The badges and boosted yield in pencil protocol — scroll canvas
DeFi related
Intro
Pencils Protocol will be introducing two major functions in May:
- Staking and Liquid Staking
- Liquidity Vaults
Pencils Protocol Staking Product Rollout
Phase 1: Traditional Staking
- Users can stake the following assets:
- Scroll Token (post-launch)
- Pencils Protocol Token
- ETH/ETH Derivatives
- BTC/BTC Derivatives
- Stablecoins
- Additional high-quality ERC20 assets in the Scroll ecosystem
- Users will receive “pTokens” (e.g., pETH, pWBTC) representing their staked assets. These pTokens, which are ERC20 tokens, can earn extra yield in DeFi pools on top of the underlying token’s yield.
- Pencils Protocol will partner with DEXs to incentivize initial pToken liquidity pools. Early deposit stakers will receive multiple points incentives from Pencils Protocol, Scroll, and other Scroll ecosystem protocols.
Phase 2: LSD and Restaking Products
- Details on LSD and restaking products will be released soon. Stay tuned!
The total value locked in liquid staking projects has soared from $12.28 billion in March 2023 to over $62 billion in March 2024.
Earn and use pencils points
Boost Allocation: Use Pencils to increase your allocation or get discounts on new token launches on Pencils Protocol’s launchpad, enhancing your chances to participate in high-quality projects.
Increase Leverage: Use Pencils to increase your leverage and boost liquidity mining rewards in Pencils Protocol Vaults.
The Badges and Boosted Yields
To earn badges in Season 3, meet these requirements:
S-Badge: Stake at least 0.5 ETH worth of supported assets for 28 consecutive days.
P-Badge: Stake at least 0.1 ETH worth of supported assets for 28 consecutive days.
Supported Assets:
- WETH, USDC, USDT, Stone, pufETH, wrsETH
- More assets will be added in the future.
Note:
- Withdrawing before 28 days resets your staking period.
- Staking less than 28 days makes you ineligible for badges and yield boosts.
- Users with S and P badges from Season 2 do not need to stake again to retain their badges.
(where to get scroll canvas badge? https://scroll.io/canvas/mint)
Badge Benefits in Season 3
Scroll Canvas Badge:
S and P Badge holders may qualify for the Scroll Canvas Badge (details forthcoming).
Pencils Boost:
P-Badge: 1.1x boost
S-Badge: 1.2x boost
Boost activates upon claiming your badge and applies to Pencils accumulated from that point. Staying staked until the end of Season 3 increases the boost rate up to 120%.
Note:
- Each address can claim only one badge (S Badge or P Badge, not both).
Important Note:
- Any staking holder may have the potential to receive a Pencil airdrop.
- Stay safe and enjoy the benefits! (This is not financial advice.)
