The crypto exchange Binance revealed on Tuesday that it would begin pre-market trading of the native token SCR of the Ethereum Layer 2 network Scroll. According to Binance, it is the first exchange to provide this service where users can trade SCR before it is listed on the spot market.
Introducing @Scroll_ZKP Scroll (SCR) on Binance Launchpool and Pre-Market.
— Binance (@binance) October 8, 2024
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Launchpool Farming for SCR
Before the pre-market listing, Binance will also launch the Scroll project on its Launchpool platform. From October 9th, users will be able to lock in their BNB and FDUSD and start farming SCR airdrops for two days. Farming pools have been limited by Binance, where a user can only stake up to 97,395 SCR in the BNB pool and 17,187 SCR in the FDUSD pool.
The total supply of the Scroll token will be 1 billion SCR, and 55 million tokens, or 5.5% of the total supply, would be allocated for Binance Launchpool rewards. As of the initial listing at Binance, the circulating supply of SCR will be 190 million tokens which will be 19% of the total token supply.
Pre-Market Trading Launch
Binance would begin pre-market trading of the SCR/USDT pair at 10:00 UTC on October 11th. However, the exchange has not disclosed the time for the phase out of pre-market trading as well as the time when the token would be up for trading in the market. This service is limited in some areas such as the United States, Canada, Japan and Spain.
EIGEN Gains Traction After Binance and KuCoin ListingsScroll, the Ethereum Layer 2 scaling solution, went live with its zkEVM on the mainnet in October 2023. The network has been able to roll over 76,769 ETH (around $186M) to its platform, and zkEVMs like Scroll ensure that Ethereum applications can scale while preserving privacy.
Binance’s New Trading Service
Binance has introduced its pre-market trading where users are allowed to trade the “actual tokens” before they are listed in the market. While other pre-market services provide only derivative-based access to the tokens, Binance’s service also enables users to hold and trade the tokens. However, some restrictions like withdrawal limits would be in place until the tokens are fully listed.
SCR is all set to be Binance’s first pre-market trading token under this new service. Nevertheless, the pre-market trading option is not permitted in many countries, such as Canada, Russia U.S., Dubai, Japan, Spain, and the Netherlands.
