Pencils Protocol Hits $317M TVL, Backed by OKX Ventures, Sets Stage for Tokensoft Launch

IDO
launchpad
and
auction-focused Pencils
Protocol will
conduct
its $DAPP
token
sale
on
Tokensoft on
Wednesday,
September
18.
Launched
in
March
2024,
Pencils
Protocol
has
recorded
a
TVL
of
around
$319
million.
The
project
partners
with
the
Scroll
ecosystem,
ranking
as
the
#1
DeFi
platform
on
Scroll
as
of
September
17. 

Just
over
a
week
ago,
Pencils
Protocol
announced
the
successful
completion
of
its
recent
funding
round,
which
led
it
to
a
post-money
valuation
of
$80
million.
While
this
round
was
led
by
names
like
Taisu
Ventures,
DePIN
X,
Bing
Ventures,
and
Black
GM
Capital,
the
project
is
backed
by
industry
giants
like
OKX
Ventures,
Animoca,
and
Gate
Labs.
Pencils
Protocol
has
also
gained
over
459K
active
users
as
of
September
17,
2024.

The
token
sale
slated
to
take
place
on
Tokensoft
on
September
18
was
initially
expected
to
be
capped
at
5,000
users.
However,
Pencils
Protocol
has
witnessed
about
35,000
registrations
as
of
September
17.
In
the
time
ahead,
top
CEX
listings
and
heavy
listing
gains
for
investors
are
also
expected. 

About
Pencils
Protocol 

Pencils
Protocol
operates
as
an
all-inclusive
auction
platform
and
yield
aggregator
in
partnership
with
the
zkEVM
(zero-knowledge
Ethereum
Virtual
Machine
rollup)
Scroll.
The
protocol
uses
zero-knowledge
technology
to
magnify
decentralized
applications’
privacy,
transparency,
and
scalability. 

Pencils
Protocol
has
recently
undergone
a
rebranding
from
PenPad
to
its
current
name.
While
PenPad
reflected
the
protocol’s
position
as
an
IDO
launchpad,
the
new
Pencils
Protocol
is
more
than
that. 

Therefore,
along
with
finding
new
token
launches,
here
are
some
products
and
services
to
be
found
on
Pencils
Protocol:

The
protocol
has
also
introduced
the
‘Pencils’
points
system
to
reward
user
engagement.
For
example,
if
you
stake
assets
worth
$100
on
the
Scroll
network
after
you
sign
up
and
connect
your
wallet
to
the
Pencils
Protocol,
you
will
earn
1
Pencil
per
day.
These
points
can
later
offer
benefits
like
early
token
allocations,
exclusive
merchandise,
high
leverage
in
liquidity
mining,
and
more.

Pencils
Protocol
aims
to
become
a
one-stop
hub
for
all
DeFi
solutions
on
Scroll
in
the
near
future.
Offerings
include
decentralized
lending
and
borrowing,
swaps,
farming,
and
more
in
a
low-gas
and
low-slippage
platform. 

Notably,
Pencils
Protocol
has
provided
1000%
ROI
to
their
investors
so
far
in
2024. 

Key
points
about
Pencils
Protocol
and
the
upcoming
$DAPP
sale

• 
  OKX
  Ventures,
  Animoca
  Brands,
  Gate.io
  Labs,
  Bing
  Ventures,
  and
  more
  back
  Pencils
  Protocol. 

• 
  Pencils
  Protocol
  has
  around
  $319
  million
  in
  TVL
  by
  September
  17.

• 
  It
  is
  currently
  the
  #1
  DeFi
  project
  within
  the
  Scroll
  ecosystem.

• 
  Pencils
  Protocol
  is
  one
  of
  the
  top
  3
  DeFi
  farming
  protocols
  in
  the
  crypto
  space.

• 
  Pencils
  Protocol
  has
  over
  459K
  active
  users.

• 
  The
  protocol
  has
  a
  deflationary
  buyback
  mechanism
  for
  $DAPP
  to
  maintain
  a
  healthy
  economy.

• 
  The
  $DAPP
  token
  sale
  will
  be
  held
  on
  Tokensoft
  on
  September
  18,
  and
  user
  registrations
  are
  already
  35,000+,
  over
  7x
  more
  than
  the
  5,000
  users
  expected
  to
  attend
  on
  a
  first-come,
  first-serve
  basis. 

For
more
information,
please
visit:

Website: https://pencilsprotocol.io/home
Twitter: https://twitter.com/pencilsprotocol
Telegram
: http://t.me/pencilsprotocol
Discord: https://discord.com/invite/v5nb2Q3Zt3

Disclaimer: The
information
provided
in
this
press
release
is
not
a
solicitation
for
investment,
nor
is
it
intended
as
investment
advice,
financial
advice,
or
trading
advice.
It
is
strongly
recommended
you
practice
due
diligence,
including
consultation
with
a
professional
financial
advisor,
before
investing
in
or
trading
cryptocurrency
and
securities.