Crypto Market Focus Shifts to Scroll’s Native Token Airdrop and Memecoins
The crypto market is abuzz with excitement as several investors are shifting their focus to Scroll, a hyped layer-2 network that will release its native governance token next week. With around $1 billion in total value locked (TVL) and a points farm running since September 2023, Scroll has garnered significant attention from the crypto community.
Scroll’s Native Token Airdrop Sparks Controversy
The distribution of Scroll’s native token has been met with disappointment from users, who have complained about how just 7% of the supply has been allocated for the airdrop next week. This allocation has raised concerns among investors, who feel that it is unfair and may not be sufficient to stimulate growth in the market. On the other hand, Binance Launchpool users will receive 5.5% of the supply, which has sparked further debate about the fairness of the distribution.
Skepticism Surrounds Scroll’s Tokenomics
The skepticism surrounding Scroll’s tokenomics continued this week as user Andrew 10 GWEI revealed how Scroll’s founder wallet had more than 1 million marks and that several Scroll-affiliated wallets had inflated balances. These revelations have led to comparisons with ZKsync, which faced criticism over its top-heavy top allocation.
Scroll’s Ambitious Plans for the Ethereum Scaling Race
Aside from early tokenomics teething issues, Scroll plans to be the "turtle that wins the Ethereum scaling race" with a layer-2 network focused on efficiency, security, and being cost-effective. This ambitious plan has been highlighted in an April 2023 CoinDesk story, which noted that Scroll was selected by Donald Trump-affiliated project World Liberty Financial to be the layer-2 blockchain of choice.
Scroll’s Partnership with World Liberty Financial
The partnership between Scroll and World Liberty Financial is a significant development for the crypto market. However, initial demand for the project’s new tokens has proven to be minimal relative to the overall amount allocated to a public sale. The project has only raised $13 million so far, which is short of the $30 million reserve needed to cover expenses.
Scroll’s Selection by Ether.fif
Scroll was also selected by restaking firm Ether.fif for its upcoming cash card. This partnership has been seen as a significant boost for Scroll, with the company raising a total of $83 million over three separate funding rounds that included investment from Polychain Capital and Bain Capital Ventures.
Moonveil’s Token Sale and Gaming Focused Layer-2 Blockchain
According to Icodrops, next week will also feature the launch of Moonveil, a blockchain gaming company that raised $11 million across two rounds. The company plans to raise further capital via a token offering on Oct. 22, with a total of 200 million tokens up for sale.
Memecoins Make a Comeback
The crypto market is also expecting hundreds of memecoins to hit the wires over the weekend as investors speculate whether another boom could take place after the likes of BTC, ETH, and SOL rose significantly this week. Traders typically diversify profits into more speculative bets following a rally in major assets.
Huddle01’s Node Sale Round
A notable mention also goes to Huddle01, a communications platform backed by Stani Kulechov and LongHash Ventures. It will host a node sale round on Oct. 29, which is expected to generate significant interest from investors looking for new opportunities in the crypto market.
Conclusion
The crypto market is poised for further growth as several investors shift their focus to Scroll’s native token airdrop and memecoins. While there are concerns surrounding Scroll’s tokenomics, the company’s ambitious plans for the Ethereum scaling race and its partnerships with World Liberty Financial and Ether.fif make it an exciting development in the market. Additionally, Moonveil’s token sale and Huddle01’s node sale round are expected to generate significant interest from investors looking for new opportunities in the crypto space. As the market continues to evolve, one thing is clear: the future of cryptocurrency looks bright, with many exciting developments on the horizon.