Pencils Protocol Secures $80 Million in Fundraising Round

Singapore, Singapore, September 9th, 2024, Chainwire
Yield Staking and Auction-focused Pencils Protocol announced the successful completion of its strategic round of fundraising, achieving an impressive $80 million post-money valuation. This funding round was spearheaded by Taisu Ventures, DePIN X, Bing Ventures, and Black GM Capital.

Pencils Protocol is on a mission to transform the decentralized finance (DeFi) landscape. With innovative products such as Farming, Vaults, and Auctions, the platform not only provides robust financial tools but also empowers users to take charge of their financial future. The protocol’s success can be attributed to its community support—boasting over 400,000 active users and an astonishing $300 million in Total Value Locked (TVL).

“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

Looking ahead, Pencils Protocol is excited to announce its latest innovations: advanced multi-strategy Vaults, dynamic Auction, and Shop products. These new tools aim to provide sophisticated strategies for yield optimization and promote dynamic bidding for high-value assets across both Web2 and Web3, furthering the protocol’s goal of improving asset utilization in the DeFi sector.

About Pencils Protocol

Pencils Protocol is a next-generation decentralized platform offering innovative DeFi solutions, including leveraged yield aggregation and auction services for blockchain and real-world assets (RWAs). Partnering with Scroll, the protocol leverages zero-knowledge technology to enhance the scalability, privacy, and fairness of decentralized applications.

Links

• Website: pencilsprotocol.io
• Medium: Pencils Protocol Medium
• Twitter: Pencils Protocol Twitter

Contact
Head of External Relationships
Mike
Pencils Protocol
info@pencilsprotocol.io

This article was originally published on Chainwire.