The highly anticipated native governance token of layer-2 network Scroll was launched on Tuesday, resulting in an initial project valuation exceeding $200 million. The token, SCR, was priced at approximately $1.10, yielding a market capitalization of $212 million based on a circulating supply of 190 million.
SCR is intended to serve as a native governance token, with plans to transition into a protocol utility token as Scroll progresses towards greater decentralization. The week preceding the token's release was marked by discontent among users, who expressed dissatisfaction with the token allocation and the allocation of 5.5% of the supply to Binance's Launchpool users. Early adopters of the Scroll network received SCR tokens, with 7% of the supply set aside for an airdrop.
However, the token struggled to overcome the negative sentiment accumulated in October, experiencing a 20% decline from $1.40 at 7:00 am UTC to $1.12 at 12:45 UTC. Scroll faced further skepticism after it was revealed that the team had accumulated 'marks' that could have been converted into airdropped tokens. Nevertheless, a core contributor, Sandy, addressed the rumors on X, stating that all Scroll co-founders and team members involved in developing Scroll sessions or the airdrop would not claim the airdrop. On-chain data indicates that the SCR token has garnered over 200,000 holders within its first day of release, accompanied by more than 500,000 token transfers.
Trading volume remains steady, with $189 million worth of transactions across all SCR trading pairs, according to CoinMarketCap. Moreover, liquidity is relatively deep, with over $400,000 available within 2% of the spot price on either side of the book on Binance.