Binance's 60th Launchpool Project: What is Scroll?

Binance recently announced its 60th Launchpool project, introducing Scroll (SCR), a zkEVM Rollup-based scaling solution for Ethereum. Binance would allow users to lock their BNB and FDUSD to receive SCR airdrops. 

Let's explore what Scroll brings to the table.

What is Scroll?

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

The protocol uses zero-knowledge proofs to bundle 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.

Why Scroll?

Ethereum, the second-largest cryptocurrency network by market cap, faces high gas fees and congestion, especially during peak periods. Scroll tackles these issues by handling transactions off-chain and only submitting verified bundles to the Ethereum mainnet, reducing network strain.

According to the team, Scroll has the potential to enhance the user experience for decentralized applications (dApps) on Ethereum, offering faster transaction speeds and lower fees.

Key Features of Scroll

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
  In Scroll’s ecosystem, users can 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).

Scroll and Binance Launchpool

As the latest project on Binance's Launchpool, Scroll offers users the opportunity to participate in the project by farming SCR tokens.

• Farming Period: From October 9, 2024, 00:00 UTC to October 10, 2024, 23:59 UTC, Binance users can lock their BNB and FDUSD in dedicated pools to earn SCR.

• Total Token Supply: 1 billion SCR.

• Launchpool Rewards: 55 million SCR, or 5.5% of the total supply, will be distributed to participants.

• Hourly Hard Cap: Users can earn up to 97,395 SCR from the BNB pool and 17,187 SCR from the FDUSD pool.

Once the farming period ends, Binance Pre-Market will list the SCR/USDT trading pair on October 11, 2024, at 10:00 UTC. However, this service is not available in all regions.

What is Binance Pre-Market?

Binance Pre-Market allows users to trade tokens like SCR before they are officially listed on the spot market. It offers early access to promising tokens, enabling traders to establish positions ahead of the general market. 

Pre-market trading will conclude at least four hours before the official spot listing, offering a smooth transition into the main market.