Scallop Protocol, the leading lending and borrowing protocol on Sui Network, has raised a total of $3M through its Investment Rounds!

The team is also excited to share that the company has just concluded its Q1 2024 Strategic Investment Round, co-led by CMS Holdings and 6th Man Ventures!

The Q1 2024 Investment Round also featured participation from various notable investors including Kucoin Labs, Blockchain Founders Fund, Oak Grove Ventures, Side Door Ventures, UOB Venture Management, Signum Capital, Cypher Capital, Mysten Labs, Kyros Ventures, Criterion, 8186 Capital, 7UpDao, LBank Labs, ViaBTC, Cetus Protocol, AC Capital, and Zellic.

Scallop Protocol first went Main-net on Sui back in July 2023 and rapidly gained popularity due to its user-friendly UI, innovative functionalities, and high level of protocol security. Scallop achieved an all-time-high TVL value of $156M, with over $15 Billion in total lending & borrowing volume and over $2 Billion in Flash Loans volume. This placed Scallop in the Number 1 spot across all DeFi protocols on Sui Network.

With this funding, Scallop Protocol will be able to scale and integrate new features to enhance the user experience and become the leading All-In-One DeFi protocol. Some features that Scallop Protocol has pushed include a Flash Loan SDK, Scallop Swap powered by Aftermath Finance and many more.

In the coming days, Scallop Protocol will be moving into the next stage of development with its highly anticipate

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Author: AMBCrypto Team

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