Ethereum layer-2 scaling solution Scroll announced the launch of its native token, SCR, scheduled for October 22.
Ethereum layer-2 scaling solution Scroll announced the launch of its native token, SCR, scheduled for October 22. The zero-knowledge rollup solution will officially list the token on Binance, while implementing an airdrop for its current users.
"SCR will be used as a primary governance mechanism of the protocol and progress to being a protocol utility token as Scroll becomes more decentralized," the team stated in an announcement on October 8.
The development also comes in January's roadmap of Scroll, detailing full-fledged transition into decentralized network architecture.
Scroll has distributed its 1 billion token supply as follows: 15% for airdrops, 35% for ecosystem growth, 17% for investors, 10% for the Scroll Foundation, and 23% for contributors. The upcoming airdrop will cover about 7% of the total distribution to incentivize active participants in the ecosystem.
As a ZK-rollup, Scroll is competing in one of the hottest spaces in cryptocurrency today. It needs to differentiate itself in a crowded market with other Ethereum scaling solutions like ZKsync Era (ZK) and Starknet (STRK).
Despite the fierce nature of competition, Scroll has managed to capture $1.2 billion in total value locked, outpacing ZKsync Era's $850 million and $625 million for Starknet.
"SCR will be involved in aligning the miner community and creating a robust prover network," the team said.
SCR will contribute to decentralizing Scroll's core infrastructure, including its prover and sequencer—the central components of the ZK-rollup architecture. The prover verifies the correctness of the transactions, while the sequencer orders the transactions before they are posted on the Ethereum mainnet.
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