Polkadot parachain Polimec aims to transform Web3 fundraising via decentralized platform

Polkadot parachain Polimec is on a mission to revolutionize fundraising for Web3 projects by offering a decentralized platform like no other. With its unique approach, Polimec aims to enable fundraising in a transparent, decentralized, and regulatory-compliant manner, aligning stakeholder incentives throughout the process and beyond.

Unlike traditional fundraising methods that involve intermediaries, Polimec allows projects to fundraise directly on-chain, eliminating the need for third-party involvement. Co-founder Kasper Mai Jørgensen highlights the platform’s transparency and compliance with regulations as key features.

The project was initially conceptualized by the team behind KILT Protocol in 2020 and later became an independent endeavor with its own non-profit organization in June 2022. Polimec’s native token, PLMC, grants holders access to various platform activities, including evaluation, participation, staking, and governance.

Polimec follows a streamlined fundraising process comprising five phases. It starts with credential verification through know-your-customer (KYC) procedures. Projects seeking funding then apply and provide details about their initiatives and funding rounds. Community members evaluate and vote on these applications, ensuring a democratic selection process. Only projects with significant community backing progress to the funding round phase, with members participating based on their credentials.

The final phase, Issuance and Migration, involves the automatic allocation and distribution of contribution tokens to participants. These tokens are later converted into mainnet tokens after the launch of the project.

Several projects, including Apillon and Mandala Chain, have already shown interest in utilizing Polimec’s technology for their fundraising efforts, emphasizing its potential within the Polkadot ecosystem.

Looking ahead, Polimec has ambitious plans for the year. One of its goals is to establish a bridge for stablecoins between Ethereum Virtual Machine (EVM)-compatible chains and the Polkadot network. Additionally, the protocol intends to deploy additional applications to generate yield for its users. By the fourth quarter, Polimec aims to integrate with WebAssembly (WASM), further expanding its capabilities.