Among hundreds of projects launching within the crypto space, a handful of them get to the roof and Pencils Protocol is one among them. Launched in March 2024, the project intends to become a leading DeFi yield aggregator in the space. And with the recent rebranding and change in roadmaps, it looks more promising and enticing to the investors.
Recently, Animoca, Presto Labs, Gate Labs, Sandy Peng (cofounder of Scroll), top blockchain investor OKX Ventures, and Pencils Protocol—formerly known as PenPad—received a sizable investment. The Pencils Protocol is one of the few initiatives that sees this kind of traction and success thanks to the strategic investment. In just over a month, it amassed a noteworthy total value locked (TVL) of more than $3.2 million.
The Pencils Protocol has recently undergone a major redesign and upgrade, removing the project’s previous moniker, PenPad. This significant change improves the protocol’s alignment with the objective of creating a comprehensive ecosystem for decentralized finance (DeFi).
Pencil Protocol’s Fast Paced Moves Within Space
A comprehensive range of novel features, including Staking, Liquid Staking, and Liquidity Vaults, are presented, signifying the principal features of this revolution. They aim to strengthen Pencils Protocol’s position as an essential part of the Scroll ecosystem and are scheduled to launch in May 2024.
Following a successful launch, has an amazing 350% community subscription rate. Notable investors, including Gate Labs, Animoca Brands, Presto Labs, and OKX Ventures, were drawn to the concept. It is also getting ready to welcome additional investors shortly. There were 1,129 Ethereum (ETH) staked overall, and the TVL reached $3.2 million.
In order to efficiently serve the Scroll ecosystem, Pencils Protocol is now primarily focused on the synergy between the launchpad, staking, and add-on DeFi services. Furthermore, efforts are underway to improve its Liquidity Vaults as a liquidity farming instrument.
A new Pencil rewards system has been implemented to promote new users and incentivize current ones. Through staking, users can collect Pencils points, which they can then use for a variety of advantages like getting access to exclusive items, increasing the allocation of newly launched tokens, boosting leverage in liquidity mining, and earning launch project allocations.
In addition, Pencils Protocol is broadening the scope of DeFi activities it offers while retaining its primary role as a top launchpad by utilizing Scroll’s zkEVM technology. This move intends to make Pencils Protocol a comprehensive DeFi platform by improving token sales user experience and offering state-of-the-art auction types.
In addition, Pencils Protocol is broadening the scope of DeFi activities it offers while retaining its primary role as a top launchpad by utilizing Scroll’s zkEVM technology. This move intends to make Pencils Protocol a comprehensive DeFi platform by improving token sales user experience and offering state-of-the-art auction types.
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. The platform’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.
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