Ethereum layer-2 network Scroll has recently launched its SCR token in a highly anticipated airdrop. However, some recipients of the airdrop are expressing dissatisfaction with the amount they received. According to a blog post from the team, the first airdrop distributed 55 million SCR tokens, which accounts for 5.5% of the total supply of 1 billion tokens, to early users who had already contributed to the ecosystem.
Out of the 55 million SCR tokens, 40 million were given to on-chain participants who earned 200 or more Scroll Marks through their use of the layer-2 scaling network. An additional 1% of the tokens was evenly distributed among eligible wallets, and 0.5% was designated as a “bonus” for those who met certain criteria, as announced by Scroll.
However, some users have expressed their dissatisfaction on Crypto Twitter, with memes and complaints surfacing regarding the supposedly small amounts they received. Pseudonymous tweeter and Ethereum user, DYOR.eth, described it as “one of the worst airdrops ever” and claimed to have dumped the tokens and abandoned Scroll altogether. Twitter user Joshyy, known for posts about upcoming airdrops, deemed it the “worst airdrop so far.” Other tweets mocked the anticipated scale and value of the Scroll airdrop.
Airdrops are often used by new projects to attract users by distributing free tokens or coins, aiming to grow their community and reward early users and contributors. However, the practice of “airdrop farming” has become more common, as some users attempt to maximize their rewards by using multiple wallet addresses and repeating certain tasks or activities in order to increase their token allotments.
Complaints about receiving small amounts of cryptocurrency in airdrops have been voiced by users and farmers who feel that their involvement in a project’s community warrants larger rewards. This was seen with the launch of the long-awaited airdrop for the Telegram-based tap-to-earn game Hamster Kombat in September, where some participants described the modest rewards as “dust.”
Following the airdrop, the value of the SCR token has plummeted. CoinGecko data shows a 16% decrease in SCR’s price since the airdrop, with the current price at $1.17. This is a typical occurrence for newly launched tokens, as they tend to be highly volatile, especially when airdrop recipients sell their tokens and traders potentially enter the market amid the chaos.
Decrypt reached out to Scroll for comment on the airdrop but did not receive an immediate response.
Scroll is one of many Ethereum layer-2 networks, which are used to enhance a blockchain’s functionality by utilizing the main network’s security while offering benefits such as cheaper and faster transactions. Ethereum, the blockchain behind the second-largest cryptocurrency ETH, sometimes experiences difficulties during peak times due to slow and expensive transactions. Layer-2 networks have gained significant popularity recently, to the extent that some industry observers believe they are diverting value away from ETH itself, despite the other advantages.
Edited by Andrew Hayward