Farmers Catch Ethereum Layer 2 Token Release through Scroll Airdrop

CoinTime News Report:
Ethereum Layer-2 Network Scroll Just Launched SCR This is a highly anticipated airdrop event, but some obvious beneficiaries express regret over this event.
The project’s initial airdrop distributed 5.5% of the total supply of SCR, which is 55 million tokens out of 1 billion, to early users who have contributed to the ecosystem, according to a blog post by the team.
Scroll stated in its announcement that within this number, 40 million SCR were granted to on-chain participants who acquired 200 or more Scroll tokens or points through the use of the Layer-2 scaling solution. An additional 1% was evenly distributed among eligible wallets, while 0.5% was allocated as a “bonus” to individuals meeting certain criteria.
However, some users are not pleased, as crypto Twitter (aka X) is filled with memes and complaints about the allegedly meager amounts they received.
“One of the worst airdrops ever”
wrote an anonymous Twitter user and Ethereum user DYOR.eth claimed to have dumped the token and completely abandoned Scroll. Twitter user Joshyy posted a thread about the upcoming airdrop, accumulating quite a following, calling it “the worst airdrop so far.” Other tweets mocked claims about the expected scale and value of the Scroll airdrop.
New projects use airdrops to attract users by distributing free tokens or coins, hoping to grow their community and reward early users and contributors.
But the practice of “airdrop farming” has become increasingly common, as some users attempt to maximize their rewards by using multiple different wallet addresses and/or repeating certain tasks and activities they believe will increase token allocations.
Some of these users and farmers have been complaining about receiving small amounts of cryptocurrency in airdrops, despite their engagement with a project’s community. Similar complaints arose when the game Hamster Kombat launched its highly anticipated airdrop in September, with some describing the modest rewards as “dust.”
SCR token value plummets after airdrop: CoinGecko data shows that SCR has dropped 16% since the airdrop, with the price falling to $1.17. This is common for newly launched tokens, which can be highly volatile, especially when airdrop recipients cash in and traders may buy in the midst of the chaos.
Scroll did not immediately respond to Decrypt’s inquiries about the airdrop.
Scroll is one of many Layer-2 networks on Ethereum. These networks are used to improve the functionality of the chain by essentially relying on the security of the main network, while typically offering benefits such as cheaper and faster transactions.
Ethereum is the blockchain behind the second-largest cryptocurrency, ETH, but the network has sometimes been difficult to use due to slow and expensive transactions during peak times. Recently, the popularity of Layer-2 networks has surged to the point where some industry observers believe they are siphoning value away from ETH, despite other benefits.
Editor Andrew Hayward