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Saturday, June 15, 2024

Decentralized Funding Protocol Polimec Launches on Polkadot

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Polimec, a decentralized and community-driven funding protocol designed to transform how Web3 projects raise capital and issue tokens, has officially launched on Polkadot.

Polimec offers a transparent, regulatory-compliant environment that connects investors and startups on a global scale.

Community-Driven Web3 Fundraising

According to a statement shared with CryptoPotato, Polimec represents a significant advancement in Web3 fundraising engagement. The platform enables community members to assess and support innovative projects, driving the future of decentralized initiatives.

“Polimec enables emerging web3 projects, focused on the Polkadot ecosystem, an opportunity to achieve their funding goals. This will maximize their prospects of developing transformative blockchain solutions and increasing adoption by solving real-world problems,” reads the statement.

Polimec maintains the core of decentralization for Web3 while ensuring compliance with regulatory standards. To participate, users must obtain a Deloitte KYC Credential, which, upon eligibility, grants access to funding information, project evaluations, and the ability to join funding rounds.

The protocol allows projects to conduct single or multiple funding rounds, offering flexibility to both project teams and investors. Its governance is managed by PLMC token holders, an on-chain council, and a technical committee. Any PLMC holder can submit a proposal, which, if it gets enough support, leads to a token-holder vote.

The announcement highlighted that the protocol provides access to fundraising while overseeing the issuance, distribution, and conversion of tokens to the mainnet. It enhances value creation for Web3 projects, enables diverse stakeholders to join funding rounds, and reduces information asymmetry between participants and issuers to expand their community.

The Evaluation Round

According to the statement, the Evaluation Round is a 28-day period during which evaluators conduct due diligence on a project by examining its whitepaper, team, tokenomics, and more.

Evaluators must bond their PLMC tokens to show support for a project. If 10% of the target funding amount is bonded, the project moves to the Funding Round. Once bonded, PLMC tokens are locked until the funding round is either completed or canceled.

Evaluators are incentivized with rewards for successful project evaluations, while unsuccessful ones may result in slashed tokens, encouraging thorough and honest assessments.

Apillon is the first project to feature on Polimec, an infrastructure solution designed for Web3 developers. Other projects next in line for fundraising on Polimec include Mandala Chain, Gotem, and ImpactScope.

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