Originally published on: November 28, 2024
Scroll’s co-founder, Sandy Peng, has recently dismissed accusations of a “predatory” token launch by the Ethereum layer-2 network. In a post on the X platform, Peng addressed the allegations as “wild” and emphasized that Scroll is working on addressing community feedback with their upcoming follow-on airdrop, Session 2.
In response to restructuring efforts aligned with the next phase of development, Peng mentioned that some team members will be moving on from Scroll. Despite the controversy surrounding the token launch, Peng clarified that Scroll allocated a “negligible” amount of Marks to their own wallets and primarily used SCR allocations to seed decentralized exchanges with trading liquidity.
The SCR token, launched on Oct. 22, faced criticism for granting large allocations to select whale wallets, leading to a 32% drop in price on the first day of trading. However, Scroll aims to position the SCR token as a primary governance mechanism of the protocol, evolving into a protocol utility token as the network becomes more decentralized.
With a total supply of 1 billion SCR, distribution includes allocations for airdrops, ecosystem growth, investors, the Scroll Foundation, and contributors. Scroll, a zero-knowledge rollup network competing with other layer 2 solutions, is poised to offer faster transaction settlement times compared to alternatives like optimistic rollups.
As the crypto space continues to evolve, the handling of token launches and airdrops remains a topic of debate and scrutiny. Stay tuned for more updates on Scroll and other developments in the decentralized finance (DeFi) landscape.