According to data from L2Beat, Scroll’s Total Value Locked (TVL) has declined by 15.4% over the past week, now standing at $1.16 billion.
This drop accompanies a steep price decrease for $SCR, Scroll’s native token, which has fallen below $0.80 since its Binance listing, down over 30% from its pre-market price.
According to L2Beat, the TVL of Ethereum L2 network Scroll has dropped by 15.4% to $1.16 billion in the past seven days. Since October 18, the Scroll network's ETH (Canonically Bridged Tokens) has dropped from 129.7k to 100.6k, a drop of about 22.4%. Since Binance officially…
— Wu Blockchain (@WuBlockchain) October 28, 2024
Network activity on Scroll is also diminishing, raising concerns about user engagement and token retention. Some industry observers argue that aggressive airdrops and token distribution strategies, which catered to early users and large holders, have contributed to this decline.
With $SCR widely available on Binance and whales participating in airdrops, a significant sell-off seems to have been an almost inevitable outcome, impacting the token’s overall stability.
Investors Disappointed On $SCR Progress
$SCR’s performance has left many investors disappointed, particularly those who joined the market after pre-sale or bought at a higher spot price. Additionally, users who incurred transaction costs within the network are feeling the strain as they witness the token’s value erode. Unfortunately, most gains were limited to the initial 100 participants who locked their funds early in the network, along with members of the Scroll team.
❌ Scroll Kan Kaybetmeye Devam Ediyor!
▫️L2Beat verilerine göre Scroll'un TVL'si son yedi günlük süreçte %15,4 düşerek 1,16 milyar dolar seviyelerine geriledi.
•Binance işlemlerinin başlamasından bu yana ise $SCR 0,8 doların altına düşerek pre-market fiyatına kıyasla %30'dan… pic.twitter.com/W5Fk769xLK
— Kriptobi (@kriptobi) October 29, 2024
The situation highlights the challenges Scroll faces as it seeks to stabilize $SCR’s value and restore user confidence. For now, the decrease in TVL and waning network activity suggest that Scroll may need to reevaluate its distribution strategies and consider measures to incentivize long-term participation. With investor sentiment currently low, rebuilding trust and engagement will be crucial if Scroll hopes to regain momentum in a competitive Layer 2 landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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