Scroll’s native governance token, SCR, made a splash in the market with a market cap of $212 million and a fully diluted value of $1.1 billion. Despite an initial trading price of $1.40, the token quickly dropped to around $1.10, facing volatility in its early days.
The release of SCR was met with some criticism, especially regarding the token allocation and the decision to allocate a portion to Binance Launchpool users. However, the team clarified that co-founders and team members would not be receiving an airdrop, addressing some of the concerns raised by the community.
Despite the initial challenges, SCR has garnered significant interest, with over 200,000 holders and more than 500,000 token transfers within the first day of release. Trading volume has remained steady, with $189 million in trading volume across all SCR pairs on CoinMarketCap.
The project aims to transition SCR from a governance token to a protocol utility token as Scroll becomes more decentralized. The team is focused on building a strong foundation for the project’s growth and development in the long term.
Overall, Scroll’s entry into the market has generated buzz and excitement among traders and investors. As the project continues to evolve and expand its ecosystem, it will be interesting to see how SCR performs in the ever-changing cryptocurrency landscape.
