Wow, folks! How can a simple technical change in a network shake up the market and make those who have their cryptos stored nervous? 🤯
Watch out for this! 🚨 The Scroll network had a serious update on August 19, and the situation was so serious that platforms like Upbit and Bithumb had to pause deposits and withdrawals of SCR. Why? Because this improvement aims to make the network faster and safer using a thing called 'zero-knowledge proofs.' If this goes well, it could attract a lot of developers looking for an L2 (layer 2) that doesn't cost an arm and a leg and that performs well. But beware, if they take too long to reactivate everything, traders who can't withdraw their funds might start selling en masse, and the price will plummet. 📉
Moreover, the Scroll team is fully powered up. Their DAO (decentralized autonomous organization) launched an accelerator program to get more people involved in the future of the network and proposed creating a 'Growth Council' with a budget of 2 million SCR! ($788,000 USD) to boost new projects. This is key because, in this market, the growth of total value locked (TVL) in an L2 network goes hand in hand with the price of its token. The community and the money are what matters! 🚀
And here comes the biggest issue: the airdrop. 15% of the total Scroll tokens were distributed to the community, but if you don't claim them before January 20, 2025, they will be recycled! ♻️ This can be a double-edged sword. On one hand, airdrops excite people and make them dive headfirst into the project. But on the other, if those unclaimed tokens are released later during a time of low demand, they could dilute the value of everything already in circulation. We need to keep an eye on how many tokens are claimed to see how things will move after that date. 👀
In summary, the future of Scroll is a novel with several chapters. The price of its token will depend on whether they manage to implement their technical improvements flawlessly and whether their community can push the network forcefully. If the crypto market turns sour, keep an eye on the support at $0.314, which could be the lifeline. $SCR
