Scroll, a Layer 2 Ethereum scaling solution using Zero-Knowledge Ethereum Virtual Machine (zKEVM) technology, is launching its token on Binance Launchpad. The project announced this as its "first step towards decentralization" on Tuesday.
A total of 1 billion SCR tokens will eventually enter circulation, with 15% reserved for at least two planned community airdrops over the next 18 months. An additional 25% will go toward funding projects building on Scroll, while 20% will be allocated between the Scroll DAO Treasury and Scroll Foundation. The remaining 40% will be divided between investors and contributors, with a split of 17% and 23%, respectively.
“We have thoughtfully designed our token distribution to maximize impact for our community and enlarge our global distribution of applications and services,” the team wrote on X.
Token launches are a way to incentivize community development and governance over blockchain-based projects in that cryptocurrencies not only give users a stake in a project but also a method of voting.
Of the 53 Layer 2s tracked by data source CoinGecko, Scroll is one of the last to launch a token.
“SCR plays an important role in achieving this mission, specifically in terms of core protocol design and the long-term sustainability of the Scroll ecosystem,” Scroll wrote, specifically mentioning its “provers and sequencer,” or the systems that order and organize transactions.
Additionally, Scroll said the token will serve as “a primary governance mechanism” for the protocol. The team is particularly looking to decentralize the proving and sequencing processes, which are likely currently being managed by the holders of the project’s multi-sig.
“The protocol must be designed to incentivize external parties to run provers and optimize for the best prover performance,” Scroll wrote in its token documentation.
“Importantly, SCR opens up new design spaces and unlocks features that can improve user experience as well as convert all Scroll users into owners and guardians of the Scroll protocol,” the team wrote.
Scroll’s airdrop screenshot, or the last date people can use the protocol to become eligible to receive a share of the tokens, will occur on Oct. 19. The first airdrop will happen shortly after, with claim availability opening on Oct. 22.
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