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A Comprehensive Understanding of Pencils Protocol's Recent Market Activities Not to Be Missed

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Pencils Protocol is a comprehensive DeFi protocol on Scroll that began selling its DAPP tokens on platforms like Tokensoft and Bounce on September 18, quickly selling out. It has attracted over 50,000 verified users from more than 70 countries, including South Korea and Turkey, and currently holds a TVL of over $350 million, representing about half of the total TVL on the Scroll chain. The protocol's innovative features, such as its Staking and Vaults sections, which include leveraged mining and liquidity efficiency improvements, have contributed to its popularity. Pencils Protocol is also focused on profitability, with plans to enhance its revenue potential through various product launches. Recent market activities include participation in the OKX Cryptopedia event, collaboration with the Yescoin Campaign for gamified tasks, the launch of the Vaults product for leveraged mining, and a large-scale airdrop of 3% of the total DAPP supply to early supporters. The DAPP token will start trading on exchanges like Gate on September 27, accompanied by various promotional activities, including staking and trading competitions. A farming event for DAPP staking will also begin on the same day, offering participants up to a 50% annual return.

Pencils Protocol is a comprehensive DeFi protocol on Scroll, which began the sale of its DAPP tokens on platforms such as Tokensoft, Bounce, and Coresky starting September 18, and sold out within a short period. It attracted over 50,000 certified users from more than 70 countries, including South Korea, CIS, and Turkey, receiving a warm response.

Currently, Pencils Protocol has a high market demand, and with only the Staking module launched, its TVL has already surpassed $350 million, accounting for about half of the TVL on the Scroll chain. Meanwhile, 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 to the LRT track and pre-market incentive market, which brings future income expectations to users while empowering the growth of the LRT protocol. Its Vaults module has also introduced leveraged mining functionality, serving as an on-chain liquidity hub that provides 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, as well as its potential profitability. With the gradual launch of modules like Vaults, LaunchPad, and Shop, Pencils Protocol will further demonstrate strong profitability and will create strong market expectations for the DAPP tokens through buybacks, destruction, and scenario empowerment.

As the sale of Pencils Protocol DAPP tokens is completed, it will signify the entry of the Pencils Protocol ecosystem into a new stage, with DAPP becoming an important asset driving ecological growth. In this new development phase, Pencils Protocol has launched a series of market activities worth noting, which this article will outline.

Recent Notable Market Activities of Pencils Protocol

  1. 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 each time. In Issue 23, themed Babylon Season, Pencils Protocol participated in this event as a deep collaborator with OKX Wallet, allowing us to 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

  1. 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 various incentives, including airdrops of Yescoin tokens upon task completion. Pencils Protocol has now 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.

We first 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.

  1. 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 multiplying their liquidity mining returns. Meanwhile, Pencils Protocol has also deeply collaborated and integrated with Mind Network, allowing users to participate in voting through Vaults as an entry point, Restaking to serve as validators for leading AI and FHE projects like Zama, Fhenix, Singularity, and Bittensor, earning additional rewards.

  1. 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 signature with 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 through the Scroll chain, opening 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 distribution as follows:

  • 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, with no phased unlocking required.

  • 1,000,000 $DAPP (1% of the total supply) will be allocated to early active users, including:

  1. Users who received S1 cards

  2. Users who received S2 proofs

  3. Users holding Pencils S and P Badges

  4. Users who participated in the joint OKX Wallet event and received the Pencils Protocol Miner S3 NFT

  5. Users who successfully minted SOUL NFTs (including all participants in boosting activities from partners)

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 fall within the scope of this airdrop, please keep an eye on Pencils Protocol's social media.

  1. $DAPP Token Revenue Activities After Listing on Exchanges

The DAPP token will be open for trading on Gate at 10:00 UTC on September 27, and a series of revenue 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

  • Single Token Staking: September 27 - October 27

  • Net Buy Trading Competition: September 27 - October 4

  • Trade to Earn: October 5 - October 12

  • Hold to Earn: October 5 - October 12

In addition to Gate, it is reported that Bybit has also opened 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

  1. $DAPP Token Farming Activity

Pencils Protocol will launch a 14-day $DAPP staking activity starting 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.

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