0
0
The Revolution of Fundraising in Web3: Polkadot’s Polimec
Polkadot’s parachain Polimec is poised to redefine fundraising for Web3 projects with a unique approach that sets it apart from its competitors. The platform provides a decentralized, transparent, and regulatory-compliant fundraising solution that aligns stakeholder incentives throughout the fundraising process and beyond.
Co-founder Kasper Mai Jørgensen elaborated on Polimec’s innovative approach, highlighting how the platform enables fundraising directly on-chain, eliminating the need for intermediaries. This approach ensures transparency, decentralization, and regulatory compliance, setting a new standard in the industry.
Conceptualized in 2020 by the team behind KILT Protocol, Polimec evolved into an independent project with its own non-profit organization in June 2022. The platform’s native PLMC token offers holders access to a range of platform activities, including evaluation, participation, staking, and governance.
Operational Framework
Polimec streamlines the fundraising process into five key phases, starting with credential verification through know-your-customer (KYC) procedures. Project applicants provide details about their initiatives and funding rounds, which are then evaluated and voted on by the community members, ensuring a democratic selection process.
Only projects with substantial community support progress to the funding round phase, with participants contributing based on their credential status. The Issuance and Migration phase marks the conclusion of the process, where contribution tokens are automatically distributed to participants and converted into mainnet tokens post-launch.
Noteworthy projects like Apillon and Mandala Chain have already indicated their intention to leverage Polimec’s technology for fundraising, signaling the platform’s growing influence within the Polkadot ecosystem.
Future Endeavors
Looking ahead, Polimec has ambitious plans for the upcoming year, including the establishment of a stablecoin bridge between Ethereum Virtual Machine (EVM)-compatible chains and the network. The platform also aims to introduce additional applications that offer yield generation opportunities for users.
Moreover, Polimec is set to expand its capabilities through a planned WebAssembly (WASM) integration by the fourth quarter of the year, showcasing its commitment to continuous innovation and growth within the Web3 space.
Image/Photo credit: source url
