What to Expect Over the Coming Week in Crypto: Scroll Enters the Frame

As the crypto market teeters back into euphoric territory following a rally to three-month highs, several investors are focusing on Scroll, a hyped layer-2 network that will release its native governance token next week.

Scroll has around $1 billion in total value locked (TVL) and has been running a points farm since September 2023. Those that have been actively using the protocol since that date have accrued “marks” which can be converted to the Scroll token on Oct. 22.

The distribution of said token has been met with disappointment from users, who have complained about how just 7% of the supply has been allocated for the airdrop next week whilst Binance Launchpool users will receive 5.5% of the supply.

The skepticism continued this week as X user Andrew 10 GWEI revealed how Scroll’s founder wallet had more than 1 million marks and that several Scroll-affiliated wallets had inflated balanced. Comparisons have been made to ZKsync, which faced criticism over its top-heavy top allocation.

Aside from early tokenomics teething issues, Scroll plans to be the “turtle that wins the Ethereum scaling race” with a layer-2 network that is focused on efficiency, security and being cost-effective, as the headline of an April 2023 CoinDesk story put it.

Scroll was selected by Donald Trump-affiliated project World Liberty Financial to be the layer-2 blockchain of choice, with a planned deployment along with its debut on Ethereum. (Although as chronicled by CoinDesk this week, initial demand for the project’s new tokens has proven to be minimal relative to the overall amount allocated to a public sale, and at $13 million so far has not even come close to meeting a $30 million reserve needed to cover expenses.)

Scroll was also selected by restaking firm Ether.fi for its upcoming cash card.

The company has raised a total of $83 million over three separate funding rounds that included investment from the likes of Polychain Capital and Bain Capital Ventures.

According to Icodrops, next week will also feature the launch of Moonveil, a blockchain gaming company that raised $11 million across two rounds and will raise further capital via a token offering on Oct. 22.

A total of 200 million tokens will be up for sale for the company which is planning to launch a gaming-focused layer-2 blockchain.

Hundreds of memecoins are also expected to hit the wires over the weekend as investors speculate whether another boom could take place after the likes of BTC, ETH and SOL rose significantly this week. Traders typically diversify profits into more speculative bets following a rally in major assets.

BitMEX founder Arthur Hayes tweeted about GOAT, a token that was apparently launched solely through the use of artificial intelligence.

A notable mention also goes to Huddle01, a communications platform backed by Stani Kulechov and LongHash Ventures. It will host a node sale round on Oct. 29.