Singapore, Singapore, September 9, 2024, Chainwire
Yield staking and auction-focused Pencils Protocol announced the successful completion of its strategic fundraising round, which has driven an impressive post-money valuation of $80 million. This round was led by Taisu Ventures, DePIN X, Bing Ventures, and Black GM Capital, etc.
Pencils Protocol has set out to revolutionize the decentralized finance (DeFi) landscape. With innovative products such as Farming, Vaults, and Auctions, Pencils Protocol has created a platform that not only offers robust financial tools but also empowers users to take control of their financial future. Their success is built on community support – over 400,000 active users and a staggering $300 million in total value locked (TVL) demonstrate the impact they have had on the DeFi space.
“We believe Pencils Protocol is well-positioned to significantly contribute to the growing Scroll ecosystem. Their use of Scroll’s zero-knowledge technology, combined with a focus on scalable and private DeFi services, aligns with our strategy of supporting innovative infrastructure in the Layer 2 space. Pencils Protocol’s auction, yield aggregation, and re-staking service offering presents a practical solution to improve asset utilization. We are confident in their ability to create value within the Scroll ecosystem through a measured, technology-driven approach.” — Takashi Hayashida, Managing Partner at Taisu Ventures
Looking ahead, Pencils Protocol is excited to share the launch of its latest innovations: advanced multi-strategy vaults, dynamic auctions, and store products. These tools are designed to offer more sophisticated strategies for yield optimization and facilitate dynamic bidding for high-value assets on both Web2 and Web3, further contributing to the protocol’s goal of improving asset utilization within the DeFi space.
About the Pencil Protocol
Pencils Protocol is a next-generation decentralized platform offering innovative DeFi solutions, including leveraged yield aggregation, auction services for blockchain and real-world assets (RWA), among others. In partnership with Scroll, Pencils Protocol leverages zero-knowledge technology to improve the scalability, privacy, and fairness of decentralized applications.
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ContactHead of External RelationsMicroPencil Protocol[email protected]
This article was originally published on Chainwire
