As a seasoned researcher with over two decades of experience in the dynamic world of blockchain technology, I have witnessed numerous projects soar and crash like meteors. The upcoming Scroll (SCR) airdrop on Oct 19 has left me intrigued yet cautious.
On October 19th, Scroll, a rapidly expanding zero-knowledge layer-2 network, has announced that it will distribute its airdrop.
On Friday, October 11th, Scroll (SCR) pre-market futures dropped to an unprecedented low of $1.18, with traders expressing ongoing worries over the recent airdrops. This lowest point fell short of its weekly high of $1.74.
In recent high-profile instances, airdropped tokens have experienced failure, with Wormhole’s token plummeting more than 83% from its initial listing price, Hamster Kombat (HMSTR) plunging by 72% from its highest recorded value, and Catizen (CATI) suffering a significant decline.
This gathering was partially arranged due to the fact that the wider cryptocurrency market is experiencing a downturn, as indicated by the Fear & Greed Index remaining below 45. Furthermore, Bitcoin has been unable to surpass the $65,000 resistance level.
It’s quite plausible that one reason for the current situation is that numerous recent airdrops have resulted in a large portion of tokens being locked away. For instance, Wormhole has 2.58 billion tokens in circulation with a total supply of 10 billion, much like ZkSync which has 3.6 billion circulating tokens and a maximum supply of 21 billion. This means that a significant portion of these tokens are not available for immediate use or trading.
1 Billion SCR tokens are the total issuance of Scroll. Approximately 230 million tokens will be given to contributors, and around 150 million tokens will be set aside for airdrops, with roughly 7% (10.5 million) allocated for the initial airdrop. The remaining tokens will be divided among investors, the foundation, and initiatives aimed at fostering the ecosystem’s growth.
It’s important to note that since these futures are only available on a single exchange, and their trading volume is quite low (with a 24-hour turnover of 854,320 contracts), they don’t offer a comprehensive view of what might happen post the airdrop. In simpler terms, due to limited availability and low trading activity, it’s difficult to predict accurately what will occur after the airdrop using these futures.
As an analyst, I’m excited to announce that we, at Scroll, are taking our initial stride towards decentralization. Our goal is to make it possible for everyone, regardless of their location, to tap into a globally distributed network of applications and services. This move aligns with our vision of democratizing access to technology and empowering users worldwide.
— Scroll (@Scroll_ZKP) October 8, 2024
Scroll is a growing blockchain
This year, Scroll has rapidly expanded as one of the most quickly developing blockchains, drawing in 103 developers within the field of decentralized finance.
As reported by DeFi Llama, the platform boasts more than 83,000 active addresses and a staggering total value locked of approximately $807 million. Additionally, it holds over $103 million in stablecoins, an impressive sum for a network that’s only been operational for a year.
In this network, the leading decentralized applications (dApps) include Pencils Protocol, AAVE, Tranches Yield, Tokan Exchange, and Kelp DAO. Among them, Pencils Protocol stands out as the largest dApp, functioning as a farming network for its approximately 709,000 users to earn returns.
In recent times, Scroll has made a significant impact within the Decentralized Exchange (DEX) sector. Over the past week, the value of tokens managed by its dApps reached an impressive $178 million. This substantial figure places Scroll above blockchain networks such as Cardano, Near Protocol, and Algorand in terms of scale.
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2024-10-11 16:52