Originally published on: October 08, 2024
Scroll, an Ethereum layer-2 network, is gearing up to introduce its native token, SCR, marking a significant move towards decentralization. On Oct. 22, Scroll plans to list SCR on Binance and distribute the token through an airdrop to existing network users, as detailed in a recent blog post.
SCR will serve as the primary governance mechanism for the protocol and evolve into a protocol utility token as Scroll progresses towards decentralization. With a total supply of 1 billion SCR, the allocation includes 15% for airdrops, 35% for ecosystem growth, and 17% for investors, while the Scroll Foundation and contributors receive the remaining percentages.
Scroll, a zero-knowledge (ZK) rollup network, competes with other layer-2 solutions like ZKsync Era and Starknet. ZK-rollups, known for their quick transaction settlements, are poised to become the leading scaling solutions on Ethereum, surpassing optimistic rollups such as Arbitrum and Base.
The Scroll team is committed to decentralizing the network’s governance, provers, and sequencer, as outlined in their roadmap earlier this year. By leveraging SCR, Scroll aims to align the miner community and establish a robust prover network.
Since its launch in 2023, Scroll has achieved rapid growth in total value locked (TVL), currently standing at $1.2 billion as of October 8. This surpasses TVL figures of competitors like ZKsync Era and Starknet. In the upcoming airdrop on Oct. 22, Scroll plans to distribute approximately 7% of SCR’s total supply to reward active participants within the ecosystem.
As Scroll continues its journey towards decentralization and expansion, the introduction of SCR marks a crucial milestone in its evolution. Stay tuned for more updates on this exciting development in the world of DeFi.
