Scroll’s SCR futures sink ahead of much-anticipated airdrop
Scroll, the fast-growing zero-knowledge layer-2 network, confirmed that it would launch its airdrop on Oct. 19.
Scroll (SCR) pre-market futures plunged to a record low of $1.18 on Friday, Oct. 11, as traders remained concerned about recent airdrops. Its lowest point was below its weekly high of $1.74.
Most recent high-profile airdrops have flopped. Wormhole’s token has retreated by over 83% from its listing price, Hamster Kombat (HMSTR) has dropped by 72% from its all-time high, and Catizen (CATI) has fallen significantly.
This retreat is partly because the broader crypto market is not doing wel, with the fear and greed index stuck below 45. Bitcoin has also failed to move above the resistance point at $65,000.
Another likely reason is that many recent airdrops leave a substantial number of tokens locked. Wormhole has 2.58 billion tokens in circulation against a maximum supply of 10 billion. Similarly, ZkSync has 3.6 billion tokens circulating and a maximum supply of 21 billion.
Scroll will have a maximum supply of 1 billion SCR tokens. Of these, 23% will go to contributing members, while 15% will be allocated for airdrops, with 7% in the first one. The rest will be distributed to investors, the foundation, and ecosystem growth.
To be fair, these futures don’t provide a clear picture of what will happen after the airdrop since they are offered by just one exchange, and their volume is relatively small. Its 24-hour turnover was just 854,320 contracts.
Scroll is a growing blockchain
Scroll has emerged as one of the fastest-growing blockchains this year, attracting 103 developers in decentralized finance.
According to DeFi Llama, it has over 83,000 addresses and a total value locked of $807 million. It also has over $103 million in stablecoins, a good amount for a network that was launched a year ago.
The biggest dApps in its network are Pencils Protocol, AAVE, Tranches Yield, Tokan Exchange, and Kelp DAO. Pencils, the largest dApp in the ecosystem, is a farming network that allows its 709,000 users to generate returns.
Scroll has also become a notable player in the DEX industry, where its dApps handled tokens worth $178 million in the last seven days. These numbers make it a larger blockchain than Cardano, Near Protocol, and Algorand.
