Decentralized funding protocol Polimec launches on Polkadot

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

Polimec offers a transparent and 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 advance in Web3’s fundraising commitment. The platform allows community members to evaluate and support innovative projects, driving the future of decentralized initiatives.

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

Polimec maintains the core of decentralization for Web3 while ensuring compliance with regulatory standards. To participate, users must obtain a KYC credential from Deloitte, which, if eligible, provides access to funding information, project evaluations, and the ability to join funding rounds.

The protocol allows projects to go through single or multiple funding rounds, offering flexibility to both project teams and investors. Its governance is managed by PLMC token holders, a chain council and a technical committee. Any PLMC holder can submit a proposal that, if it receives sufficient 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 on the mainnet. It improves value creation for Web3 projects, allows different 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 white paper, team, tokenomics and more.

What does it mean to evaluate Polimec? ⤵️

The evaluation round is a 28-day period in which evaluators (YOU) perform due diligence on a project, evaluating the white paper, team, tokenomics, and more.

What you need to know: ⤵️

Bond PLMC: Appraisers bond their PLMC to signal… pic.twitter.com/hbP7OJTve9

— Polimec (@PolimecProtocol) May 17, 2024

Evaluators must link their PLMC files to show support for a project. If 10% of the target funding amount is secured, the project moves on to the funding round. Once linked, PLMC tokens are locked until the funding round is completed or cancelled.

Evaluators are incentivized with rewards for successful project evaluations, while unsuccessful ones can result in cut sheets, encouraging thorough and honest evaluations.

Polkadot’s decentralized funding platform #Polimec is being launched, and the first batch of projects, including #Apillon, #Mandalai #ImpactScopeit’s worth watching!

🚀 Join us for the next one #PolkaWorld Twitter space!

🗓️ Monday, May 20, 2024
🕐 13:00 UTC

Learn to raise… pic.twitter.com/MN9DAQMGyP

— PolkaWorld (@polkaworld_org) May 19, 2024

Apillon is the first project to appear in Polimec, an infrastructure solution designed for Web3 developers. Other upcoming projects to raise funds at Polimec include Mandala Chain, Gotem and ImpactScope.

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