Launching a novel product comes with questions:
“Will it work?”, “Is it intuitive to use?”, “What could have been done better?”
Ultimately, the best way to find out is by doing it.
Since releasing Polimec, the protocol has successfully completed the first three on-chain fundraises in a completely decentralized and trustless manner. While embarking on this journey, we’ve received invaluable feedback and insights from YOU.
Thanks to your input, several areas were identified worth evolving on a protocol level — and evolve it will.
The Polimec Foundation will propose a referendum — Polimec Evolution. The referendum puts forward several adjustments to the rules governing the funding cycle on Polimec, enabling a shorter time to funding for projects and refining the incentive structure for protocol stakeholders, amongst other updates. This aims to further streamline the fundraising process and remove complexity, resulting in enhanced user experience and lower entry barriers.
Protocol Updates
Funding Cycle Duration:
The duration of a funding cycle is shortened as follows, increasing flexibility and time efficiency for issuers, evaluators, and participants:
- Evaluation Round: 7 days
- Auction Round: 7 days
- Community Round (inc. Remainder Round): 7 days
Funding Threshold:
The threshold determining the outcome of a fundraise and respective incentives is set at 33% of the target funding amount.
Above 33%:
- Funding automatically accepted
- Evaluators rewarded
- Long-term holder bonus granted
- Liquidity pool allocation granted
Below 33%:
- Funding automatically declined
- Evaluators slashed
- Participants refunded
Community’s Side
The next stage in Polimec’s evolution is only possible because of our most important asset: our community and early adopters, contributing to evaluations and funding rounds. The community’s dedication in contributing to these early rounds led, in some cases, to the slashing of PLMC, which are now in the on-chain treasury.
With those proposed updates, evaluators of funded projects on Polimec so far would not have been slashed. In line with the new rules to be proposed via Polimec governance, the Foundation has refunded slashed PLMC from evaluations of the successfully funded projects on Polimec to date.
TL;DR:
The slashed PLMC from the two settled funding rounds of ImpactScope and Mandala Chain have been refunded (with a 12 months linear vesting)!
Stay tuned for the next updates — we will share more details about Polimec’s evolution ongoingly!
Thank you for being a vital part of the Polimec journey.
You are the VC now!
Polimec Foundation
