Pencil Protocol completes funding round with $80M valuation

Pencil Protocol, a DeFi project on Ethereum's layer-2 network, announced the successful completion of a funding round, reaching a post-money valuation of $80 million. The round was backed by industry leaders such as Taisu Ventures, DePIN X, Bing Ventures and Black GM Capital. The protocol also revealed plans to launch Advanced Vaults and an innovative Auction Platform aimed at enhancing yield optimization and asset bidding.