Scroll’s SCR Governance Token Launches with $212M Market Cap
With the issuance of its eagerly anticipated native governance token on Tuesday, Layer-2 network Scroll‘s initial valuation was just over $200 million. With a circulating supply of 190 million, traders valued SCR at about $1.10, or a market capitalization of $212 million. With Scroll’s decentralization, SCR will serve as a native governance token with a roadmap to advance it to a protocol utility token.
In its first day of release, the SCR token amassed over 200,000 holders and over 500,000 token transfers, according to on-chain data. CoinMarketCap reports that $189 million is being exchanged across all SCR trading pairs, indicating a stable trading volume. Since there are over $400,000 on either side of the book on Binance that are within 2% of the spot price, liquidity is also rather deep.
Scroll Faces Backlash Over Binance Token Allocation and Airdrop Controversy
Scroll had a really bad week leading up to SCR’s release, with users complaining about the choice to give Binance 5.5% of the supply for its Launchpool users and the unequal token allocation. After it became known that the team had been accumulating marks that, in theory, could have been exchanged for airdropped tokens, Scroll faced additional criticism last week. Sandy, one of Scroll’s main contributors, refuted the allegations on X, saying that “all Scroll co-founders and team members involved in developing scroll sessions or the airdrop will not be claiming the airdrop.”
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