How to use Scallop on Solana Mainnet?
This is the guide about how to become a Scalloper on Solana Mainnet.
0. What is Scallop?
Scallop is a diverse no-loss protocol on Solana, it is a finance strategy that can maximize the potential yield with no principal loss. Users can deposit tokens into Scallop Pools, Scallop on-chain program will invoke lending, staking, and stable pool liquidity mining protocols to earn the yield. Every 24 hrs, a winner will be picked from each pool by the on-chain program to get most of the yields, and other yields will keep in the Scallop treasury.
Scallop has a user dashboard called Scallop Tank and on-chain collectibles called Scallop Decorations, Scallop Decorations will show up in Scallop Tank and interact with Scallop protocol, these features make Scallop become a unique DeFi protocol.
The Scallop team has 4 core members and most of them are in Taiwan, they’ve joined many Solana hackathons and did well in the Asia division. In Solana Ignition Asia, they got the highest community vote in over 40 projects. Scallop launched its Devnet beta in April 2022, and the Mainnet is online in August 2022.
Linktree🌲 : https://linktr.ee/scallop_io
1. Buy SOL or other SPL token.
You can jump to 3. if you already have SOL and a Solana wallet.
These are some famous and trustable centralized exchanges in the world, you can use your credit card or some other ways to buy SOL or other cryptocurrencies, Scallop now only supports Solana chain so if you are going to use other tokens like USDC, USDT, etc., please make sure the exchanges support Solana (SPL tokens) version of it, or you can use some great Solana app such as Aldrin, Jupiter to swap your tokens after you send it to your Solana wallet.
2. Install Phantom
You can jump to 3. if you already have a Solana wallet.
Download Phantom Wallet: https://phantom.app/ for your browser.
Let’s create a new wallet.
#1 Create a password.
This password is for this browser, in case bad guys steal your tokens by stealing your laptop, or use it without asking, etc.
Save your mnemonic.
Do not let anybody know your mnemonic, save it safely. (Best Ways to Store Your Mnemonic Passphrase and How)
Now you can copy your Solana address and send your SOL to your wallet!
3. Visit Scallop
Visit Scallop App: https://app.scallop.io/
and “Connect wallet”, Chose “Phantom”.
Key in the password at #1, and click “Connect”.
Let’s try to join Scallop Protocol!
Click the “Deposit” button on the Scallop SOL Solend Lending Pool.
Let’s try to deposit some SOL into Solend lending pool.
Click “Approve” on the Phantom wallet to approve this transaction.
The Transaction Signature pop-out means you did it successfully!
Scallop has a unique dashboard called Scallop Tank to show both joining status and its native on-chain collectibles called Scallop Decorations, it’s like a fish tank NFTs collection cabinet, we hope it can make Scallop become a good Defi + NFTs project design sample.
The deposit amount changing during the round will make you can’t be the winner in 24 hrs.
You can check the latest and the history of winners on the winner page.
And if you win you can claim the prize here.
Scallop Mainnet Beta is the MVP of Scallop on Solana Mainnet, now we only support Scallop Pools to do lending at Solend protocol, we will also invoke some other great lending, staking, and stable pool liquidity mining protocols. Then upgrade Scallop’s decentralization/security level, functions, UI/UX, etc., and keep growing according to the roadmap.
If you found any bugs in Scallop Mainnet Beta or have any suggestions, please feel free to give us feedback in our community. Btw, the addresses who interact with Scallop Mainnet program might will have some rewards in the future🤫!