Layer-2 network Scroll launched its anticipated native governance token, SCR, on Tuesday, achieving an initial valuation exceeding $200 million.

Traders marked the SCR token at around $1.10, correlating to a market capitalization of $212 million calculated on the circulating supply of 190 million. The SCR token is set to serve as a governance token, progressing towards being a utility token as Scroll aims for increased decentralization.

Earlier criticisms regarding uneven token allocation arose as users complained about the decision to allocate 5.5% of the supply to Binance for Launchpool users while co-founders and team members will not benefit from any airdrop. Despite this, over 200,000 users held SCR on its first day, resulting in more than 500,000 token transfers. Trading volume for SCR was reported at $189 million across all trading pairs, with a liquidity exceeding $400,000 on Binance.