DeFi
OKX Ventures led funding for largest DeFi yield aggregator on Scroll
ROAD TOWN, BRITISH VIRGIN ISLANDS / ACCESSWIRE / May 20, 2024 / Pencils Protocol, previously known as PenPad, recently received significant investment from leading blockchain investor OKX Ventures, Animoca, Sandy Peng (the co-founder of Scroll), Presto Labs and Gate Labs. This strategic investment places the Pencils Protocol among the handful of projects that are seeing such success and traction. It has accumulated a notable amount of over $3.2 million in total value locked (TVL) in just over a month.
Recently, the Pencils protocol underwent a significant rebranding and improvement that transitions the project from its previous identity as PenPad. This crucial decision allows the protocol to better align with the goal of building a complete decentralized finance (DeFi) ecosystem.
The Rapid Movements of the Pencil Protocol in Space
A full suite of new functions such as Staking, Liquid Staking and Liquidity Vaults are introduced and mark the highlights of this transformation. These are expected to launch in May 2024 and aim to strengthen Pencils Protocol’s role as a crucial component of the Scroll ecosystem.
Pencil protocol had a successful launch with an impressive community subscription rate of over 350%. The project has attracted notable investors including Gate Labs, Animoca Brands, Presto Labs and OKX Ventures. Additionally, it is also preparing to add other investors soon. The TVL reached $3.2 million with a total of 1,129 Ethereum (ETH) staked.
The main focus of Pencils Protocol now is the synergy between launchpad, staking and complementary DeFi services to effectively support the Scroll ecosystem. Additionally, developments are underway to improve its Liquidity Vaults as a liquidity farming tool.
To incentivize existing users and encourage new ones, a new rewards system has been introduced called Pencils. Users can earn pencils through staking and use them for various benefits, including receiving allocations from launched projects, increasing leverage in liquidity mining, and providing access to exclusive products.
Along with this, Pencils Protocol is expanding its offerings to encompass a wider range of DeFi activities while retaining its core function as a leading launchpad leveraging Scroll’s zkEVM technology. This change aims to transform it into a holistic DeFi platform, improving the user experience in token sales. and offer cutting-edge auction types.
Through these initiatives, Pencils Protocol is setting new standards in the blockchain space, focusing on the development of private, scalable dApps and fair launch principles, in partnership with Scroll.
About the pencil protocol
The next-generation decentralized platform, Pencils Protocol, offers auction services for blockchain-native assets and real-world assets (RWA). It also offers unified and optimized yield aggregation services for users with the aim of maximizing asset utilization.
Pencil Protocol’s partnership with Scroll allows it to leverage Scroll’s zero-knowledge technology, with a focus on private, scalable development of dApps and their equitable launch to redefine Layer 2 industries.
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
E-mail: [email protected]
Company: Pencilsprotocol
Location: British Virgin Islands
SOURCE: Pencil protocol