Scroll's SCR Token Debuts at $212M Market Cap in Volatile Trading Session

Scroll users vented their frustration at SCR token allocation last week.

Layer-2 network Scroll finally dropped its long-awaited native governance token on Tuesday, revealing a debut market valuation of 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.

The SCR token is set to act as a native governance token with a roadmap to progress it towards being a protocol utility token as Scroll becomes more decentralized.

However, the week leading up to SCR's release was far from ideal for Scroll. Several users voiced their frustrations over the network's 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 total supply being set aside for an airdrop.

But the token struggled to shrug off the negative sentiment it accrued in October, dropping from $1.40 at 7:00 a.m. UTC to $1.12 at 12:45 p.m. UTC for an initial decline 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, 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 showed that the SCR token had already amassed more than 200,000 holders in its first day of release while racking up over 500,000 token transfers.

Trading volume remained 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 the spot price on either side of the book on Binance.

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