Scroll has officially announced the launch of the $SCR token, and it is the 60th project on the Binance Launchpool. Notably, Scroll has allocated 15% of the total token supply for airdrops, with the first round distributing 7% of the total supply, equivalent to 70 million $SCR. However, this has sparked a lot of controversy, especially regarding the token distribution through the Binance Launchpool.
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1. Over $80 million raised since 2022
Scroll has attracted the attention of investors by raising over $80 million through three funding rounds. Notably, in the latest funding round in March 2023, Scroll was valued at $1.8 billion. With the total supply of $SCR limited to 1 billion tokens, the corresponding value of each token is $1.8. Prominent venture capital (VC) investors have participated in supporting Scroll during these funding rounds, indicating the project's strong development potential.
2. Tokenomics of Scroll
The total supply of $SCR is 1 billion tokens, distributed as follows:
- Airdrops: 15%
- Binance Launchpool: 5.5%
- Ecosystem & Growth: 29.5%
- Foundation: 10%
- Contributors: 22.95%
- Investors: 17.05%
In the first Airdrop, Scroll will distribute 70 million $SCR, which is 7% of the total supply. The snapshot process to determine the Airdrop recipients will take place on October 19, 2024, and users will be able to claim their tokens starting from October 22, 2024.
3. Controversies surrounding Scroll's Binance Launchpool
One of the major issues causing controversy is that Scroll has allocated 55 million $SCR (equivalent to 5.5% of the total supply) to the Binance Launchpool, and this activity will only last for 2 days. Many observers are concerned that a large amount of $SCR could be bought up by "whales" and sold off quickly when the price rises, causing instability in the market.
At the time of the TGE (Token Generation Event), there will be 190 million $SCR in circulation, accounting for 19% of the total supply. This amount includes:
- Airdrop: 7%
- Binance Launchpool: 5.5%
- Ecosystem & Growth: 4.5%
- Foundation: 2%
Another concern is that Binance holds a large portion of the circulating BNB supply. According to data from Forbes (14/6/2024), Binance currently owns around 71% of the BNB supply, and Binance CEO Changpeng Zhao (CZ) is estimated to hold 94 million BNB, equivalent to 64%. This raises concerns that if Binance and CZ's team stake a large amount of BNB in the Launchpool, they could potentially acquire a significant portion of $SCR in a short period.
4. $SCR Launchpool Statistics
As of the current time, the statistics on the $SCR Launchpool show a significant level of participation:
- Pool FDUSD: Over 2 billion FDUSD locked with 70,000 participants.
- Pool BNB: Over 18 million BNB locked with 1.5 million participants.
5. Will the $SCR Airdrop repeat the drama of ZK and STRK?
Participants in the Airdrop are likely to remember the controversial incidents from the previous airdrops of ZK and STRK. Both events faced severe criticism, with the hashtags #zksyncscam and #starknetscam widely circulating, causing many users to abandon Layer 2. Therefore, the question arises whether the $SCR Airdrop this time will be a "sweet deal" worth participating in, or if it will repeat similar dramas.
The community is closely monitoring the situation to evaluate the success or failure of this launch, especially as the issue of token distribution on the Binance Launchpool is raising concerns about market stability.
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The article Scroll announces $SCR Airdrop and the controversies surrounding Binance Launchpool first appeared on Coin79 - Crypto News and Investment Knowledge.
