Suilend vs Scallop: Which Sui Lender Fits You?
Suilend vs Scallop compared: TVL now and at peak, Account NFTs vs sCoins, SEND vs veSCA, fees, oracles, isolated assets and each lender's incident history.
Suilend is now about 16 times Scallop's size, with about $142.8 million of TVL against Scallop Lend's $8.9 million on 31 October 2026 per DefiLlama, so Suilend fits users who want deep markets and SpringSui looping, while Scallop fits users who want tokenized deposit receipts (sCoins) and veSCA-boosted borrow rewards. Both are pooled lending markets on Sui with floating rates, isolated assets and overcollateralized loans.
The two started in different eras. DefiLlama tracks Scallop from July 2023, and Suilend launched in March 2024. Scallop's TVL peaked at about $195.4 million on 18 November 2024. Suilend's peaked at about $749.6 million on 28 July 2025. Both have shrunk with the rest of Sui DeFi since then.
Size and activity
On 31 October 2026 DefiLlama's Suilend page showed about $142.8 million of TVL, which DefiLlama counts net of borrows, and about $69.1 million borrowed. Scallop Lend showed about $8.9 million of TVL and $2.1 million borrowed. Suilend was the largest lender on Sui that day, just ahead of NAVI at about $141.2 million.
Size matters for a lender in practical ways. Deeper pools mean you can deposit or withdraw a large amount without moving the rate much, and borrowers can find liquidity. A small pool can hit 100% utilization faster, and then suppliers have to wait for repayments to withdraw.
Suilend's parent also runs SpringSui, the largest Sui liquid staking token at about $57.5 million, and the STEAMM AMM. Scallop's parent group on DefiLlama includes Scallop Lend and an aggregator. For the full ranking, see our Sui TVL breakdown.
How deposits work: Account NFTs vs sCoins
When you supply on Scallop, you receive an sCoin: sSUI for SUI, sUSDC for USDC and so on. The sCoin docs describe it as interest-bearing, with an exchange rate against the underlying that rises as interest accrues. An sSUI at an exchange rate of 1.03 is worth 1.03 SUI. Because sCoins are ordinary tokens, you can hold them in a wallet, move them, or use them in other apps.
Scallop's sSUI is a lending receipt. It is a different token from SpringSui's sSUI, which is a staking token. The shared name causes confusion; check the coin type before you trade either.
Suilend records your deposits and borrows in an Account NFT, a dynamic NFT in your wallet that updates as your balances change. Suilend's docs warn that whoever holds the NFT controls the account, and that Suilend cannot recover assets if you transfer or burn it.
Scallop separates supply from borrowing. To borrow, you open an Obligation, a shared object that records your collateral and debt, and you hold an ObligationKey NFT that proves ownership. You can open several obligations, and each one is independent.
Markets, isolation and fees
Both protocols isolate riskier assets. On Suilend, an isolated asset must be the only asset borrowed in an account, and the collateral behind it can't support other borrows. Suilend also runs separate isolated markets, such as one pairing XAUm with USDC, where it can set custom rate curves and higher loan-to-value ratios without touching the main market.
Scallop sorts assets into main, emerging and isolated. Borrowing an isolated asset typically requires a 200% collateral ratio, and an obligation with isolated debt can't hold any other debt. Scallop's docs suggest opening a separate obligation for it.
Fees differ in structure. Scallop charges a borrowing fee deducted from the loan: 0.3% for main assets and 1% for emerging and isolated assets, per its fee page. It takes 1% of liquidation proceeds and 0.1% of flash loans. Suilend's docs describe a protocol fee on borrower interest, typically 20% of the borrow rate, and its Strategies FAQ says Suilend charges no borrow fees.
Scallop also sets daily outflow limits on its pools to slow sudden large withdrawals. In its docs the SUI pool limit was 3 million SUI a day and native USDC 10 million a day.
SEND vs SCA and veSCA
Suilend's token is SEND, launched in December 2024 with a 100 million supply split 65% community, 20% investors and 15% team. It was distributed through "mdrops," where claiming early carried a penalty paid in SUI that decreased over time. Suilend's docs say SEND holders will take part in governance of a planned Suilend DAO and stand to benefit from potential revenue sharing.
Scallop's token is SCA. Locking SCA gives you veSCA, with the amount set by the lock length up to four years, per Scallop's veSCA docs. veSCA decays to zero as the unlock date approaches, and you can't shorten a lock. Its main use is boosting borrow incentive rewards: the docs give an example of a boost of up to 5x, and the boost you get depends on your share of veSCA relative to your position size. Our veSCA explainer works through the maths.
The practical difference: on Scallop, a large borrower who wants the full incentive needs to lock SCA for years. On Suilend, rewards don't depend on locking a token.
Liquidations and oracles
Suilend prices positions with Pyth and Switchboard. When an account crosses its liquidation threshold, liquidators repay 20% of the debt and collect a 5% bonus on that amount, per the liquidation docs. Our guide to the health factor explains the threshold.
Scallop's docs describe a planned multi-oracle setup with Pyth, Switchboard and Supra, but say that Scallop currently relies on Pyth alone because it is the only provider with comprehensive, stable price data on Sui. A single price source is simpler, and it removes the cross-check a second feed would give.
Suilend vs Scallop at a glance
| Suilend | Scallop | |
|---|---|---|
| TVL, 31 Oct 2026 (DefiLlama) | about $142.8M | about $8.9M |
| Borrowed | about $69.1M | about $2.1M |
| Peak TVL | about $749.6M (28 Jul 2025) | about $195.4M (18 Nov 2024) |
| Live since | March 2024 | Tracked from July 2023 |
| Deposit receipt | Account NFT | sCoin token, plus ObligationKey for borrowing |
| Risk isolation | Isolated assets and isolated markets | Isolated and emerging assets, multiple obligations |
| Borrow fee | None, per Strategies FAQ | 0.3% main, 1% emerging and isolated |
| Oracles | Pyth and Switchboard | Pyth (multi-oracle planned) |
| Token | SEND | SCA, locked as veSCA |
| Sister products | SpringSui (sSUI), STEAMM, Strategies | Aggregator, veSCA boost |
| Audits listed in docs | Zellic, OtterSec, Certora formal verification | Zellic, OtterSec, MoveBit, Asymptotic |
Incident history
Scallop: on 26 April 2026 an attacker drained about 150,098 SUI, roughly $142,500, from a deprecated sSUI rewards contract. Blockaid's write-up traced it to a missing pool check in the update_points function and says user principal in the lending markets was not touched. Scallop paused the affected contracts and said it would cover the loss in full from its own funds.
Suilend: on 9 September 2025 the price of IKA jumped from about $0.04 to $0.47, and some IKA loans were liquidated at inflated values. That left a shortfall of about $379,000, which depositors absorbed through a cut of about 6% to their IKA balances, as Coinfomania reported. Suilend paused IKA lending; other markets stayed live. On 4 November 2025 Suilend also paused its Elixir isolated market after Stream Finance reported losses, and restored withdrawals the next day once Elixir repaid its USDC debt.
Suilend's risk page says past bad debt in the main pool was covered by its insurance fund, and that losses in uninsured pools are shared across all users.
Which one fits you
Suilend suits you if you want the deeper pools on Sui, plan to loop SUI through sSUI, or want one-click Strategies that handle the minting and borrowing. You accept that isolated pools can socialize losses, as the IKA event showed.
Scallop suits you if you want a transferable deposit token that other Sui apps can hold, already own SCA and are happy to lock it, or want to keep several independent borrowing positions. You accept a much smaller market and a single oracle provider.
For how both compare with NAVI, read our Sui lending protocols comparison and NAVI vs Suilend. To get started, see how to use Suilend or our Scallop guide. Our Suilend explainer and SpringSui explainer cover the Suilend side in more depth.
Where JewelSwap fits
JewelSwap builds on Scallop rather than competing with either lender. Its auto-compounded leveraged yield farms on Sui, on pairs such as suiUSDT-USDC and BTC pairs, each hold a Scallop obligation. The borrow incentives on those obligations are boosted with veSCA from a shared pool funded by SCA that JWLSCA stakers have locked. Farm returns are variable and depend on Scallop's incentives and borrow costs.
Frequently asked questions
Is Suilend bigger than Scallop?
Yes. On 31 October 2026 DefiLlama put Suilend at about $142.8 million and Scallop Lend at about $8.9 million. Scallop's TVL peaked at about $195.4 million in November 2024.
What is the difference between Scallop sCoins and Suilend deposits?
Scallop gives you an sCoin token whose exchange rate rises with interest, and you can hold or move it like any coin. Suilend records deposits and borrows in an Account NFT that controls your whole position.
Has Scallop been hacked?
On 26 April 2026 an attacker drained about 150,098 SUI from a deprecated Scallop rewards contract. Blockaid reported that user principal in the lending markets was not touched, and Scallop said it would cover the loss.
Do I need veSCA to use Scallop?
No. You can supply and borrow without it. veSCA, made by locking SCA for up to four years, only boosts the incentive rewards on your position.
Which oracles do Suilend and Scallop use?
Suilend uses Pyth and Switchboard. Scallop's docs say it currently relies on Pyth alone, with Switchboard and Supra planned for a multi-oracle setup.
Educational only, not financial advice. Figures from DefiLlama and protocol docs, checked 31 October 2026. DeFi carries smart-contract, oracle and liquidation risk.
