Pencils Protocol is a comprehensive DeFi protocol on Scroll. Starting from September 18, it has successively launched the sale of DAPP tokens on platforms such as Tokensoft, Bounce, and Coresky, all of which sold out in a short period. It has attracted over 50,000 certified users from more than 70 countries, including South Korea, CIS, and Turkey, receiving a warm response.
Currently, Pencils Protocol is highly sought after in the market. With only the Staking module promoted, its TVL has already surpassed $350 million, accounting for about half of the TVL on the Scroll chain. At the same time, Pencils Protocol has attracted over 500,000 active users and is backed by a strong ecological community.
We believe there are several reasons for the market's attention on Pencils Protocol. One is the innovation in its products, such as the Staking module linking the LRT track and pre-market incentive market, which brings future revenue expectations to users while empowering growth for the LRT protocol. Its Vaults module has also introduced leveraged mining functions, serving as an on-chain liquidity hub, providing continuous liquidity for different DeFi protocols and LRT protocols, significantly enhancing liquidity efficiency, capital efficiency, and user returns. Additionally, its auction and Shop modules connect the DeFi market with potential tracks like RWA, seeking more growth points for the market.
Another reason is profitability. The performance of the Pencils Protocol Staking module has shown us the growth potential of the protocol and its potential profitability. With the gradual launch of Vaults, LaunchPad, Shop, and other modules, Pencils Protocol will further demonstrate strong profitability and will create strong market expectations for the DAPP token through buyback and destruction, as well as by providing scenarios.
As the sale of Pencils Protocol DAPP tokens is completed, it will signify that the Pencils Protocol ecosystem is entering a new stage, with DAPP becoming an important asset driving ecological growth. In this new development phase, Pencils Protocol has launched a series of noteworthy market activities, which this article will outline.
Recent Unmissable Market Activities of Pencils Protocol
- OKX Cryptopedia Event Launch (Issue 23, Babylon Season)
OKX Cryptopedia is a platform for exploring DApps and earning rewards. The platform regularly launches events themed around different blockchain networks, offering multiple DApps and interactive tasks in each issue. In Issue 23, themed Babylon Season, Pencils Protocol participated as a deep collaborator of OKX Wallet. We can earn rewards by completing social media tasks.
This event is currently ongoing and will last for several months: okx.com/zh-hans/web3/discover/cryptopedia/event/44
- Yescoin Campaign (Leading Game in the Ton Ecosystem)
Currently, Pencils Protocol has received support from Yescoin Campaign, a giant in the TON ecosystem gaming sector. Yescoin Campaign is a gamified task platform where users can participate in a series of tasks through the Yescoin mini-program and receive corresponding Yescoin token airdrops as incentives upon completion. Pencils Protocol has launched the task list for Yescoin Campaign, and users can complete tasks on the relevant page to earn incentives. Pencils Protocol will subsequently gain support from a series of leading games in the TON ecosystem.
First, we need to open t.me/therealyescoin, enter the mini-program by clicking the Play button, and then click the wallet button in the lower left corner.
Find Pencils Protocol and complete the tasks according to the instructions.
Event duration: Started on September 16, expected to last until October 10.
- Vaults Product Official Launch
The Vaults product is an important module of Pencils Protocol, allowing users to engage in leveraged mining, meaning they can borrow assets from the pool and participate in liquidity mining, potentially earning multiple returns on liquidity mining rewards. At the same time, Pencils Protocol has also deeply collaborated and integrated with Mind Network, allowing users to use Vaults as an entry point to participate in voting through Restaking, acting as validators for leading AI and FHE projects like Zama, Fhenix, Singularity, and Bittensor, earning additional rewards.
- Pencils 3% Ecological Airdrop
Pencils Protocol launched a new round of large-scale airdrop incentives on September 25, with a total airdrop amount of 3% of the total DAPP token supply. Users can authorize eligible addresses and submit their UID and recharge address to cooperating exchanges (CEX) before TGE. After successful verification, the airdrop tokens will be gradually distributed to the accounts of cooperating exchanges before trading opens. Users can also choose to claim on the Scroll chain, available one hour before TGE.
Airdrop Distribution
In this airdrop plan, a total of 3,000,000 $DAPP (3% of the total issuance) will be allocated to early supporters and contributors of Pencils, with specific allocations as follows:
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2,000,000 $DAPP (2% of the total supply) will be distributed based on users' Pencils holdings and will be released in one go at the time of airdrop, without phased unlocking.
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1,000,000 $DAPP (1% of the total supply) will be allocated to early active users, including:
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Users who received S1 cards
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Users who received S2 proofs
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Users holding Pencils S and P Badges
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Users who participated in the OKX Wallet joint event and received the Pencils Protocol Miner S3 NFT
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Users who successfully minted SOUL NFTs (including all participants in partner Boosting activities)
This portion of tokens will be unlocked in three phases: 50% released at TGE, 25% released 30 days after TGE, and the remaining 25% released 60 days after TGE.
If you are within the scope of this airdrop, please keep an eye on Pencils Protocol's social media.
- Earnings Activities After $DAPP Token Trading Launch
The DAPP token will be available for trading on Gate at 10:00 UTC on September 27, and a series of earnings activities will be launched across major CEX platforms, including:
Gate Startup Airdrop Event: September 25 - September 27
Participation details: gleam.io/Z9VaS/gateio-startuppencils-protocol-dapp-1000-giveaway
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Single Token Staking: September 27 - October 27
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Net Buy Trading Competition: September 27 - October 4
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Trade to Earn: October 5 - October 12
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Hold to Earn: October 5 - October 12
In addition to Gate, it is reported that Bybit is also opening deposits, with trading set to open on the 27th, and will launch Staking and Trading activities for the DAPP token. The Staking module will provide a total of 20,000 $DAPP token rewards, with a staking period of 30 days and an expected yield of 30% APR, where each user can stake 10,000 to 30,000 $DAPP tokens.
For specific details on the series of CEX activities, please follow Pencils' official Twitter:
x.com/pencilsprotocol
- $DAPP Token Farming Activity
Pencils Protocol will launch a 14-day $DAPP staking activity starting on September 27, 2024, where participants can earn up to 50% annual interest. By staking $DAPP in Pencils Farming, users can enjoy short-term high returns while gaining shares in upcoming auction projects and additional airdrop rewards from more Scroll ecosystem projects.