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

As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of hype cycles and market euphoria. The upcoming events in the crypto space have me intrigued, to say the least.

In recent days, as the cryptocurrency market bounces back and reaches new heights not seen in over three months, many investors have shifted their attention towards Scroll, an eagerly anticipated layer-2 network set to unveil its governance token next week.

Since September 2023, the platform known as Scroll has operated a points farm and currently holds approximately $1 billion in total value. As of October 22nd, those who have consistently utilized the protocol since that date will be able to exchange their accumulated “points” for Scroll tokens.

Users have expressed dissatisfaction over the allocation of the token distribution, as only 7% is set aside for the upcoming airdrop, while Binance Launchpool users are slated to receive approximately 5.5%.

This week, the doubts persisted as user Andrew 10 GWEI disclosed that Scroll’s founder’s wallet exceeded 1 million units and that numerous wallets linked with Scroll showed inflated balances. These findings have sparked comparisons to ZKsync, which has been under scrutiny due to its concentrated distribution of assets at the top.

Beyond initial challenges in token economics, Scroll aims to emerge victorious in the Ethereum scalability marathon, according to a headline from a CoinDesk article published in April 2023. This ambitious project is developing a layer-2 network that emphasizes efficiency, security, and affordability as its key strengths.

The Scroll blockchain was chosen by World Liberty Financial, linked with Donald Trump, as their preferred layer-2 solution. This choice will be implemented alongside the project’s launch on Ethereum. However, as reported by CoinDesk this week, the initial interest in the project’s new tokens has been relatively low compared to the total amount available for public sale. With only $13 million raised so far, they are still significantly short of the $30 million required to cover their expenses.

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

The business has amassed a grand total of $83 million across three distinct financing events, with both Polychain Capital and Bain Capital Ventures contributing to these rounds.

Best of the rest

As reported by Icodrops, Moonveil, a gaming company that utilizes blockchain technology, is set to debut next week. This innovative firm managed to secure a total of $11 million in funding across two rounds. They plan to gather additional capital through a token sale on October 22nd.

200 million units of tokens are set to be offered by the company that aims to debut a blockchain specifically designed for gaming, operating on a layer-2 platform.

Over the weekend, many meme-based cryptocurrencies are anticipated to be released as investors ponder whether another surge might occur, similar to Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) which have seen substantial growth this week. After a strong performance in primary assets, traders often distribute their earnings into riskier investments.

Arthur Hayes, the founder of BitMEX, recently tweeted about GOAT, a token that appears to have been exclusively introduced using artificial intelligence technology.

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.