Scroll, the rapidly expanding zero-knowledge layer-2 network, has announced that its airdrop will take place on Oct. 19.
On Friday, Oct. 11, Scroll (SCR) pre-market futures fell to a historic low of $1.18 as traders expressed concerns over recent airdrop performances, marking a drop from its peak of $1.74 during the week.
Recent high-profile airdrops have seen disappointing results. The Wormhole token has decreased by more than 83% from its initial listing price, Hamster Kombat (HMSTR) is down 72% from its all-time high, and Catizen (CATI) has experienced significant losses as well.
This downturn is partly attributed to the overall struggles within the crypto market, where the fear and greed index remains under 45. Bitcoin has also been unable to surpass the resistance level at $65,000.
Another factor contributing to this drop is the substantial number of tokens locked in many recent airdrops. Wormhole, for instance, currently has 2.58 billion tokens in circulation against a total supply cap of 10 billion, while ZkSync has 3.6 billion circulating tokens out of a maximum supply of 21 billion.
Scroll is set to have a maximum supply of 1 billion SCR tokens. Of these, 23% will be distributed to participating members, with 15% earmarked for airdrops, including 7% for the initial airdrop. The remaining tokens will be allocated to investors, the foundation, and the growth of the ecosystem.
It is important to note that these futures do not provide a comprehensive outlook on post-airdrop performance, as they are available from a single exchange with relatively low trading volume. The volume was merely 854,320 contracts within a 24-hour period.
Scroll is a burgeoning blockchain
This year, Scroll has emerged as one of the fastest-growing blockchains, attracting 103 developers in the decentralized finance space.
According to DeFi Llama, the platform boasts over 83,000 addresses and a total value locked of $807 million. Additionally, it holds over $103 million in stablecoins, which is impressive for a network that was launched just a year ago.
The leading dApps within its ecosystem include Pencils Protocol, AAVE, Tranches Yield, Tokan Exchange, and Kelp DAO. The largest dApp, Pencils, serves as a farming network, enabling its 709,000 users to earn returns.
Moreover, Scroll has established itself as a significant player in the DEX market, with its dApps handling tokens amounting to $178 million in the past week. These statistics position it as a more prominent blockchain than Cardano, Near Protocol, and Algorand.