Pencils Protocol Hits $317M TVL, Backed By OKX Ventures, Sets Stage For Tokensoft Launch

(MENAFN- GlobeNewsWire - Nasdaq) Road Town, British Virgin Islands, Sept. 18, 2024 (GLOBE NEWSWIRE) -- 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:

• Yield farming various assets for competitive yields
• Staking
• Liquidity staking
• Liquidity vault

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.

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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.

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