Scroll-Based Pencils Protocol Secures $2.1M in Seed Funding to Enhance Ethereum Scaling

IconCryptoNewsTerminal Staff23 May, 2024

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Scroll-Based Pencils Protocol Secures $2.1M in Seed Funding to Enhance Ethereum Scaling

Pencils Protocol, an Ethereum zkEVM scaling project, has secured $2.1 million in seed funding. The company's valuation was set at $25 million. Investors in this round included OKX Ventures, Animoca Brands, Galaxy, Gate.io Labs, Aquarius, Prestø Labs, and Agaugu. This funding will be used to further develop Pencils Protocol's technology and team. The company is building a decentralized network of zk-rollups that will enable developers to build scalable and secure applications on Ethereum. Pencils Protocol's technology is based on the Scroll zkEVM, which is a zero-knowledge Ethereum Virtual Machine. This allows developers to write Solidity contracts that can be executed on the Scroll network without compromising security. Pencils Protocol is one of a number of projects that are working to scale Ethereum. Other projects in this space include Polygon, Arbitrum, and Optimism. Pencils Protocol's unique approach to scaling Ethereum could make it a major player in this space.

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