Scroll, the fast-growing zero-knowledge layer-2 network, has confirmed that it will launch its airdrop on Oct. 19.

Scroll (SCR) Pre-Market Performance

Scroll (SCR) pre-market futures plunged to a record low of $1.18 on Friday, Oct. 11, as traders expressed concerns about recent airdrops. The lowest point was below its weekly high of $1.74.

Recent high-profile airdrops have struggled. Wormhole’s token has retreated by over 83% from its listing price, Hamster Kombat has dropped by 72% from its all-time high, and Catizen has fallen significantly.

Market Sentiment and Airdrop Impact

The broader crypto market has also been underperforming, with the fear and greed index stuck below 45. Bitcoin has failed to move above the resistance point at $65,000. Another likely reason for the decline is that many recent airdrops leave a substantial number of tokens locked. Wormhole has 2.58 billion tokens in circulation against a maximum supply of 10 billion. Similarly, ZkSync has 3.6 billion tokens circulating and a maximum supply of 21 billion.

Scroll Token Distribution

Scroll will have a maximum supply of 1 billion SCR tokens. Of these, 23% will go to contributing members, while 15% will be allocated for airdrops, with 7% in the first one. The rest will be distributed to investors, the foundation, and ecosystem growth.

These futures don’t provide a clear picture of what will happen after the airdrop since they are offered by just one exchange, and their volume is relatively small. Its 24-hour turnover was just 854,320 contracts.

Scroll’s Path Towards Decentralization

Scroll is embarking on its first step towards decentralization.

Scroll is a growing blockchain network and has emerged as one of the fastest-growing blockchains this year, attracting 103 developers in decentralized finance.

Scroll’s Performance and Adoption

According to DeFi Llama, Scroll has over 83,000 addresses and a total value locked of $807 million. It also holds over $103 million in stablecoins, a notable amount for a network that launched a year ago.

The biggest dApps in its network include Pencils Protocol, AAVE, Tranches Yield, Tokan Exchange, and Kelp DAO. Pencils, the largest dApp in the ecosystem, is a farming network that allows its 709,000 users to generate returns.

Scroll has also become a notable player in the DEX industry, where its dApps handled tokens worth $178 million in the last seven days. These numbers make it a larger blockchain than Cardano, Near Protocol, and Algorand.

#BlockchainNews #CryptoGains #CryptoLife

Post Views: 0