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Polkadot launches decentralized funding protocol Polimec

Investing.com
·2-min read

Blockchain infrastructure provider Polkadot has officially gone live with a decentralized and community-driven funding protocol “designed to transform the fundraising landscape” for Web3 projects. Dubbed ‘Polimec,” Polkadot says the initiative helps improve transparency, accessibility, and regulatory compliance in fundraising activities.

Polimec's debut features the first Evaluation Round with the project Apillon. Community members will then assess projects to determine which will proceed to the funding round.

To participate in Polimec, users need to visit app.polimec.org and obtain a Deloitte KYC Credential using the code "FundingSeason". After accessing the Data Room to review funding information, they can evaluate projects by bonding their transferable PLMC tokens.

"The launch of Polimec represents a new era of decentralized fundraising, emphasizing access, community involvement, and regulatory compliance," a spokesperson for Polkadot said. "We are excited to see innovative projects emerging from our community and look forward to widespread participation."

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In late 2020, the creators of the KILT Protocol came up with a token issuance mechanism to improve liquidity in the Polkadot ecosystem, leading to the creation of Polimec. Incorporated in 2022, the Polimec Foundation brought this independent venture to life to tackle the challenges of traditional fundraising.

Polimec creates a trustless framework for projects, enabling them to raise funds within a diverse community while managing the issuance, distribution, and conversion of tokens to the mainnet.

The decentralized KYC mechanism, developed in collaboration with KILT and Deloitte, ensures pseudonymous participation while adding security and regulatory compliance.

Polimec breaks down barriers to entry, allowing individuals from various backgrounds to participate in funding rounds with equal opportunities for retail, professional, and institutional participants. Its cost model operates with no upfront fees or fiat charges, with fees only applied upon successful fundraising. It also provides support beyond fundraising, including vesting schedules, community feedback, and in building ambassador programs.

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