Singapore, September 9th, 2024 — Chainwire
Pencils Protocol, a platform focused on yield staking and auctions, has successfully completed its strategic fundraising round, achieving an $80 million post-money valuation. The round was led by Taisu Ventures, DePIN X, Bing Ventures, and Black GM Capital, among others.
Pencils Protocol aims to transform the decentralized finance (DeFi) landscape with its innovative offerings, including Farming, Vaults, and Auctions. The platform provides robust financial tools and empowers users to manage their financial futures more effectively. Its success is highlighted by over 400,000 active users and $300 million in Total Value Locked (TVL), showcasing its significant impact on the DeFi sector.
Looking ahead, Pencils Protocol is excited to introduce its latest innovations: advanced multi-strategy Vaults and dynamic Auction and Shop products. These new tools are designed to enhance yield optimization strategies and facilitate dynamic bidding for high-value assets across Web2 and Web3, further advancing the protocol’s mission to improve asset utilization in the DeFi space.
**About Pencils Protocol**
Pencils Protocol is a cutting-edge decentralized platform providing advanced DeFi solutions, including leveraged yield aggregation and auction services for blockchain and real-world assets (RWAs). In collaboration with Scroll, Pencils Protocol utilizes zero-knowledge technology to improve scalability, privacy, and fairness in decentralized applications.
