SCR Token Debuts and Scroll Faces Immediate Criticism

SCR Token Debuts and Scroll Faces Immediate Criticism

Layer-2 network Scroll launched its native governance token, SCR, on Tuesday, initially valuing the project at $212 million. The token debuted at around $1.10, but quickly dropped by 20% within hours, fueled by user complaints about its token distribution and a decision to allocate 5.5% of the supply to Binance's Launchpool.

The negative sentiment around the token's release caused its price to fall from $1.40 to $1.10, despite Scroll setting aside 7% of the supply for an airdrop to early users. Additionally, Scroll faced skepticism when rumors circulated about team members potentially claiming airdropped tokens. However, Scroll’s co-founder dismissed the speculation.

On its first day of release, SCR saw over 200,000 holders and more than 500,000 transactions, with trading volume hitting $434 million across all pairs.

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Michael Saylor Under Fire Over Bitcoin Custodianship

Michael Saylor faced backlash after recommending Bitcoin holders store their assets with "too big to fail" banks, contradicting his past support for self-custody. In an Oct. 21 interview, Michael Saylor dismissed concerns about government Bitcoin seizures, calling them a “paranoid crypto-anarchist” trope and suggesting institutions provide better security than personal hardware wallets.

The shift in Saylor’s stance angered some in the Bitcoin community, with critics like Simon Dixon accusing him of steering Bitcoin toward a banking-controlled asset. However, some argue that Saylor's comments were aimed at institutions, not individuals. MicroStrategy, Michael Saylor's company, remains the largest corporate holder of Bitcoin treasuries, with over 252,220 BTC.

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Sky Protocol Might Rebrand Back to MakerDAO

Sky, formerly MakerDAO, is reconsidering another rebrand following community feedback that the recent shift has caused confusion. The Sky team renamed MakerDAO and its associated tokens in September, offering upgrades from DAI to USDS and MKR to SKY, but the transition has left some users unsure of the new tokenomics and governance systems.

Founder Rune Christensen said the team will present three branding options for the community to consider during a call: keeping Sky as the central identity, reverting back to Maker, or adopting a hybrid approach. The call will allow members to provide feedback, with a vote on the final decision set to follow in early November.

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Chainlink Debuts Private Blockchain Transaction for Institutions

Chainlink launched new privacy-preserving technologies aimed at financial institutions, allowing them to use blockchain applications while maintaining data confidentiality. The privacy tools include the Blockchain Privacy Manager and CCIP Private Transactions, which enable private and secure cross-chain transactions.

ANZ Bank will pilot these features for cross-chain settlements of tokenized real-world assets under Singapore’s Project Guardian. Chainlink’s tech will allow institutions to encrypt private data such as transaction amounts and counterparties, helping them meet compliance standards like Europe’s GDPR. Chainlink expects these advancements to spur broader institutional blockchain adoption.

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Data of the Day

Scroll's airdrop caused blob fees to surge as high as $4.52, the third instance of such spikes since Ethereum’s Dencun upgrade. Pseudonymous crypto analyst Hildobby blamed the airdrop for triggering the blob market, which had been free up until the sudden demand spike on Oct. 22.

Blob fees settled back to near zero once activity slowed, but the event has reignited concerns over Ethereum's scalability as developers consider proposals to increase the blob count in future updates. Blobs were initially introduced with the Proto-Danksharding update or EIP-4844.

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More Breaking News

• Across Protocol has proposed capping ACX token supply to one billion after LayerZero Labs CEO Bryan Pellegrino flagged concerns about minting and burning.
• Buenos Aires has integrated QuarkID into its miBA platform, giving 3.6 million users decentralized digital identities secured by ZKsync Era.
• Avalanche Foundation has launched a Visa cryptocurrency card supporting USDC, wAVAX, and sAVAX, available first to Latin American residents.
• Azura, a new onchain application aggregation layer, launched October 22, offering DeFi integration for users across all blockchains.
• Magic Eden added support for Berachain and ApeChain as its eighth and ninth blockchains, planning to integrate Monad after its testnet launch.
• Arkham Intelligence reported Tesla still holds 11,509 BTC, worth $776.9 million, despite last week’s wallet movements to new addresses.

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