Polimec, a decentralized funding parachain, has gone live on the Polkadot blockchain to support community-funded projects on the network.
Polimec is a platform seeking to bring transparency to teams and projects. The parachain wants to support blockchain-based funding and token issuance. the protocol is also committed to maintaining regulatory compliance during such processes.
Polimec Goes Live On Polkadot
Polimec is planning to transform the fundraising process in the DeFi industry. It wants to make the process more accessible, decentralized, regulated, and community-driven.
Polimec is already gaining adoption, with Apillon being the first project to go live on the parachain. Apillon is an infrastructure solution targeting blockchain developers to give them access to decentralized offerings like hosting and file storage.
The parachain will employ a rigorous vetting process for the decentralized projects seeking financial support from the community. During the first Evaluation Round, investors will asses projects before deciding whether they qualify for community funding.
The users who want to participate in this project must pass the know-your-customer (KYC) verification process powered by Deloitte. These users will then use their Polimec (PLMC) tokens on the projects they want to evaluate.
By committing PLMC tokens, users will demonstrate their interest in a project. A project that achieves 10% of its target will proceed to the next round. User funds will remain locked until the project completes funding or is canceled.
Those holding PMLC tokens will also benefit from protocol governance. They can vote on decisions around the protocol or submit proposals that other users can vote upon.
Helping Web3 Projects Attain Funding
The decentralized funding model by Polimec seeks to support the Web3 projects created on Polkadot. It will help the projects attain their funding targets. With proper funding, projects will have a higher chance of developing an impactful solution based on the blockchain.
Polkadot-based projects that take advantage of Polimec’s solution will also get to raise funding from a large pool of investors. Polimec also stands in the gap to bring projects and funding participants together to boost community growth.
Polimec will also enable projects created on Polkadot to maximize their funding potential by reaching more investors. The platform is also committed to regulatory compliance to bring security and transparency in funding to support Web3 solutions that tackle real-world problems.
This launch marks a significant step towards supporting decentralized funding. With users often complaining about opaqueness in most funding models, Polimec is working on ensuring that investors can connect with unique projects in the market.
