scallop collects the fees from every one of your veSCA keys, swaps them to SCA, supplies the SCA, and sends you sSCA. Your reward keeps earning lending yield from that point.
To earn a bigger discount and a bigger share, lock more SCA and lock it for longer.
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