As a seasoned crypto investor with over a decade of experience navigating the volatile and exhilarating world of digital assets, I must admit that the recent surge in Scroll (SCR) has caught my attention. The 200% price increase since its pre-market launch is a testament to the potential of this promising project.
Binance, a prominent cryptocurrency exchange platform, is generating excitement about the Ethereum Layer-2 token Scroll (SCR). On Friday, Binance announced that they will stop the pre-market listing for Scroll and introduce new trading pairs for SCR instead. This action follows a remarkable 200% price increase for SCR since its pre-market debut last month.
On October 18th, Binance officially announced that trading for Scroll would no longer be available before the market opens, starting from October 21st. After this pause, they will initiate spot trading for four different pairs: SCR/BTC, SCR/USDT, SCR/FDUSD, and SCR/TRY. Currently, deposits for SCR are already allowed, while withdrawals are scheduled to begin on October 23rd.
The announcement mentioned that their “transfer function” would be accessible before trading ends for the day (pre-market), suggesting smoother SCR transactions. Additionally, Binance has waived the listing fee for SCR, demonstrating their dedication to backing the zero-knowledge rollup cryptocurrency project. Crucially, Binance will label Scroll as a “seed” asset, implying that it carries increased risk and volatility for investors.
Scroll’s zk-Rollup Tech
Scroll represents an Ethereum Layer 2 approach utilizing zero-knowledge rollup technology, aiming to amplify the capacity of Ethereum’s blockchain and lower transaction fees. By handling transactions away from the mainnet and subsequently submitting them back to it, Scroll becomes a vital contributor to Ethereum’s scalability efforts. Introduced in 2021, this project has since garnered considerable interest from notable players within the industry.
Supported by well-known investors such as Sequoia China and Moore Capital Management, Scroll secured more than $50 million in funding during 2023. Their goal is to expand Ethereum to cater to a billion users, and the collaboration with Binance through its trading services could significantly speed up this ambition.
This week, as an analyst, I’ve been invited to participate in the decision-making process within the Scroll DAO, a move that expands our community beyond just traders. This open call extends to researchers, developers, and users like myself, with the aim of fostering a more decentralized ecosystem. By doing so, we can collectively shape the future direction of the protocol, increasing our collective influence over its development.
Is More Price Growth for SCR on the Horizon?
Despite a recent 10% decline over the past 24 hours, bringing the price down to $1.25, market analysts are optimistic that SCR could see further upward momentum. The token has risen 200% in the past eight days.
Right now, the token is fluctuating between its daily low of $1.22 and a peak of $1.37. The extended trading opportunities on Binance hint at potential significant increases for SCR in the upcoming weeks.
As the market adapts to these recent introductions, investors will keenly observe SCR’s performance, given Binance’s history with newly introduced assets. Moreover, the exchange has broadened its range of offerings for tokens such as SUI and TURBO. Here’s a snapshot of their current status:
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2024-10-18 17:31