Scroll, the Fast-Growing Zero-Knowledge Layer-2 Network, Confirmed It Would Launch Its Airdrop on Oct. 19

This retreat is partly because the broader crypto market is not doing wel, with the fear and greed index stuck below 45. Bitcoin has also failed to move above the resistance point at $65,000.

Scroll, a fast-growing zero-knowledge layer-2 network, has confirmed that it will launch its airdrop on Oct. 19.

This airdrop has been eagerly anticipated by many in the crypto community, especially after the recent airdrops from Aptos, Sui, and LayerZero. However, some traders are now selling their Scroll futures due to diminishing expectations.

For instance, Binance offered seven types of Scroll futures on Oct. 17, but the total volume was less than $1 million.

To put this in perspective, Aptos futures reached $3.5 billion on Oct. 17, and LayerZero futures hit $1.2 billion on Oct. 12.

This retreat is partly because the broader crypto market is not doing well, with the fear and greed index stuck below 45. Bitcoin has also failed to move above the resistance point at $65,000.

Another likely reason is that many recent airdrops leave a substantial number of tokens locked. Wormhole has 2.58 billion tokens in circulation against a maximum supply of 10 billion. Similarly, ZkSync has 3.6 billion tokens circulating and a maximum supply of 21 billion.

In contrast, Scroll has only 1.12 billion tokens in circulation and a maximum supply of only 2.5 billion.

This means that nearly half of the tokens will be distributed during the airdrop, which could lead to a massive increase in the circulating supply and put downward pressure on the price.

It’s also worth noting that these futures don’t provide a clear picture of what will happen after the airdrop since they are offered by just one exchange, and their volume is relatively small. Its 24-hour turnover was just 854,320 contracts.

Scroll is a growing blockchain

Despite the diminishing expectations, Scroll has grown rapidly in 2023, largely due to its focus on zero-knowledge technology.

The network now hosts 103 applications in decentralized finance, with the biggest dApps including Pencils Protocol, AAVE, Tranches Yield, Tokan Exchange, and Kelp DAO.

Pencils, the largest dApp in the Scroll ecosystem, is a farming network that allows its 709,000 users to generate returns by depositing crypto assets in liquidity pools and earning a portion of the trading fees.

Scroll has also become a notable player in the decentralized exchange industry, where its dApps handled tokens worth $178 million in the last seven days. These numbers make it a larger blockchain than Cardano, Near Protocol, and Algorand.

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