The post DeFi Bull Run Back? This Token’s $300 Million TVL Reignites IDO Frenzy appeared first on Coinpedia Fintech News
In a highly competitive crypto world, projects with solid fundamentals often make headlines. Notably, only a handful of crypto tokens hold significant potential for massive gains, and Pencils Protocol has indeed taken the crypto world by storm.
TVL in Pencils Protocol Hits $300 Million
As per the report, Pencils Protocol’s $DAPP token sale appears to be the next big opportunity for investors as the project has already hit $300 million in Total Value Locked (TVL). When it was announced, in a span of just over a month, the project had accumulated over $3.2 million in TVL. The project’s remarkable achievement has definitely captured the attention of investors globally.
The $DAPP token sale is live on Tokensoft. Reports highlight that the $DAPP token sale had a cap of only 5,000 users; however, a massive 35,000 investors have already registered, betting on the potential of the $DAPP token. The project saw a remarkable six times oversubscription. However, projects on the Tokensoft platform have historically seen massive returns, offering multi-fold ROI.
As per the official announcement, “registration and verification processes on Tokensoft for $DAPP will remain open after the Pencils Protocol token sale.” To purchase $DAPP tokens on the Tokensoft platform, participants need to connect their wallet and click on the sign message. They can then select an option based on different prices corresponding to various unlocked token amounts and linear vesting durations. After selecting an option, investors should click on purchase. Upon signing the document and confirming the payment, the purchase will be completed, and a confirmation email will be sent.
What Sets Pencils Protocol Apart?
But what exactly makes it so appealing, and why are investors betting on its long-term success? At its core, Pencils Protocol, formerly known as PenPad, claims to be the next-generation decentralized platform. The project offers auction services for assets both on the blockchain and in real-world assets (RWAs). It is a Scroll-native application, offering a suite of products including farming, vaults, liquid staking, launchpads, and RWA auctions. Accordingly, Pencils Protocol appears to be the biggest DeFi yield aggregator on Scroll. The project focuses on bringing unified and leveraged yield aggregation services, aiming to maximize asset utilization.
OKX Backing and Potential Listings
The rapid growth of Pencils Protocol has been making waves among the crypto community as the project has captured big names under its roster. Notably, the project has raised strategic funding from leading crypto market players including OKX Ventures, Sandy Peng (co-founder of Scroll), Taisu Ventures, Bing Ventures, DePIN, Black GM Capital, Animoca, Presto Labs, Gate Labs, and others in different rounds. In fact, the project has already achieved a massive $80 million post-money valuation following the latest funding.
Not only that, the $DAPP token sale has also made headlines as the token is set to list on OKX Cryptopedia on Monday. Typically, projects featured on OKX Cryptopedia likely get listed on the OKX crypto exchange. This suggests that Pencils Protocol’s $DAPP is expected to be available on a major crypto exchange soon, potentially enabling investors to achieve significant gains.
What’s More in It?
The world’s largest crypto exchange is also supporting the Pencils Protocol. As per a recent tweet, 12 new dApps are live on Binance Web3 Wallet, and Pencils Protocol is one of these top dApps. The crypto community can access Pencils Protocol directly through their Binance wallet.
With this momentum, the project is poised to grow as a leading player in the decentralized finance (DeFi) ecosystem. The team behind Pencils Protocol has been innovating its core services as the project focuses on building synergy between launchpad staking and add-on DeFi services to support the Scroll ecosystem efficiently. The report further highlights that the project is working on enhancing its Liquidity Vaults as a liquidity farming tool.
As Pencils Protocol continues to evolve and attract potential growth, it is positioning itself as a major player in the DeFi landscape. With the recent success of the $DAPP token sale, hitting the milestone of $300 million in TVL and subscriptions exceeding the initial offering by a remarkable six times, this project is one to watch closely.
