The loan @ Scallop_io on Sui has some decent capacity Borrower subsidies, which can basically achieve interest free borrowing, and there is also some arbitrage space for certain assets. This part of the borrower subsidy comes from the SUI provided by the Sui Foundation and the platform token SCA. Taking borrowing USDC as an example, the subsidy APR can basically offset the loan interest, and there are also some asset subsidies that can exceed the loan interest and have arbitrage opportunities. However, there are a few points to note: 1. The APR range is determined based on veSCA, and for most people who are not locked in, the basic APR is obtained. 2. Borrowing comes with an additional 0.3% fee, which sets it apart from other lending platforms and is also one of the platform's sources of income. We need to calculate how long it will take to cover this part of the cost ourselves. 3. Pay attention to the available liquidity capacity of each market. When the available funds in the pool decrease, the interest rate curve will rise, and the interest cost may exceed the subsidy incentive. Scallop ranks fourth in TVL on Sui, with a current revenue of $4 million, probably due to the difference between transaction fees and lending market interest rates mentioned above. According to Defillama's statistics, the revenue in the last month was $388000, which is estimated to be around $4.6 million per year. This may not seem like much, but the total TVL is currently $130 million. This type of agreement revenue is strongly associated with TVL, and if TVL explodes, its revenue capacity will also grow rapidly. In fact, due to the existence of the 0.3% fee, Scallop's paper profitability is stronger than other lending projects. With the support of SUI subsidies, it is equivalent to Sui officially helping Scallop make money. If the subsidies end in the future, it may have to rely on the project's own VE model to maintain it, or it may also be possible to cancel this fee.