The post Is DeFi back? Understanding the Hype Behind This $300M TVL Project appeared on BitcoinEthereumNews.com.

A $300M+ TVL DeFi project backed by names like OKX Ventures and Animoca, that has already generated a 1000% ROI in 2024 and is expected to give a 5000% ROI by 2025: sounds too good to be true? Throw in the fact that it is one of the top three yield farming protocols in the ecosystem, and you have Pencils Protocol ($DAPP), a DeFi platform you must keep an eye on as we approach the last leg of 2024. Pencils Protocol’s recent IDO on Tokensoft not only sold out, but was oversubscribed by 7x. As the next phase is expected to arrive soon on Tokensoft, another $DAPP sale is currently live on Gate.io Startup until September 27, fast selling out as we speak. Early investors can expect massive listing gains! Previously known as Penpad, Pencils Protocol is a next-generation decentralized platform that offers auction services for both blockchain-based assets and real-world assets or RWAs.  The platform partners with Scroll, a zkEVM (zero-knowledge Ethereum Virtual Machine). Notably, Pencils Protocol is currently the #1 DeFi project on Scroll! The protocol aims to be a comprehensive DeFi ecosystem, and boasts strong user engagement, with over 571K active users.  Pencils Protocol has recently recorded an $80 million post-money valuation after the latest funding round led by Taisu Ventures, Bing Ventures, DePIN, and Black GM Capital. As we mentioned before, OKX Ventures has also invested in Pencils Protocol, setting the project up for an OKX Cryptopedia listing. Historically, about 60% of the projects listed on OKX Cryptopedia head to OKX Exchange, leading to greater exposure.  Along with being one of the top three DeFi farming protocols across the world, Pencils Protocol is now also integrated with Binance Web3 Wallet. Overall, the project shows strong fundamentals, slowly evolving into a complete DeFi platform expected to make…

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Filed under: News - @ September 26, 2024 6:26 pm