Scroll’s SCR futures sink ahead of much-anticipated airdrop

Fast-growing zero-knowledge layer-2 network Scroll has confirmed that it will launch its airdrop on October 19.

Scroll (SCR) premarket futures fell to a record low of $1.18 on Friday, October 11, as traders remained concerned about recent airdrops. Its low point was below its weekly high of $1.74.

Recent high-profile airdrops have failed. Wormhole’s token is down over 83% from its list price, Hamster Kombat (HMSTR) is down 72% from its all-time high, and Catizen (CATI) is down significantly.

This decline is partly due to the crypto market not being in good shape, with the fear and greed index remaining below 45. Bitcoin also failed to move above the $65,000 resistance.

Another possible reason is that many recent airdrops have left a significant 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 in circulation 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, 15% will be allocated to airdrops, and 7% will be in the former. The rest will be distributed to investors, the foundation and the growth of the ecosystem.

To be fair, these futures do not provide a clear picture of what will happen after the airdrop, as they are offered by a single exchange and their volumes are relatively small. Its 24-hour turnover was only 854,320 contracts.

Scroll takes its first step towards decentralization.

🔥 𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 $𝐒𝐂𝐑 𝐭𝐨𝐤𝐞𝐧.

Our vision is to provide access to a globally distributed network of applications to anyone, anywhere and… pic.twitter.com/SLR4UMJvXb

— Scroll (@Scroll_ZKP) October 8, 2024

Scroll is a growing blockchain

Scroll has emerged as one of the fastest-growing blockchains this year, attracting 103 developers in the decentralized finance space.

It has more than 83,000 addresses and a total value of $807 million, according to DeFi Llama. It also has over $103 million in stablecoins; This is a good amount for a network that launched a year ago.

The largest dApps on 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 processed $178 million worth of tokens in the last seven days. These figures make it a larger blockchain than Cardano, Near Protocol and Algorand.