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Scroll Airdrop Allocation Met With Dismay From Farmers
Scroll has set aside 15% for future airdrops, but that isn't enough according to airdrop farmers.
Updated Oct 11, 2024, 4:13 p.m. Published Oct 11, 2024, 4:11 p.m.
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- Airdrop farmers have expressed their disappointment at Scroll's decision to allocate 5.5% of the total supply to the Binance Launchpool.
- 15% has been set aside for airdrops, with 7% to be distributed on Oct. 22.
- Several tokens released on the Binance Launchpool have suffered major declines in asset price shortly after being listed.
Airdrop farmers are up in arms over the release of layer-2 network Scroll's (SCR) airdrop allocation this week, with 7% being set aside for early adopters while centralized exchange Binance will receive 5.5% for its Launchpool users.
Scroll's proposed SCR token will be used for governance purposes with plans to progress it towards being a protocol utility token as Scroll becomes more decentralized.
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Total supply for SCR will be 1 billion tokens, 15% of which has been allocated to future airdrops, including 7% that will be distributed on Oct. 22; 17% will go to investors, while the Scroll Foundation will get 10%.
The frustration stems from the 5.5% allocated to the Binance Launchpool. Binance users can increase their allocation by "staking" larger amounts of Binance's BNB token to the launchpool, making the distribution skewed in favor of larger holders.
"You still grinding for airdrops like it's 2022? Time to face reality; Scroll’s 7% for 2 years of effort while 5% to Binance Launchpool farmers in days, shows how we’re being milked & VC's are favored. Airdrop meta has changed!" X user Axel Bitblaze wrote.
One of Scroll's core contributors, named sandyzkp on X, responded to criticism by saying, "Binance is more than just a listing, it's the best channel to reach global distribution, it will open the on-ramp and off-ramp channels and help us grow to the next stage, especially in emerging markets."
It's also worth noting that several tokens released on the Binance Launchpool suffered disappointing starts in terms of trading performance. Arkham's ARKM dropped from its debut price of 90 cents to 30 cents, while Portal's PORTAL fell from $3.60 to $2.08 three days after being issued. Ether.fi also debuted at $4.13 and has since dropped to $1.44.
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