Decentralized Funding Protocol Polimec Launches on Polkadot

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

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

Community-led Web3 fundraising

According to a joint statement with CryptoPotatoPolimec represents a major advancement in participating in Web3 fundraising. The platform allows community members to evaluate and support innovative projects, driving the future of decentralized initiatives.

“Polimec gives web3 startups, focused on the Polkadot ecosystem, an opportunity to achieve their funding goals. This will increase the possibilities of developing transformative blockchain solutions and increasing adoption by solving real-world problems.”

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

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

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

Evaluation round

According to the statement, the evaluation round is a 28-day period during which evaluators conduct due diligence on the project by examining the whitepaper, team, code processes, and more.

What does rating on Polimec mean? ⤵️

An evaluation round is a 28-day period where evaluators (you) conduct due diligence on the project, evaluating the whitepaper, team, token economies, and more.

What you need to know: ⤵️

Bond PLMC: Residents bond their PLMC to indicate… pic.twitter.com/hbP7OJTve9

– Polimec (@PolimecProtocol) May 17, 2024

Residents must link their PLMC tokens to show support for the project. If 10% of the targeted financing amount is repaid, the project moves to the financing round. Once enslaved, PLMC tokens are locked until the funding round is completed or cancelled.

Evaluators are incentivized with rewards for successful project evaluations, while unsuccessful evaluations may result in token reduction, encouraging thorough and honest evaluations.

Polkadot's decentralized finance platform #polymic The first batch of projects is being launched, including #Abelon, #MandalaAnd #Scope of influenceworth watching!

🚀 Join us next #Polka World Twitter space!

🗓️Monday, May 20, 2024
🕐 13:00 UTC

Learn how to raise… pic.twitter.com/MN9DAQMGyP

– Polka World (@polkaworld_org) May 19, 2024

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.