Four whales borrowed 195,500 BNB ($112.4 million) from Venus Protocol to farm on Scroll (SCR) on Binance Launchpool. To earn SCR tokens, these whales deposited the borrowed BNB in Binance.
According to a recent Binance report, farming is set to start today, October 9, 2024, with pre-marketing trading scheduled for October 11, 2024.
Whales Borrow Massive Sums In BNB
After Binance announced Scroll (SCR) on its Lauchpool, four whales made significant BNB transactions. As per Lookonchain data, the first whale, 0x1e7f borrowed 65,000 BNB worth $37.34 million.
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The second whale, 0x5c18 borrowed 52,000 BNB for $29.9 million, and the third whale, 0xcd40, borrowed 39,500 BNB ($22.7 million). Finally, the fourth whale 0x2d87 borrowed 39,000 BNB ($22.4 million).
The borrowed BNB was quickly sent to Binance for participation in the upcoming farming event. Whales are locking their BNB to receive large amounts of SCR tokens as part of the Lauchpool rewards program.
This sudden move by whales demonstrates their confidence in SCR’s value and possible gains that could accumulate from the farming program.
Scroll (SCR) is Binance’s 60th project on Binance Launchpool. zkEVM Rollup called Scroll is an Ethereum Foundation project guaranteed to be compatible with Ethereum applications.
Starting today, users can lock BNB and FDUSD to farm SCR tokens, with rewards distributed over two days. SCR will be listed for pre-market trading on Binance starting October 11, 2024, with the SCR/USDT pair available from the start.
Later, the pre-market end time and spot listing date will be announced. Users need to meet Binance’s eligibility requirements depending on the region they reside in to participate.
The HTX exchange will also list Scroll (SCR) and feature spot trading of SCR against USDT. HTX has not disclosed SCR deposits and trading times yet, but the update will happen soon. Scroll is a Layer 2 chain using ZK Rollup to enhance Ethereum’s scalability with backward compatibility and open access.
Scroll’s goal is to decentralize governance by providing SCR tokens. When the network grows, the token will be used for governance, proving, and sequencing rights. Scroll’s total supply of 1 billion SCR includes 55 million SCR (5.5% of the total supply) allocated for Binance Launchpool rewards.
SCR Token Distribution and Ecosystem Growth
Scroll has outlined its SCR token distribution to support ecosystem growth and community engagement. The total token supply is 1 billion SCR, with 15% going to airdrops. In the first airdrop, 7% will be distributed.
The rest will be reserved for further airdrops during the next 12–18 months. Furthermore, 35% of the total supply will boost the ecosystem and drive towards Scroll’s long-term goal of decentralization. 10% of this allocation will go specifically to the Scroll DAO Treasury to fund important initiatives, and the rest will support community projects.
