IDO and Auction-Driven Launchpad Pencil protocol will lead his $DAPP Token Sale on Tokensoft on Wednesday, September 18. Launched in March 2024, Pencils Protocol has recorded a TVL of approximately $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 earned it a post-funding valuation of $80 million. While the 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 459,000 active users as of September 17, 2024.
The token sale scheduled on Tokensoft on September 18 was initially supposed to be limited to 5,000 users. However, the Pencils protocol has recorded around 35,000 registrations as of September 17. In the coming years, CEX listings and significant listing gains for investors are also expected.
About the pencil 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 amplify the privacy, transparency, and scalability of decentralized applications.
The Pencils protocol recently rebranded from PenPad to its current name. While PenPad reflected the protocol’s position as an IDO launchpad, the new Pencils protocol is much more than that.
Therefore, in addition to finding new token launches, here are some products and services to find on Pencils Protocol:
The protocol also introduced the “Pencils” points system to reward user engagement. For example, if you stake $100 worth of assets on the Scroll network after signing up and connect your wallet to the Pencils protocol, you will earn 1 pencil per day. These points can then provide benefits such as early token allocations, exclusive products, 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, trading, farming, and more on a low-gas, low-slippage platform.
Notably, Pencils Protocol has delivered a 1,000% ROI to its investors so far in 2024.
Key points about Pencils protocol and the upcoming $DAPP sale
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OKX Ventures, Animoca Brands, Gate.io Labs, Bing Ventures and many others are backing Pencils Protocol.
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Pencils Protocol has approximately $319 million in TVL as of September 17.
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It is currently the #1 DeFi project within the Scroll ecosystem.
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Pencils Protocol is one of the top 3 DeFi farming protocols in the crypto space.
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Pencils Protocol has over 459,000 active users.
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The protocol has a deflationary buyback mechanism for $DAPP to maintain a healthy economy.
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The $DAPP token sale will take place on Tokensoft on September 18, and user registrations are already over 35,000, more than 7 times the expected 5,000 users on a first-come, first-served 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 and does not constitute investment advice, financial advice or trading advice. You are strongly advised to conduct your own due diligence, including consulting a professional financial advisor, before investing or trading in cryptocurrencies and securities.
