Pencils Protocol Raises $8M to Revolutionize DeFi with Yield Staking and Auctions

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.

Singapore, Singapore, 9th September, 2024, Chainwire

Pencils Protocol, a yield staking and auction protocol, has announced the successful closing of its strategic funding round, achieving a remarkable post-money valuation of $80 million. This round was spearheaded by Taisu Ventures, DePIN X, Bing Ventures, and Black GM Capital.

Pencils Protocol is revolutionizing decentralized finance (DeFi) with its innovative products, including Farming, Vaults, and Auctions. These offerings create a platform for robust financial tools and empower users to take charge of their financial futures. Their achievements are evident with over 400,000 active users and a staggering $300 million in Total Value Locked (TVL), showcasing their impact 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

Pencils Protocol is excited to announce the upcoming launch of its latest innovations: advanced multi-strategy Vaults, dynamic Auction and Shop products. These tools offer more sophisticated strategies for yield optimization and enable dynamic bidding for high-value assets across Web2 and Web3, further enhancing the protocol’s goal of improving asset utilization in DeFi.

About Pencils Protocol

Pencils Protocol is a next-generation decentralized platform that provides 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]