ETH
by Soumen Datta
October 8, 2024
Scroll uses zero-knowledge proof technology aiming to offer faster and more cost-effective transactions.
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.
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.
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.
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).
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.
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.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
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