The Hype
with Pencils
Protocol: $308M+ TVL and $DAPP
Launch on Tokensoft
The Hype with Pencils Protocol: $308M+ TVL and $DAPP Launch on Tokensoft
by Bitcoinist
16 mins ago
in Press releases
0
Pencils Protocol ($PDD) , with a TVL (total value locked) of over $300 million
, is currently one of the most-hyped IDO launchpads in the crypto space. 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.
Source: CryptoRank
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?
IDOs follow the inherent principles of blockchains and DeFi: decentralization,
accessibility, and transparency. This increases investor faith and establishes
a global investor base.
The involvement of intermediaries can drag on a fundraising process and make
it complicated, not to mention biases, increased costs, and malpractices. IDOs
render such intermediaries needless,
While traditional fundraising may be capital-intensive and a market open only
to the accredited and wealthy investors, IDOs democratize the process, and
open up the market to people from all sorts of financial backgrounds.
Therefore, entry barriers are lowered for small and medium investors.
Blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн-based tokens can be traded immediately after the offering, which
means quick liquidity for investors. This is another perk traditional
fundraising does not offer.
Therefore, IDOs indeed 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.
Why should you take note of Pencils Protocol?
Pencils Protocol partners with the zkEVM (zero-knowledge Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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:
Staking
Liquidity staking
Liquidity vaults
Yield farming
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:
With over $308 million in TVL, Pencils Protocol is currently one of the top 3
global DeFi farming protocols.
They have recorded over 455K active users already, and they are still growing!
A regular deflationary $DAPP buyback system is in place to ensure a healthy
economic structure.
Pencils Protocol has the upcoming $DAPP token sale on Tokensoft on September
18 (so tomorrow), where they have noted user registrations about 7x beyond
their capacity!
Enter the Pencil Protocol’s $DAPP token launch event today, and visit their
website to stay updated!
Disclaimer: This is a paid release. The statements, views and opinions
expressed in this column are solely those of the content provider and do not
necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the
accuracy or timeliness of information available in such content. Do your
research and invest at your own risk.
