Scroll, the leading Ethereum Layer 2 (L2) network, has announced plans to launch its native token, SCR, marking an important milestone in the project’s development. The announcement, made on October 8, 2024, outlines the token distribution strategy and its role in Scroll’s decentralization efforts.
As a zero-knowledge (ZK) rollup, Scroll competes with other L2 solutions such as ZKsync Era and Starknet. According to L2Beat, the project has garnered a lot of attention since its launch in 2023, boasting $1.2 billion in total value locked (TVL) at the time of writing.
SCR token: a step towards decentralization
Scroll describes the launch of the SCR token as “the first step towards decentralization.” This token will serve as the primary governance mechanism for the protocol, with plans to evolve into a utility token as Scroll moves towards a more decentralized structure.
The total supply of SCR is set at 1 billion tokens, with the allocation as follows:
15% to airdrops 35% to ecosystem growth 17% to investors 10% to Scroll Foundation 23% to contributors
Airdrop and exchange list
Scroll announced two important events regarding the SCR token.
Airdrop for existing Scroll users scheduled for October 22, 2024 Listing on Binance, one of the world’s largest crypto exchanges
The first airdrop will distribute approximately 7% of the total supply of SCR, and Scroll says it aims to “reward on-chain users who have actively engaged with the Scroll ecosystem.”
Binance Launchpool and pre-market trading
In cooperation with Binance, Scroll will participate in the Binance Launchpool program. Starting October 9th, users will be able to farm SCR tokens by staking BNB or FDUSD for 2 days. A total of 55 million SCR tokens (5.5% of the total supply) were allocated to this event.
Binance will also offer pre-market trading of SCR starting October 11th, allowing early investors to take positions before the official spot market listing.
