Scroll, a zkRollup scaling solution for Ethereum, has announced an airdrop for its native token, SCR, which is about to debut on the Binance launchpool.
The SCR token enables Scroll’s mission of building scalable, secure infrastructure and accelerating real-world adoption with global distribution.
The Scroll ecosystem plans an airdrop event as part of its token distribution strategy. Out of a one billion total supply, Scroll has allocated 15%, or 150 million SCR tokens, to airdrops, split between two phases — 7% and 8%, respectively.
“We are allocating 7% of the total token supply to our first airdrop, and we will reserve 8% of the total token supply for future airdrops, which are intended to take place over the next 12-18 months,” the announcement read.
The SCR airdrop snapshot will take place on October 19, three days before the token launch date, when airdrop participants can claim their allocations. The token generation event (TGE) and the checker will be dropped off on October 22.
Read more: What are Crypto Airdrops?
Scroll said the first phase of the airdrop would focus on rewarding on-chain users for their engagement with the ecosystem. It will also reward the Scroll community for their meaningful contributions to protocol development, community, and ecosystem growth. Details about eligibility to claim SCR airdrops remain unclear for now.
“This suggests that perhaps the FIRST airdrop will be for on-chain activity (volume, smart contracts…) and then for our marks (within 12-18 months),” one popular airdrop farmer on X remarked.
Meanwhile, Binance announced 55 million SCR as launch pool token rewards, representing 5.5% of the total scroll token supply. As BeInCrypto reported, Scroll’s SCR token will debut on the Binance launch pool on October 11, with an initial circulating supply of 190 million tokens. It marks another addition to the exchange’s product suite, with Binance being the first exchange to list SCR.
Airdrop farming will start on Wednesday, October 9. Binance asked participants to lock their BNB and FDUSD over two days to receive the SCR tokens.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
According to Scroll, the SCR token will serve various use cases, including the primary governance mechanism of the protocol. It will also advance to become a protocol utility token amid the Scroll network’s progressive decentralization goals.
“There are three valuable rights for rollup protocol design that need to be decentralized and here is how SCR can be involved in all of them: Governance right, Proving right, Sequencing right,” Scroll explained.
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Source: https://beincrypto.com/scroll-announces-scr-token-airdrop/