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Linea Ethereum L2 Adopts Chainlink's Cross-Chain Protocol

Linea Ethereum L2 Adopts Chainlink's Cross-Chain Protocol

GrafaGrafa2024/10/09 02:10
By:Mahathir Bayena

Ethereum (CRYPTO:ETH) layer-2 network Scroll is set to launch its native token, SCR, on October 22, with a major airdrop and listing on Binance.

Scroll aims to decentralize its governance and enhance its network with this token release.

According to a recent blog post, SCR will serve as both a governance tool and utility token as the network gradually becomes more decentralized.

The total supply of SCR is 1 billion tokens, with 15% allocated for airdrops, 35% for ecosystem growth, and 17% reserved for investors.

The remaining tokens will go to the Scroll Foundation and contributors.

Around 7% of the total SCR supply will be distributed in the upcoming airdrop, rewarding users who have been active on the Scroll network.

Scroll operates as a zero-knowledge (ZK) rollup, a technology designed to improve Ethereum's scalability by processing transactions off-chain before settling them on the Ethereum mainnet.

This approach is viewed as a more efficient alternative to optimistic rollups, which take longer to finalize transactions.

Scroll is in direct competition with other layer-2 solutions, such as ZKsync Era and Starknet, both of which have also gained traction.

Scroll’s total value locked (TVL) has surged to $1.2 billion as of October 8, placing it ahead of ZKsync Era and Starknet, which hold $850 million and $625 million in TVL, respectively, according to L2Beat data.

The SCR token is expected to play a key role in decentralizing the network’s operations, with Scroll stating that "SCR enables us to decentralize Scroll’s governance, provers, and sequencer."

These components are essential for ensuring the network's security and scalability.

The October 22 airdrop marks a significant milestone in Scroll’s roadmap towards full decentralization, with more developments expected in the near future.

At the time of writing, the Ethereum price was $2,440.00.

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