PANews reported on May 23 that, according to official sources, the Scroll ecosystem DeFi project Pencils Protocol announced the completion of a $2.1 million seed round of financing, bringing its current valuation to $25 million. The round was led by OKX Ventures, Animoca Brands, Galxe, Gate.io Labs, Aquarius, Presto, and Agarwood, with participation from individual investors including Scroll co-founder Sandy Peng, V Fund partner Ashely Xiong, Inception Capital co-founder David Gan, Cyberconnect founder Ryan Li, and Arcanum Capital co-founder Lucia Zhang.

Currently, Pencils Protocol has officially launched its Season 3 phase activities. Participants in the Staking Pool of this event can earn rewards, including Scroll Marks, Pencils Points, EigenLayer Points, StakeStone W1 Points, Kelp Miles, Puffer Points, and a series of other point rewards, as well as ecosystem alliance airdrop rewards.

According to the introduction, through its collaboration with Scroll, Pencils Protocol utilizes zero-knowledge technology to build Layer-2 solutions, focusing on scalable private dApp development and fair release principles, providing users with on-chain asset services.