Scroll, a zkRollup scaling solution for Ethereum, has announced an airdrop for its native token, SCR, which is about to debut on the Binance launchpool.

The SCR token enables Scroll’s mission of building scalable, secure infrastructure and accelerating real-world adoption with global distribution.

The Scroll ecosystem plans an airdrop event as part of its token distribution strategy. Out of a one billion total supply, Scroll has allocated 15%, or 150 million SCR tokens, to airdrops, split between two phases — 7% and 8%, respectively.

“We are allocating 7% of the total token supply to our first airdrop, and we will reserve 8% of the total token supply for future airdrops, which are intended to take place over the next 12-18 months,” the announcement read.

The SCR airdrop snapshot will take place on October 19, three days before the token launch date, when airdrop participants can claim their allocations. The token generation event (TGE) and the checker will be dropped off on October 22.

Read more: What are Crypto Airdrops?

Scroll said the first phase of the airdrop would focus on rewarding on-chain users for their engagement with the ecosystem. It will also reward the Scroll community for their meaningful contributions to protocol development, community, and ecosystem growth. Details about eligibility to claim SCR airdrops remain unclear for now.

“This suggests that perhaps the FIRST airdrop will be for on-chain activity (volume, smart contracts…) and then for our marks (within 12-18 months),” one popular airdrop farmer on X remarked.

Meanwhile, Binance announced 55 million SCR as launch pool token rewards, representing 5.5% of the total scroll token supply. As BeInCrypto reported, Scroll’s SCR token will debut on the Binance launch pool on October 11, with an initial circulating supply of 190 million tokens. It marks another addition to the exchange’s product suite, with Binance being the first exchange to list SCR.

Airdrop farming will start on Wednesday, October 9. Binance asked participants to lock their BNB and FDUSD over two days to receive the SCR tokens.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

According to Scroll, the SCR token will serve various use cases, including the primary governance mechanism of the protocol. It will also advance to become a protocol utility token amid the Scroll network’s progressive decentralization goals.

“There are three valuable rights for rollup protocol design that need to be decentralized and here is how SCR can be involved in all of them: Governance right, Proving right, Sequencing right,” Scroll explained.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Source link

Cardano price started a fresh decline below the $0.3550 zone. ADA is consolidating above $0.3400 and might attempt a recovery wave.

• ADA price started a downward move below the $0.3500 support level.
• The price is trading below $0.3520 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below the $0.3520 resistance zone.

Cardano Price Consolidates Losses

After testing the $0.3680 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels.

The price even declined below $0.3450 before the bulls appeared. A low was formed at $0.3409 and the price is now consolidating losses. There was a minor move above the $0.3450 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low.

Cardano price is now trading below $0.3520 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3460 zone. There is also a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair.

The first resistance is near $0.3520 or the 50% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low. The next key resistance might be $0.3550. If there is a close above the $0.3550 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3680 region. Any more gains might call for a move toward $0.400.

More Downsides in ADA?

If Cardano’s price fails to climb above the $0.3550 resistance level, it could start another decline. Immediate support on the downside is near the $0.3420 level.

The next major support is near the $0.3400 level. A downside break below the $0.3400 level could open the doors for a test of $0.3250. The next major support is near the $0.3120 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.3400 and $0.3350.

Major Resistance Levels – $0.3460 and $0.3550.

Source link

XRP price is stuck in a tiny range below the $0.550 level. The price must clear the $0.5450 and $0.5500 resistance levels to start a fresh increase.

• XRP price is still stuck in a range above the $0.5080 support.
• The price is now trading near $0.5320 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.

XRP Price Eyes Fresh Surge

XRP price remained supported above the $0.5080 support level. The price started a consolidation phase above the $0.5120 level, unlike Bitcoin and Ethereum.

There was a minor increase within a range and the price climbed above the $0.5250 resistance. There was a move above the $0.5320 level. However, the bears are active near the 50% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low.

The price is now trading near $0.5320 and the 100-hourly Simple Moving Average. If there is another increase, the price might face resistance near the $0.5340 level. There is also a connecting bearish trend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5460 level or the 61.8% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term. The next major hurdle might be $0.6250.

Another Decline?

If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5200 level. The next major support is near the $0.5165 level.

If there is a downside break and a close below the $0.5165 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.5000 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5200 and $0.5165.

Major Resistance Levels – $0.5360 and $0.5450.

Source link