Scroll, a Layer 2 Ethereum scaling solution using Zero-Knowledge Ethereum Virtual Machine (zKEVM) technology, is excited to announce its plans for the SCR governance token, launching on Binance Launchpad. This initiative represents the project's first step towards decentralization, as stated in their recent announcement.
A total of 1 billion SCR tokens will be issued, with 15% earmarked for at least two community airdrops over the next 18 months. Additionally, 25% will be allocated to support projects built on Scroll, while 20% will be distributed between the Scroll DAO Treasury and the Scroll Foundation. The remaining 40% will be divided among investors and contributors, with a breakdown of 17% for investors and 23% for contributors.
The Scroll team emphasized, “We have thoughtfully designed our token distribution to maximize impact for our community and enlarge our global distribution of applications and services.” Token launches serve as a mechanism to foster community development and governance, allowing users to have a stake and a voice in the project.
Among the 53 Layer 2 solutions tracked by CoinGecko, Scroll is one of the last to introduce a token. The SCR token is crucial for achieving core protocol objectives and ensuring long-term sustainability of the Scroll ecosystem. The team highlighted its role in the governance structure, particularly in decentralizing the proving and sequencing processes currently managed by multi-signature holders.
The eligibility for the airdrop will be determined by a snapshot on October 19. The first airdrop is set to occur shortly after, with claims available starting on October 22.
Disclaimer: The Block is an independent media outlet delivering news and research. As of November 2023, Foresight Ventures is a majority investor of The Block. This article is for informational purposes only and is not intended as legal, tax, or investment advice.
