The Animoca Brands-incubated Pencil Finance says it has completed a $1 million student-loan cycle on-chain, from raising investor capital to recording repayments and returning the funds with yield. Education-financing company ErudiFi issued the loans, and Pencil Finance, a decentralized lending protocol, packaged them as an on-chain private-credit investment, allowing funders to supply capital and monitor repayments through blockchain records.