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 in 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, with its TVL already surpassing $350 million under the premise of only promoting the Staking sector, 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 why Pencils Protocol is receiving significant market attention. One is the innovation in its products, such as the Staking sector linking to the LRT track and pre-market incentive market, which brings future revenue expectations to users while empowering the growth of the LRT protocol. Its Vaults section has pioneered the introduction of leveraged mining functions and serves as an on-chain liquidity hub, providing continuous liquidity to various DeFi protocols and LRT protocols, significantly enhancing liquidity efficiency, capital efficiency, and user returns. Additionally, its auction and Shop sections 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 sector has shown us the growth potential of the protocol, as well as its potential profitability. With the gradual launch of Vaults, LaunchPad, Shop, and other sections, 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 the Pencils Protocol DAPP token is completed, this will also signify that the Pencils Protocol ecosystem is entering a brand new phase, 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.
Overview of Recent Unmissable Market Activities of Pencils Protocol
1. OKX Cryptopedia Activity Launch (Issue 23, Babylon Season)
OKX Cryptopedia is a platform for exploring DApps and earning rewards. The platform regularly launches activities themed around different blockchain networks, providing multiple DApps and interactive tasks each issue. In Issue 23, themed Babylon Season, Pencils Protocol participated in this activity as a deep collaborator with OKX Wallet, allowing us to earn rewards by completing social media tasks.
This activity is currently ongoing and will last for several months: okx.com/zh-hans/web3...
2. Yescoin Campaign (Ton Ecological Game Leader)
Currently, Pencils Protocol has received support from Yescoin Campaign, a giant in the TON ecological 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 task completion. Pencils Protocol has now launched the task list for Yescoin Campaign, allowing users to complete tasks on the relevant page to earn rewards. 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.
Activity time: Started on September 16, expected to last until October 10.
3. Vaults Product Officially Launched
The Vaults product is an important segment of Pencils Protocol, allowing users to engage in leveraged mining, that is, borrowing some assets from the pool for liquidity mining, and being able to multiply their liquidity mining returns. At the same time, 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.
5. Pencils 3% Ecological Airdrop
Pencils Protocol has 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 for signing and submit their UID and recharge address for 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, which will open 1 hour before TGE.
Airdrop Distribution
In this airdrop plan, a total of 3,000,000 $DAPP tokens (3% of the total issuance) will be distributed to early supporters and contributors of Pencils, with the specific distribution as follows:
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2,000,000 $DAPP tokens (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 tokens (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 participating in the OKX Wallet joint activity and receiving the Pencils Protocol Miner S3 NFT
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Users who successfully minted SOUL NFTs (including all participants in the boosting activities of cooperating parties)
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.
6. $DAPP Token Earnings 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 earnings activities will be launched across major CEX platforms, including:
Gate Startup Airdrop Activity: September 25 - September 27
Participation details: gleam.io/Z9VaS/gatei...
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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 has also opened recharge, and trading will be synchronized on the 27th, along with the launch of DAPP token Staking and Trading activities. The Staking section will provide a total of 20,000 $DAPP token rewards, with a staking period of 30 days, expected returns of APR 30%, where each user can stake 10,000 to 30,000 $DAPP tokens.
Details of the series of CEX activities can be followed on Pencils' official Twitter:
x.com/pencilsprotoco...
7. $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 obtaining shares in upcoming auction projects and additional airdrop rewards from more Scroll ecosystem projects.