The supported pools for the Scroll (SCR) token include BNB and FDUSD, with the farming period expected to begin on Wednesday.
Key Notes
- Binance will support the distribution of Scroll native tokens as spot listing is in the pipeline.
- Binance exchange users will be eligible for an airdrop after locking either BNB or FDUSD.
- Scroll network is a major EVM ecosystem with over $700m in TVL.
Binance Holdings Ltd., a leading cryptocurrency exchange by daily traded volume and globally registered users, has announced the 60th project on its LaunchPool platform dubbed Scroll (SCR), a fast-growing zero-knowledge rollup. The cryptocurrency exchange intends to list the SCR token on its pre-market trading platform with a Tether USDT pair by September 11.
Afterward, the crypto exchange clarified that listing on the spot trading platform will be announced through the official pages at a later date.
Meanwhile, Binance exchange users will be eligible for an airdrop after locking either BNB or FDUSD. Notably, 46.75 million SCR tokens have been reversed for the BNB pool rewards, which amounts to about 85 percent of the tokens designated for Binance listing. An additional 8.25 million SCR tokens have been set aside for the FDUSD lockup pool, which accounts for only 15 percent.
Farming of the rest of the tokens reserved for the Binance listing is set to kickstart on Wednesday and end on Thursday.
Introducing @Scroll_ZKP Scroll (SCR) on Binance Launchpool and Pre-Market.
Read more ⤵️https://t.co/DXCpZ0clOE
— Binance (@binance) October 8, 2024
Closer Look at SCR Tokenomics
The Scroll native token has a maximum supply of 1 billion, with the initial circulating supply when listed on Binance set at about 190 million, which represents 19 percent of the total supply.
The LaunchPool token rewards have been set at 55 million SCR tokens, which represents 5.5 percent of the total supply.
The hourly hard cap per user on Binance’s BNB pool has been set at about 97k SCR tokens. The hourly hard cap per user for the FDUSD LaunchPool has been set at around 17K SCR tokens.
More details of the SCR tokenomics are expected to be made available with time as more listing on tier-one exchanges takes place.
Why Scroll?
Designed from the ground up, the Scroll network has been built to maximize compatibility with the Ethereum virtual machine (EVM). The Scroll core team developed the network in an open-source environment to support the entire Ethereum ecosystem.
Furthermore, the mainstream adoption of Ethereum scaling has been attributed to the security feature of the underlying ZK infrastructure.
According to the latest market data, the Scroll network has more than $739 million in total value locked (TVL). Additionally, the Scroll network takes pride in more than $112 million in its stablecoins market cap. As of this report, the Scroll network had around 50k active addresses in the past 24 hours.
Some of the notable DeFi projects already leveraging the Scroll network include lending protocol AAVE, farming platform Pencils Protocol, Tranchess Yield, Tokan Exchange, and Kelp DAO, among many others.
As a multi-chain EVM-compatible network, Scroll is well-positioned to grow exponentially in the near term amid the mainstream adoption of digital assets and Web3 protocols.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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