Chainwire
Yield Farming and Auction Focused Pencils Protocol Reached $80M Post-Money Valuation in Its Recent Funding
Pencils Protocol’s community of over 400,000 active users and $300 million in Total Value Locked demonstrate its impact in the DeFi space.
Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›
Singapore, Singapore, September 9th, 2024, Chainwire – Yield Staking and Auction-focused Pencils Protocol announced the successful completion of its strategic round of fundraising, which has propelled to an impressive $80 million post-money valuation. This round was led by Taisu Ventures, DePIN X, Bing Ventures, and Black GM Capital etc.
Pencils Protocol has been on a mission to revolutionize the decentralized finance (DeFi) landscape. With innovative products like Farming, Vaults, and Auctions, Pencils Protocol created a platform that not only offers robust financial tools but also empowers users to take control of their financial future. Their success is rooted in the support of the community — over 400,000 active users and a staggering $300 million in Total Value Locked (TVL) demonstrate the impact they have made in the DeFi space.
“We believe Pencils Protocol is well-positioned to contribute meaningfully 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 offering of auction services, yield aggregation, and restaking presents a practical solution for enhancing 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
Moving forward, Pencils Protocol is thrilled to share the launch of its latest innovations: advanced multi-strategy Vaults, dynamic Auction and Shop products. These tools are designed to offer more sophisticated strategies for yield optimization and facilitate dynamic bidding for high-value assets across both Web2 and Web3, contributing further to the protocol’s goal of enhancing asset utilization within the DeFi space.
About Pencils 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 (RWAs) and more. In partnership with Scroll, Pencils Protocol leverages zero-knowledge technology to enhance the scalability, privacy, and fairness of decentralized applications.
Website: http://pencilsprotocol.io
Medium: https://medium.com/@PencilsProtocol
Twitter: https://x.com/pencilsprotocol
Contact
Head of External Relationships
Mike
Pencils Protocol
[email protected]
Share
Broadcast your project news with guaranteed coverage on industry-leading publications like CryptoSlate.
CryptoSlate has partnered with Chainwire to deliver press releases distributed across numerous crypto media sites, including Cointelegraph, Decrypt and The Defiant.
Chainwire has been used by over 800 brands and PR agencies worldwide.
Get Started with Chainwire
