Layer-2 network Scroll launched its new native token, SCR, on Tuesday, valuing the project at over $200 million. SCR started trading at $1.40 but quickly dropped to around $1.10.
The SCR token will serve as a governance token, with plans to become a utility token as Scroll becomes more decentralized. But the week leading up to the launch has been rocky, with users complaining about the uneven distribution of tokens and the decision to give 5.5% of the supply to Binance Launchpool users.
Early adopters of the Scroll network also received SCR, with 7% of the supply reserved for an airdrop. However, the token struggled to shake off the negative sentiment in October, falling from $1.40 to $1.12, a 20% drop.
Scroll faced some skepticism when it emerged that the team was hoarding “brands” that could be turned into airdrop tokens. However, Sandy, one of the founders, clarified that none of the co-founders and team members would be claiming these tokens.
Data shows that the SCR token has already gained over 200,000 holders on its first day, with over 500,000 transfers. Trading volume has remained steady, with $189 million in transactions across all SCR trading pairs, according to CoinMarketCap. Liquidity is also good, with over $400,000 close to market price on Binance.
#Binance #BTC $BTC $SCR #Binancenews