Pencils Protocol: The Top IDO Launchpad of 2024 and a Future DeFi Unicorn

Pencils Protocol ($PDD), with a TVL (total value locked) of over $300 million, is currently one of the most-hyped IDO launchpads in the crypto space.

Text:With a TVL (total value locked) of over $300 million, Pencils Protocol ($PDD) is currently one of the most-hyped IDO launchpads in the crypto space. It is the #1 DeFi project within the Scroll ecosystem as of September 17, 2024, and also ranks among the top 3 DeFi farming protocols across the world! With over 455K users and an upcoming token sale on Tokensoft, Pencils Protocol shows significant growth potential.

Launched in March 2024, in just over a month, Pencils Protocol had recorded a TVL of over $3.2 million. The protocol has grown steadily over the past 7 months, standing at a TVL of over $308 million in September 2024. Backed up by big names like OKX Ventures, Animoca, and Gate Labs, Pencils Protocol is all set to launch their $DAPP token sale on Tokensoft on September 18, Wednesday.

This token sale was initially planned to be limited to the first 5,000 users, but reports suggest over 35,000 people have signed up so far, making the sale oversubscribed by about 7x! Top CEX listings are expected, and investors can anticipate heavy listing gains, making Pencils Protocol the top IDO of 2024 and part of the top 100 projects in the DeFi ecosystem in the near future.

In this article, we’ll find out exactly why Pencils Protocol should be on your radar, but first, a little about IDOs.

The value of IDOs

IDOs or Initial DEX Offerings have garnered quite some hype in the recent past, because they stand out as a sustainable method for crypto fundraising, and give investors a brand new, exciting avenue of investment with significant returns.

IDOs differentiate themselves from ICOs (Initial Coin Offerings) and IEOs (Initial Exchange Offerings) both. While the first is a completely decentralized method to raise funds for a project, the other two involve intermediaries and an element of centralization. CryptoRank data suggests that over the past year, out of the 1,652 public token sales in total, 77.5% were IDOs, while ICOs and IEOs were at 1.7% and 20.8% respectively, clearly showing the growing popularity of IDOS.

Before you find out more about Pencils Protocol, I thought I should give you a quick overview of the basics of IDOs.

What’s the sustainable value IDOs add, and why should investors take note of them?

Hence, IDOs do have long-term value beyond the current hype, and they stand to be the future of crypto fundraising. There are several launchpads that are gaining in popularity, including Pencils Protocol. Notably, Pencils Protocol has reportedly provided 1000% ROI to their investors in 2024 so far.

Now, let’s take a closer look at Pencils Protocol and understand why it has become so popular among crypto investors.

A deeper look at Pencils Protocol ($PDD) and their upcoming $DAPP token sale on September 18: A quick overview

Pencils Protocol partners with the zkEVM (zero-knowledge Ethereum Virtual Machine rollup) Scroll for EVM compatibility. The protocol recently went through a rebranding from PenPad to the current Pencils Protocol to identify itself as not only an IDO launchpad, but a comprehensive DeFi platform.

So while Pencils Protocol continues to function as an IDO launchpad, new products and services have been added, such as:

There’s the Pencils Protocol Auctions feature to streamline token launches on the platform, and integrated with this is the Pencils point system that incentivizes active user engagement. This community points system rewards active users with ‘Pencils’ for their contributions in the Scroll ecosystem, which translate into benefits like token allocations, higher leverage in liquidity mining, access to exclusive merch, and more. All these features make Pencils Protocol a critical part of the Scroll ecosystem and the broader DeFi space!

As you already know, Pencils Protocol is now ready to launch their $DAPP token sale on Tokensoft on September 18. The pre-sale phase is underway at the moment, with the available slots nearly filled up. What’s more, as I mentioned above, over 35,000 users have registered for the token sale already, making the number of subscribers nearly 7x of what was originally determined! The numbers clearly display the intense hype the $DAPP token sale has generated already, automatically making Pencils Protocol a platform the shrewd investor should keep their eyes peeled on.

Not sure about the budding potential of Pencils Protocol yet? Here are key facts you should remember about them, at a glance:

Enter the Pencil Protocol