Scallop is pleased to announce the native SCLP token made its way to PancakeSwap on October 28. 2021. Additionally, Gate.io trading went live on the same date. Providing broader access to Scallop’s ecosystem and asset, SCLP also achieved a World premier Listing on the KuCoin platform today briefly touching an ATH of $100 and is doing close to 20x at the time of this publication.
Scallop brings their native asset to multiple major trading platforms. The listing of SCLP on KuCoin, PancakeSwap, and Gate.io democratizes access to the asset and allows more people to use this ecosystem. SCLP is the native currency for Scallop’s on-chain DeFi banking ecosystem and is required to access products, rewards, and trading bonuses.
Paying fees on the Scallop platform is done through SCLP, as the asset resides on the Scallop Chain. For those unaware, Scallop Chain is the world’s first regulated blockchain. Users pay fees for trading digital assets and using the on/off ramps to convert between fiat and cryptocurrency. Additionally, institutional clients can use SCLP to pay management fees on the platform.
SCLP is a BEP-20 token on the Binance Smart Chain. Its initial supply consists of 8,450,000 tokens – from a total supply of 100,000,000 – at an initial market capitalization of $1,267,5000. Additionally, 23.5% of the tokens were allocated to strategic investors in Scallop’s seed funding round, with the remaining 76.5% reserved for the company’s business activities.
Scallop CEO and Founder Raj Bagadi adds:
“The distribution of SCLP into the hands of the public is a primary objective for the token. It maintains the ethos of our overall vision - which is to accelerate the transition to a more equitable and decentralised financial system. The exchange listings represent fairer access for regular people. I’m extremely proud of the staking program as it highlights the opportunities available in DeFi for the masses compared to traditional finance.”
Scallop is also kicking off its staking platform on October 28, 2021. The platform, found at app.scallopchain.com, will provide users with premiums on top of traditional value holders. As Scallop’s staking program provides freedom, it is not required to keep funds in a crypto wallet or exchange account. Moreover, it supports staking from 30 days up to four years. Staking longer periods yields higher rewards up to 200% APY.