Yield Farming and Auction Focused Pencils Protocol Reached $80M Post-Money Valuation in Its Recent Funding - Coindoo

Yield Farming and Auction Focused Pencils Protocol Reached $80M Post-Money Valuation in Its Recent Funding

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Sep 9, 2024
2 min reading time

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]

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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