Binance, the leading global cryptocurrency exchange, is broadening its range of trading options to include a new altcoin based on the Ethereum (ETH) layer-2 technology.

The exchange recently announced that Scroll (SCR) is now available for spot trading with trading pairs such as SCR/BTC, SCR/USDT, SCR/FDUSD, and SCR/TRY.

Binance customers can purchase Scroll using various payment methods, including VISA, MasterCard, Google Pay, Apple Pay, or by using their wallet balances.

According to Binance, Scroll is a project that aims to address the issues of network congestion and high fees on the Ethereum network. It is a Layer-2 zkRollup solution that utilizes zero knowledge proof technology to enhance the scalability of Ethereum, making it faster and more cost-effective while maintaining high levels of security and compatibility.

The total supply of Scroll tokens is 1 billion, with an initial circulating supply of 190 million, representing 19% of the total token supply.

To ensure transparency and manage the associated risks, Binance is attaching a seed tag to SCR. This tag is applied to projects with lower liquidity that may exhibit higher volatility compared to other listed tokens. Users who own assets with seed tags are required to pass quizzes every 90 days to demonstrate their understanding of the risks involved before trading these tokens.

The project recently launched its first token airdrop, which began on Tuesday. The airdrop aims to reward those who have contributed to the growth of Scroll’s protocol, ecosystem, and community. A total of 7% of the total supply of SCR has been allocated for this initial airdrop.

Currently, Scroll is trading at $0.9178, experiencing a 21.3% decline in the last 24 hours. With a market capitalization of $174.6 million, Scroll ranks as the 301st largest cryptocurrency project.

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Disclaimer: The opinions expressed in this article are not investment advice. It is recommended that investors conduct their own research and due diligence before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Please be aware that any transfers or trades you make are at your own risk, and you are solely responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl may participate in affiliate marketing.