Layer-2 network Scroll released its long-awaited native governance token on Tuesday, putting the project’s initial valuation just over $200 million.
Traders priced SCR at around $1.10, or a $212 million market cap, based on the circulating supply figure of 190 million.
SCR will act as a native governance token with a roadmap to progress it towards being a protocol utility token as Scroll becomes more decentralized.
The week prior to SCR’s release was far from ideal for Scroll as users complained about disproportionate token allocation and the decision to give Binance 5.5% of the supply for its Launchpool users.
Early users of the Scroll network also received SCR with 7% of the supply being set aside for an airdrop. But the token struggled to shrug off the negative sentiment it accrued in October as it dropped from $1.40 at 7:00am UTC to $1.12 at 12:45 UTC to mark an initial slump of 20%.
Scroll was hit by further skepticism last week after it emerged that the team had been accruing “marks” which technically could have been converted into airdropped tokens. However, Scroll’s core contributor Sandy dispelled the rumors on X by stating that “all Scroll co-founders and team members involved in developing scroll sessions or the airdrop will not be claiming the airdrop.”
On-chain data shows that the SCR token has accumulated more than 200,000 holders in its first day of release whilst racking up over 500,000 token transfers.
Trading volume remains steady with $189 million changing hands across all SCR trading pairs, according to CoinMarketCap. Liquidity is also fairly deep as there is more than $400,000 within 2% of spot price on either side of the book on Binance.
