Expectations in the crypto space for the coming week: Scroll comes into focus
The launch of Scroll's token has sparked eager anticipation in some, while others have been disappointed by the token distribution.
- As the Layer-2 network Scroll launches its native SCR token airdrop, traders are expected to focus primarily on Scroll next week.
- After major rallies in major crypto assets like BTC, ETH, and SOL, memecoins may also make a comeback.
- Game company Moonveil and communication platform Huddle01 will also hold token sales.
As the crypto market re-enters a frenzy state after rebounding to three-month highs, multiple investors are turning their attention to Scroll, the much-anticipated Layer-2 network that will launch its native governance token next week.
Scroll's total value locked (TVL) is around $1 billion, and it has been running an incentive farm since September 2023. Since then, active users of the protocol have accumulated "stakes" that can be redeemed for Scroll tokens on October 22.
However, the token distribution has left users disappointed, as they complain that only 7% of the supply will be allocated for the airdrop next week, while Binance Launchpool users will receive 5.5% of the supply.
This week, X user Andrew 10 GWEI revealed that the Scroll founders' wallets hold over 1 million stakes, and several Scroll-related wallets have seen ballooning balances, fueling ongoing suspicions. This has been compared to the criticism faced by ZKsync for its token distribution.
Beyond the teething issues with the early token economics, Scroll aims to be the "tortoise that wins the Ethereum scaling race," focusing on efficiency, security, and cost-effectiveness, as a CoinDesk report from April 2023 pointed out.
Scroll has been selected as the preferred Layer-2 blockchain by the Donald Trump-associated project World Liberty Financial, which plans to deploy alongside its Ethereum debut. (Although CoinDesk reported this week that the initial demand for the project's new token is relatively minuscule compared to the total public sale allocation, currently at $13 million, far from the $30 million needed to cover the costs.)
Scroll has also been chosen by the restaking company Ether.fi for its upcoming cash card.
The company has raised a total of $83 million across three funding rounds, with investors including Polychain Capital and Bain Capital Ventures.
Other highlights
According to Icodrops, Moonveil, a blockchain gaming company that raised $11 million across two funding rounds, will also launch a token sale next week, with plans to further raise funds through a token offering.
The company plans to launch a game-centric Layer-2 blockchain, with a total of 200 million tokens to be sold.
With BTC, ETH, and SOL seeing significant gains this week, hundreds of memecoins are expected to enter the market over the weekend, as investors speculate on whether another frenzy will occur. Traders often diversify their profits into more speculative bets after major asset rebounds.
BitMEX founder Arthur Hayes mentioned GOAT on Twitter, which is apparently a token launched solely through artificial intelligence.
Noteworthy is also Huddle01, a communication platform backed by Stani Kulechov and LongHash Ventures, which will host a node sale round on October 29.
