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Cryptocurrency News Articles
Pencils Protocol Hits $300 Million TVL as $DAPP Token Sale Goes Live on Tokensoft
Sep 18, 2024 at 08:25 pm
As per the report, Pencils Protocol's $DAPP token sale appears to be the next big opportunity for investors as the project has already hit $300 million in Total Value Locked (TVL).
Pencils Protocol, a Scroll-based decentralized application, has recently concluded its $DAPP token sale, generating over $300 million in Total Value Locked (TVL). The project, which offers auction services for both on-chain and real-world assets, has attracted significant attention from investors.
According to the report, Pencils Protocol, formerly known as PenPad, offers a range of products, including farming, vaults, liquid staking, launchpads, and RWA auctions, making it the largest DeFi yield aggregator on Scroll. The protocol aims to provide unified and leveraged yield aggregation services to maximize asset utilization.
The project has also secured strategic funding from leading crypto market players, including OKX Ventures, Sandy Peng (co-founder of Scroll), Taisu Ventures, Bing Ventures, DePIN, Black GM Capital, Animoca, Presto Labs, and Gate Labs, among others, in different rounds. Following the latest funding, Pencils Protocol has achieved a massive $80 million post-money valuation.
Notably, the $DAPP token is set to be listed on OKX Cryptopedia on Monday, which has historically indicated potential listings on the OKX crypto exchange. This development suggests that Pencils Protocol's $DAPP token may soon be available on a major crypto exchange.
Furthermore, Binance Web3 Wallet has integrated 12 new dApps, including Pencils Protocol, allowing the crypto community to directly access the project's application through their Binance wallet.
As the project continues to gain momentum, it is positioned to play a leading role in the decentralized finance (DeFi) ecosystem. With a focus on synergy between launchpad staking and additional DeFi services, Pencils Protocol is set to support the Scroll ecosystem efficiently.
The report also highlights the project's work on enhancing Liquidity Vaults as a liquidity farming tool and its potential to drive further growth in the coming months.
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