ROAD TOWN, BRITISH VIRGIN ISLANDS / ACCESSWIRE / May 20, 2024 / Pencils Protocol, earlier known as PenPad, has recently received a significant amount of investment from leading blockchain investor OKX Ventures, Animoca, Sandy Peng (the cofounder of Scroll), Presto Labs and Gate Labs. The strategic investment places the Pencils Protocol among the handful of projects that see such success and traction. It accumulated a notable amount of more than $3.2 Million in total value locked (TVL) in little over a month's time.
Recently the Pencils Protocol has undergone a significant rebranding and enhancement that transitions the project from its former identity as PenPad. This crucial move makes the protocol better align with the goal of building a comprehensive decentralized finance (DeFi) ecosystem.
Pencil Protocol's Fast Paced Moves Within Space
A full suite of new functions such as Staking, Liquid Staking, and Liquidity Vaults, are introduced that marks the key highlights of this transformation. These are set to launch in May 2024 and intend to make Pencils Protocol's role as a crucial component of the Scroll ecosystem stronger.
Pencils Protocol has seen a successful launch with an impressive community subscription rate of over 350%. The project attracted notable investors Including Gate Labs, Animoca Brands, Presto Labs and OKX Ventures. In addition, it is also preparing to add more investors soon. The TVL hit $3.2 Million with an overall 1,129 Ethereum (ETH) staked.
The primary focus of Pencils Protocol is now on the synergy between the launchpad, staking and add-on DeFi services to support the Scroll ecosystem effectively. Additionally, there is development going on for enhancing its Liquidity Vaults as a liquidity farming tool.
To incentivize existing users and encourage new ones, there's a new rewards system introduced called Pencils. Users can earn Pencils through staking and use them for various benefits including receiving launched project allocations, boost leverage in liquidity mining, and provide access to exclusive products.
Along with this, Pencils Protocol is expanding its offerings to encompass a broader range of DeFi activities while maintaining its core function as a premier launchpad leveraging Scroll's zkEVM technology, This shift aims to transform it into a holistic DeFi platform, enhancing user experience in token sales and providing cutting-edge auction types.
Through these initiatives, Pencils Protocol is setting new standards in the blockchain space, focusing on scalable, private dApp development, and fair-launch principles, in partnership with Scroll.
About Pencils Protocol
The next generational decentralized platform, Pencils Protocol, offers auction services for assets native to blockchains and real world assets (RWAs). It also brings unified and leveraged yield aggregation services for users on the table with the goal of maximizing utilization of assets.
Pencil Protocol's partnership with Scroll makes it leverage zero-knowledge tech of Scroll, with the focus on scalable, private development of dApps and their fair launch in order to redefine the Layer-2 sectors.
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
Media Contact:
Name: Mike
Email: Info@pencilsprotocol.io
Company: Pencilsprotocol
Location: British Virgin Islands
SOURCE: Pencilsprotocol
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