Sui ecosystem's decentralized lending protocol, Scallop, has teamed up with digital wallet Backpack Wallet to launch a collaborative lending incentive campaign. This initiative aims to boost user engagement with its platform's lending features and enhance ecosystem activity. The program offers a total incentive pool of $10,000 worth of native SCA tokens and runs until July 1, 2025, 17:00 UTC.
Key Features of the Incentive Program
- Eligibility: Open to all users who connect to Scallop DApp via Backpack Wallet.
- Requirements: Borrow or lend at least $50 worth of digital assets during the campaign period and maintain the position until the program concludes.
- Exclusions: Only new positions opened via Backpack Wallet during the event qualify—existing positions or transactions through other wallets are ineligible.
Why This Collaboration Matters
Scallop, a rising lending protocol on Sui, focuses on delivering secure, efficient, and user-friendly decentralized financial services. Partnering with Backpack Wallet—a multi-chain Web3 wallet—allows Scallop to expand its user base while offering seamless asset management.
👉 Discover how to participate in Scallop’s lending program
Incentive Distribution & Impact
- The $10,000 SCA rewards will be allocated based on users' borrowing/lending activity and duration.
- Funds will be distributed post-event to eligible wallets, enhancing platform liquidity and user retention.
Market Insights
Industry experts highlight that such incentives are strategic for attracting users amid the crypto market recovery. SCA’s reward mechanism also:
- Expands token utility.
- Strengthens community engagement.
Rules & Fairness
Scallop reserves the right to disqualify addresses engaging in:
- Artificial volume inflation.
- Circular borrowing.
This underscores Scallop’s commitment to transparency and authentic participation.
The Bigger Picture
This collaboration reflects DeFi’s trend of cross-protocol growth strategies. By combining resources, Scallop solidifies its position as a leading Sui lending protocol, while users gain tangible benefits—a win-win.
FAQs
1. How do I qualify for Scallop’s SCA rewards?
- Use Backpack Wallet to borrow/lend $50+ on Scallop DApp and maintain the position until July 1, 2025.
2. Can I participate if I already have a Scallop loan?
- No—only new positions opened during the event via Backpack Wallet are eligible.
3. When will rewards be distributed?
- After the campaign ends (July 1, 2025), directly to qualifying wallets.
4. What chains does Backpack Wallet support?
- Backpack Wallet offers multi-chain compatibility, including Sui.
👉 Learn more about Backpack Wallet’s features