Scroll’s SCR token will be launched tomorrow. Since Scroll ended its airdrop campaign, transactions on the blockchain have declined.
Ethereum Layer 2 Scroll is preparing to airdrop tens of millions worth of tokens to users who participate in its Scroll Sessions Points campaign.
But in response, many of those users suddenly stopped using the blockchain.
On October 18, transactions on Scroll reached an all-time high of 962,000. But after 24 hours it had dropped 70% to just 289,000 data From L2Beat.
The reason? Transactions no longer count towards the Scroll Points campaign, meaning users have no financial incentive to use the blockchain.
During the same period, transaction counts on rival Layer 2 blockchains such as Coinbase Base and Arbitrum remained largely unchanged.
Airdrops are a risky game for upstart crypto projects. On the one hand, they bring a lot of attention and users to the project that it otherwise wouldn’t otherwise get.
But on the other hand, if those same users didn’t stick around after the airdrop, it released millions of dollars worth of tokens.
And if users leave a project en masse, that usually hurts the value of that project’s token — if it launched at a high valuation.
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Scroll isn’t the first project to bleed users after ending its airdrop campaign.
Transactions on Scroll’s competitor ZKsync were slightly lower 80% In the months following the June airdrop.
However, there are exceptions.
Deposits to Sanctum, a liquid staking protocol on Solana, have increased by nearly 20% since airdropping tokens to early users in July.
SCR Airdrop
On Monday, Scroll published details of its airdrop in a Blog post.
Users who collect 200 marks through the Scroll Sessions campaign will be split 4% of the blockchain’s 1 billion supply of SCR tokens.
SCR allows token holders to propose and vote on changes to the Scroll blockchain.
Those who meet certain criteria, such as owning an Ethereum name service name, donating to Gitcoin grants or Juicebox campaigns, or using a smart contract wallet on Scroll, will also receive bonus tokens.
Scroll’s investors, including venture capital firms Sequoia Capital, Polychain Capital and Bain Capital Ventures, will receive 17% Of the supply, another 23% goes to the Scroll development team.
The scroll’s SCR latches onto the hyperfluid Premarket For $1.36, that represents a value of $1.36 billion.
Those eligible for the airdrop can start claiming their tokens at 6am UK time on Tuesday.
Tim Craig is News’ Edinburgh-based DeFi correspondent. Reach out with tips at [email protected].
Related Topics SCROLLAIRDROP
