Scroll, a prominent Ethereum Layer 2 network, is set to launch its native token, SCR, with Binance being the first exchange to provide pre-market trading for the token. The announcement on Tuesday revealed that users will have access to trade SCR before its official spot market listing.
Starting from October 9th, users can participate in Binance’s Launchpool farming event, where they can stake BNB and FDUSD to farm SCR tokens. Binance has capped farming pools, allowing a maximum of 97,395 SCR staked in the BNB pool and 17,187 SCR in the FDUSD pool. A total of 55 million SCR tokens, representing 5.5% of the 1 billion total supply, will be allocated for Launchpool rewards.
Binance’s pre-market trading for the SCR/USDT pair will kick off on October 11th at 10:00 UTC. This new feature from Binance allows users to trade the actual tokens, unlike other services that provide derivative-based access. However, pre-market trading is restricted in several countries, including the United States, Canada, Japan, and Spain.
The circulating supply of SCR will be 190 million tokens (19% of the total supply) when it is listed, ensuring a sizable initial market presence. Binance has yet to disclose the duration of the pre-market phase or when the token will be available for full-market trading.
Scroll’s SCR token marks a crucial step toward the decentralization of the platform. The token will play a vital role in governance, proving, and sequencing within the Scroll ecosystem.
The project’s broader goal is to provide global access to decentralized applications and services. SCR will also be central in decentralizing governance via the Scroll DAO, allowing community control and ensuring long-term sustainability.
Of the 1 billion SCR tokens, 15% will be reserved for airdrops, with the first airdrop scheduled for October 22, 2024. A significant portion (35%) is allocated to ecosystem growth, and 23% is reserved for Scroll’s core contributors. Investors will receive 17% of the total supply, unlocking tokens over four years.
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