What Is Scroll (SCR) Coin: Binance Announces Scroll (SCR) As 60th Project On Its Launchpool

Scroll, an Ethereum scaling solution based on zkEVM Rollup, is preparing to launch its native token, SCR, in what the Ethereum layer-2 (L2) network describes as its “first step toward decentralization.” On October 22, Scroll plans to list SCR on Binance Launchpool and airdrop the token among the network’s existing users

Then, what is Scroll (SCR) coin? Is it a good investment in 2024? In this article, we will introduce Scroll (SCR) coin in detail.

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Table of Contents

What is Scroll (SCR)?

How does Scroll Work?

SCR Tokenomics

Scroll (SCR) to Launch on Binance Launchpool and Pre-Market

Is Scroll (SCR) a Good Investment in 2024?

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What is Scroll (SCR)?

Scroll is a Layer-2 solution built on Ethereum’s zkEVM (Zero-Knowledge Ethereum Virtual Machine), designed to solve Ethereum’s scalability challenges.

By leveraging zero-knowledge proofs, the protocol bundles transactions off-chain, which are then verified on the Ethereum mainnet. This reportedly reduces both transaction costs and processing times, making Ethereum more efficient and scalable.

The Scroll mainnet went live on October 2023 and has become one of the leading Ethereum scaling solutions. Since launching in 2023, Scroll has rapidly bootstrapped total value locked (TVL), which stands at $1.2 billion as of Oct. 8, according to L2Beat.

Since its launch, Scroll has processed more than 91 million transactions, and many leading projects have deployed their decentralized applications to the platform, including Aave, Lido, Safe, EtherFi, and others.

In addition, the Scroll initiative has attracted considerable attention from investors. Leading investment firms have backed the project, believing in its potential in the blockchain world. Major investors like Newman Capital, Sequoia China, Variant Fund, IOSG Ventures, Polychain Capital and others have backed the project. The growing interest of these high-profile investors further highlights Scroll’s bright future in the blockchain space.

In a blog post, the team said that the SCR token would be the first step in its roadmap to decentralization.

“SCR will be used as a primary governance mechanism of the protocol and progress to being a protocol utility token as Scroll becomes more decentralized,” the team wrote. After the governance has made progress in decentralization, the token will also be used to support decentralization of Scroll’s prover and sequencer.

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How does Scroll Work?

Now that we know what Scroll (SCR) is, let’s look at the main principles of how the protocol works.

Scroll’s zkEVM technology, along with its other features, sets it apart in the Layer-2 landscape.

• Hierarchical Zero-Knowledge Proof System: Scroll leverages a zero-knowledge proof system to ensure efficient verification while maintaining compatibility with Ethereum’s existing infrastructure. This makes it easier for decentralized applications (dApps) to migrate to Scroll.
• Communication Channels: Scroll is designed to integrate with other Layer-2 networks, creating opportunities for dApps on different networks to communicate with each other. This fosters collaboration and partnerships between various decentralized applications, improving the overall ecosystem.
• Layer-2 Mining: Within Scroll’s ecosystem, users are allowed to mine zero-knowledge proofs. Miners are incentivized to generate these proofs, separating the transaction packing and mining processes, reducing the issue of maximal extractable value (MEV).

SCR Tokenomics

With a total supply capped at 1 billion SCR tokens, Scroll plans to allocate 15% for airdrops, 35% for ecosystem growth, and 17% for investors. The rest will go to the Scroll Foundation (10%) and contributors (23%).

Scroll plans to distribute approximately 7% of SCR’s total supply of 1 billion tokens in the upcoming Oct. 22 airdrop, according to the blog post.

The airdrop aims “to reward onchain users who have been actively engaging with the Scroll ecosystem,” Scroll said.

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Scroll (SCR) to Launch on Binance Launchpool and Pre-Market

In addition to the airdrop, Scroll (SCR) will also be launched as the 60th project in Binance Launchpool, where users will be able to lock their BNB and FDUSD to receive SCR Airdrops over two days, with farming starting from 2024-10-09 00:00 (UTC).

Besides, Binance Pre-Market will then list SCR at 2024-10-11 10:00 (UTC) and open pre-market trading for the SCR/USDT trading pair.

SCR Launchpool Details:

Token Name: Scroll (SCR)

Total and Max Token Supply: 1,000,000,000 SCR

Launchpool Token Rewards: 55,000,000 SCR (5.5% of total token supply)

Initial Circulating Supply When Listed on Binance: 190,000,000 SCR (19%  of total token supply)

Launchpool Terms will apply and KYC completed to Binance’s satisfaction is required

Hourly Hard Cap per User:

97,395 SCR in BNB pool

17,187 SCR in FDUSD pool

Supported Pools:

Lock BNB (webpage will be available in around 24 hours): 46,750,000 SCR in rewards (85%)

Lock FDUSD (webpage will be available in around 24 hours): 8,250,000 SCR in rewards (15%)

Farming Period: 2024-10-09 00:00 (UTC) to 2024-10-10 23:59 (UTC).

Is Scroll (SCR) a Good Investment in 2024?

Scroll is an emerging zkRollup scaling solution tailored for Ethereum (ETH). Its mission is to bolster the Ethereum network’s utility and overall performance by leveraging zkRollup technology. Scroll aids Ethereum in handling a greater number of transactions in a safer and more secure environment. Additionally, Scroll strives to make Ethereum transactions more affordable and seamless, thereby removing barriers and allowing more users into the Ethereum ecosystem.

In summary, Scroll contributes to the widespread adoption of the Ethereum network. Despite already achieving success within the broader investment community, the listing on Binance marks a significant milestone that will propel the project forward.

However, it remains to be seen whether Scroll (SCR) is a good investment in this year as it highly depends on traders’ investment preference and risk tolerance, all investors are advised to do profound research and stay well-informed before making any investment decision regarding Scroll (SCR) coin.

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