Scroll confirmed that all co-founders and team members would not be receiving an airdrop in response to criticism last week.Layer-2 network Scroll released its long-awaited native governance token on Tuesday, putting the project's initial valuation 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. SCR will act as a native governance token with a roadmap to progress it towards being a protocol utility token as Scroll becomes more decentralized.Early users of the Scroll network also received SCR with 7% of the supply being set aside for an airdrop. But the token struggled to shrug off the negative sentiment it accrued in October as it dropped from $1.40 at 7:00am UTC to $1.12 at 12:45 UTC to mark an initial slump 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 Sandyby stating that"all Scroll co-founders and team members involved in developing scroll sessions or the airdrop will not be claiming the airdrop.