DeFi
OKX Ventures invests in largest DeFi yield aggregator with $3 million in TVL; The final stage of the presale will begin on May 20
Among the hundreds of projects launched in the crypto space, a handful of them are hitting the roof and Pencils Protocol is one of them. Launched in March 2024, the project aims to become one of the leading DeFi yield aggregators in the space. And with the recent rebranding and change in roadmaps, it looks more promising and attractive to investors.
Recently, Animoca, Presto Labs, Gate Labs, Sandy Peng (co-founder of Scroll), leading blockchain investor OKX Ventures and Pencils Protocol, formerly known as PenPad, received significant investment. The Pencils Protocol is one of the few initiatives that is seeing this type of success and success through strategic investment. In just over a month, he has accumulated a remarkable total value locked (TVL) of over $3.2 million.
The Pencils protocol recently underwent a major overhaul and upgrade, removing the project’s previous moniker, PenPad. This significant change improves the protocol’s alignment with the goal of creating a comprehensive ecosystem for decentralized finance (DeFi).
The Rapid Movements of the Pencil Protocol in Space
A full range of new features, including Staking, Liquid Staking and Liquidity Vaults, are presented, representing the main 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, Pencil protocol has an incredible 350% community subscription rate. Notable investors including Gate Labs, Animoca Brands, Presto Labs and OKX Ventures were attracted to the concept. It is also preparing to welcome new investors soon. A total of 1,129 Ethereum (ETH) were staked and the TVL reached $3.2 million.
In order to effectively serve the Scroll ecosystem, Pencils Protocol is now primarily focused on the synergy between launchpad, staking, and complementary DeFi services. Additionally, efforts are underway to enhance 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 various benefits, such as access to exclusive items, increasing the allocation of newly launched tokens, increasing the leverage in extracting liquidity and obtaining seed project allocations.
Additionally, Pencils Protocol is expanding the scope of DeFi activities it offers while maintaining its primary role as a leading launchpad using Scroll’s zkEVM technology. The move aims to make Pencils Protocol a comprehensive DeFi platform by improving the token sale user experience and offering industry-leading auction types.
Additionally, Pencils Protocol is expanding the scope of DeFi activities it offers while maintaining its primary role as a leading launchpad using Scroll’s zkEVM technology. The move aims to make Pencils Protocol a comprehensive DeFi platform by improving the token sale user experience and offering industry-leading auction types.
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. The platform’s partnership with Scroll allows it to leverage Scroll’s zero-knowledge technology, with a focus on private, scalable development of dApps and equitable launch to redefine Layer 2 industries.