Polkadot parachain Polimec aims to transform Web3 fundraising via decentralized platform News ▸ Polkadot ▸ Technology
Polkadot parachain Polimec aims to transform Web3 fundraising via decentralized platform
Polimec's plan for the year includes expanding to other networks through WebAssembly integration.
1 min read
Updated: Apr. 17, 2024 at 6:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polkadot’s parachain Polimec wants to revolutionize fundraising for Web3 projects through an innovative approach that sets it apart from rivals.
According to its website:
“Polimec enables fundraising in a decentralized, transparent, and regulatory-compliant manner, aligning stakeholder incentives during and beyond the fundraise.”
Co-founder Kasper Mai Jørgensen further explained that Polimec enables fundraising directly on-chain without intermediaries in a transparent, fully decentralized, and regulatory-compliant manner.
The project was conceptualized in 2020 by the team behind KILT Protocol and later became an independent project with its own non-profit organization in June 2022.
Polimec’s native PLMC token grants holders access to the platform’s evaluation, participation, staking, and governance activities.
How Polimec operates
Polimec streamlines the fundraising process into five phases, beginning with credential verification through know-your-customer (KYC) procedures.
Subsequently, projects seeking funding apply and furnish details about their initiatives and funding rounds. Community members then evaluate and vote on these applications, ensuring a democratic selection process.
Only projects with sufficient community backing advance to the funding round phase as members participate based on their credential status.
The process culminates in the Issuance and Migration phase, where contribution tokens are automatically allocated and distributed to participants. The tokens are converted into mainnet tokens after the project is launched.
Notably, Apillon and Mandala Chain are among the first Polkadot-based projects that intend to use Polimec’s technology for fundraising.
Big plans
According to its website, Polimec has several plans for the year, including establishing a bridge for stablecoins between Ethereum Virtual Machine (EVM)-compatible chains and the network and deploying additional applications to generate yield for its users.
Furthermore, the protocol plans to expand through a planned WebAssembly (WASM) integration by the year’s fourth quarter.
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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