The Ethereum Layer 2 blockchain development team, Scroll, has just announced that they will distribute 7% of the total SCR token supply in the first Airdrop.
Scroll Announces First Airdrop
"Our first Airdrop will fairly reward individuals who have made important contributions to the Scroll ecosystem. The allocation of SCR tokens reflects our appreciation for the participation, commitment, and support from the community," according to the blog post by Scroll.
It is expected that more than 570,000 wallets will receive 5.5% of the total token supply, including over 600 open-source developers, 115 technical developers, over 100 ZK researchers, and over 10 community-focused organizations and data providers.
The "community drop" recipients will be distributed a total of 55 million SCR, worth around $77 million. The majority, 40 million SCR, will be "proportionally distributed to on-chain users who have accumulated 'marks'," as of the Snapshot on October 19.
The SCR token price has increased by 2.32% today, currently trading at $1.4.
Additionally, 10 million tokens, representing 1% of the total supply, are reserved for the "Flat Boost" program to ensure that all on-chain participants "receive a meaningful Airdrop share" regardless of the number of marks they have accumulated.
Scroll's Airdrop Sparks Outrage in the Community
Scroll, a network using zero-knowledge to scale Ethereum, is one of the latest Layer 2 projects to launch its native token through an Airdrop.
While the token distribution event has been long-awaited, many community members have expressed concerns about the design of the event.
"The issue lies in how the Airdrop was designed, seemingly not considering the interests of regular users (retail) - which I believe is a worrying trend for the crypto market in general," Andrew 10 GWEI shared.
Specifically, some were disappointed to see that 5.5% of the tokens were allocated to Binance Launchpool, leading to "whales on Binance/BNB or other whales accumulating most of the tokens just by farming for a couple of days," Andrew said. Afterward, these individuals will "Dump the tokens without even using the Scroll network."
"In other words, we have two user groups - Binance users and Scroll users," he emphasized.
Furthermore, the top 10 wallets currently hold over 10% of the total marks, while the top 100 wallets have accumulated around 250 million marks, equivalent to 30% of the total marks at the moment.
"It's hard to call this decentralized when the majority of the token supply ends up in the hands of a few," Andrew added.
This view is also shared by @katexbt, who has opened an online store on Scroll. She believes that this Airdrop seems to prioritize bot users or Sybil farmers.
Finally, there are concerns that the tokenomics of SCR are heavily skewed towards the development team. With 23% of the total supply allocated to the team and 10% for fundraising, these tokens are worth around $322 million at the current price.
Andrew concluded, "I understand that 'pleasing everyone' is impossible in the current market, but at least an effort should be made to not completely disappoint users."
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The article Layer 2 Scroll Announces Controversial Airdrop first appeared on CoinMoi.
