Scroll L2 protocol announces native SCR token

Scroll, the tokenless L2 protocol, has finally announced its upcoming native asset. The SKP token appears after months of a long-awaited airdrop with prolonged and complex farming. 

Scroll announced the parameters of its SCR tokens, after months of farming a long-awaited airdrop. The chain lined up among the most active L2, though still running its high-stakes airdrop campaign. 

https://x.com/Scroll_ZKP/status/1843638328459178043

There is still no clarity on a vesting period for top wallets and an unlock schedule. Users pointed out several possible price scenarios based on other chain airdrops and the growing value locked in Scroll. The token may be valued in a range from $0.50 to $2 and rival the early trading of Arbitrum and Optimism. There are also fears that the end of the airdrop era may hurt the value and activity on the chain, before moving onto organic traffic.

The Scroll airdrop shared the spotlight along with ZKSync, StarkNet and Linea as one of the most active airdrop generations. However, the chain also made its users wait and wonder about the exact tokenomics and eligibility criteria. Scroll has gone through a long airdrop farming period since its testnet launch, requiring tasks like using Aave, liquidity inflows, and bridging. Based on preliminary data, more than 78K users may be eligible for an airdrop. 

Some of the tasks also included DEX swaps, supplying pools with liquidity, as well as taking on ecosystem roles through social media. As with other airdrops, Scroll will have a relatively small allocation for general users, but a bigger share for early contributors, including KOLs. 

The SCR token will have a total supply of 1B, with 15% set aside for the airdrop. The snapshot for eligibility will be on October 19, and the token distribution will start from October 22. The airdrop may be divided into two parts, distributing 7% and 8% of the tokens. The early contributors and investors, however, may end up controlling another 30% of the allocation. If the current tokenomics remains, SCR will start with a relatively low float and release the tokens over the years. 

Scroll launches its token at a time when it is already a mature network with a significant number of users. The goal of the token is further decentralization through ownership and governance. Scroll is currently considered a Stage 0 L2 network, which lacks the full mechanisms for decentralized consensus. Chains that lack sufficient decentralization may lose the endorsement of Vitalik Buterin after the year’s end. 

The Scroll network belongs to the family of ZK Rollups, a technology that is still not fully established. The launch of the SCR token will first build decentralized governance. After that, the token will be used to incentivize the building of provers, special nodes that verify the chain while retaining anonymity. The third stage would be to launch a sequencer to produce blocks based on anonymously proven transactions. 

Scroll locks in nearly $1B in value

Ahead of its token generation event, Scroll already accrued more than $960M in value locked. The chain hosts a lively copy of Aave V3, with more than $330M in value locked. The inflow of DeFi made Scroll one of the more prominent EVM-compatible chains. 

The chain achieved $367M in bridge deposits, with the rest in native assets. Scroll carries two native DEX, as well as the usual mix of yield farming and DeFi lending protocols. The chain reports 255.52K weekly active addresses. 

The past few months boosted the activity on Scroll, mostly due to the extremely low rent paid to the L1 Ethereum chain. Scroll is also a profitable chain, retaining earnings for its validators. During peak times, daily earnings reach $100K, while the past few weeks saw daily earnings under $10K. 

Scroll will be one of the network with extremely low transaction fees of $0.019. The chain is also growing its complex routing transactions, signaling established DeFi activity.

The new SCR token will arrive in an already saturated L2 ecosystem, with more minor chains competing for attention and investments. The most active L2 still differentiate themselves based on the hosted apps and inflows from Ethereum. Scroll has around $4.95M of inflows in 24 hours.

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Cryptopolitan reporting by Hristina Vasileva.