Scallop
Crypto Overview
Project Overview
Scallop (SCA) is a cryptocurrency project that aims to bridge traditional banking with decentralized finance (DeFi). The project's stated purpose is to provide banking services, including accounts that can hold both fiat and cryptocurrencies, along with features like international transfers and a crypto-enabled debit card.
Utility Assessment
The SCA token serves as the native token of the Scallop ecosystem. Its primary utilities include: Governance rights for holders to participate in protocol decisions, Rewards for platform usage and staking, and Fee reductions for Scallop banking services.
Development and Adoption
The project has shown consistent development activity, with regular updates to their banking infrastructure. They have obtained regulatory approvals in multiple jurisdictions and formed partnerships with Visa for their debit card services. However, current adoption metrics for their banking services remain modest.
Token Distribution and Governance
The token distribution includes allocations for development (20%), team (15%), advisors (5%), and public sale (30%), with the remaining allocated to ecosystem growth and liquidity. Team tokens have vesting periods implemented to prevent immediate selling.
Revenue Model
The project generates revenue through traditional banking service fees and transaction fees, which is permissible from an Islamic perspective as it represents payment for actual services rather than interest-based income.
Crypto Impact
To assign a comfort level investing in Scallop from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Scallop.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.