Binance Integrates New Ethereum Layer-2 Altcoin into Its Trading Platform

Binance, a global leader in the cryptocurrency exchange market, is introducing a novel altcoin that operates on Ethereum’s (ETH) second layer to its array of tradable digital assets.

This expansion brings the Scroll (SCR) token into the mix, now open for trading with pairings such as SCR/BTC, SCR/USDT, SCR/FDUSD, and SCR/TRY.

The platform details that Scroll can be acquired using major credit cards like VISA and MasterCard, or through Google Pay, Apple Pay, and direct wallet balance deductions.

Scroll’s initiative is to enhance the Ethereum network by alleviating congestion and diminishing transaction fees.

“Scroll leverages the Layer-2 zkRollup technology, incorporating zero-knowledge proofs to boost Ethereum’s scalability efficiently and affordably while maintaining security and interoperability.”

An initial billion Scroll tokens have been minted, with an early circulating sum of 190 million, representing 19% of the total token supply.

Binance assigns a seed tag to the SCR token due to its potentially higher volatility stemming from its lower liquidity, something reserved for certain tokens on their trading platform.

Binance mandates its traders holding seed-tagged assets to successfully pass quizzes every 90 days to validate their understanding of the associated trading risks.

The inaugural token airdrop from the project started on Tuesday and was available for collection.

“The kickoff airdrop intends to place Scroll as the rollup with the most widespread global distribution, thanking contributors to Scroll’s protocol, ecosystem, and community development. We have earmarked 7% of SCR’s total supply for this initial airdrop.”

At the moment of reporting, Scroll is valued at $0.9178, observing a 21.3% decline over the past 24-hour period. Scroll stands as the 301st significant crypto endeavor with a market capitalization of $174.6 million.

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Disclaimer: The views expressed by The Daily Hodl do not constitute investment advice. Prior to undertaking any investments in Bitcoin, cryptocurrency, or digital assets that are considered high-risk, investors should conduct thorough due diligence. Transfers and trades are carried out at your own risk, and The Daily Hodl is not responsible for any potential losses. The Daily Hodl is not an investment advisory body and does not advocate for the purchase or sale of any cryptocurrencies or digital assets. It should be known that The Daily Hodl is involved in affiliate marketing.

Image Attribution: Midjourney