Polimec, a decentralized and community-driven funding parachain, has officially launched on Polkadot and is set to begin its first project evaluation, according to a May 20 statement shared with CryptoSlate.

The platform evaluates Web3 projects for potential fundraising, aiming to bring transparency, accessibility, and regulatory compliance to the process.

Polimec’s launch marks a new era in decentralized fundraising, prioritizing access, community involvement, and regulatory compliance. Stakeholders have stated that the platform is poised to revolutionize funding for Web3 projects.

First evaluation

The parachain’s first evaluation round will feature Apillon, a Web3 infrastructure platform for developers.

Apillon empowers developers within the Polkadot ecosystem, offering decentralized services like file storage and hosting. To participate in the evaluation, users must possess a Deloitte-powered KYC Credential. This credential grants access to the Data Room, where users can review funding details before bonding their Polimec tokens (PLMC) to the projects they evaluate.

Meanwhile, the evaluation process will last 28 days. Users can conduct due diligence during this period by examining the project’s white paper, team, and tokenomics.

By bonding their PLMC tokens, users indicate interest in the project. If a project reaches 10% of its target funding during this stage, it automatically progresses to the next round. The bonded PLMC tokens remain locked until the funding round is completed or canceled.

The post First decentralized Web3 funding parachain Polimec goes live on Polkadot appeared first on CryptoSlate.

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Filed under: Bitcoin - @ May 20, 2024 5:24 pm