Grow Your Project with Entity
Are you a Web3 builder? Entity can help you get the most out of MultiversX. In this week’s article, discover the methodology behind our Project Monitor and how Entity can grow your blockchain startup.
Showcasing the best projects building on MultiversX
The Entity Project Monitor compiles all the major startups building on MultiversX (formerly the Elrond Network) and provides key information such as token utilities, whitepaper links, and presale dates. This module gives founders direct access to thousands of MultiversX investors.
However, exposure to new supporters is only the beginning. Being listed on Entity has additional benefits for projects, including:
- Opportunities to synergize and integrate with Entity
- Concrete feedback that can help improve your startup
- Potential access to the Entity Launchpad
How to get listed on Entity
Currently, there are 38 projects on the Project Monitor. While Entity is passionate about kickstarting the MultiversX DeFi scene, we also want to empower all types of projects that are innovative and disruptive.
This includes NFT projects, GameFi, and more. The only requirements are that your project uses an ESDT token or EGLD, and has published basic information such as a litepaper and roadmap.
Do you want to be the next project listed on Entity?
- Go to the List Your Project module and sign in with a wallet. This is necessary to protect your identity as project owner.
- Fill out the requested info in the Project Information, Technical Information, and Social Information sections.
- Submit your project for review. The Entity team will review your submission as soon as possible. Before publication, Entity will reach out to you with a preview of your project’s review for any last minute feedback.
For further information, check out the List Your Project guide on the Entity Knowledge Base.
Breaking down Entity’s review criteria
Based on years of professional experience analyzing blockchain projects, the Entity Project Monitor team developed a transparent set of metrics to review MultiversX startups.
These rating criteria represent a holistic assessment of each project and how strong it is compared to not just the MultiversX ecosystem, but the entire Web3 space and traditional business world as well.
- The Team evaluation analyzes the quality of each team as well as their partners and advisors. Focus points include whether a project’s founders are transparent and whether they have experience that is relevant to what they are building.
- The Product evaluation assesses whether a project is unique and to what extent they have already built their product. Projects will score low in this category if they took their idea directly from an existing project on a different chain, or are raising funds without having any MVP or prototype.
- The Token economics section evaluates the robustness of each project’s token. In particular, we examine if each token has utility that could not be replaced by instead using an existing token like $EGLD. For projects that only have NFTs, their rating in this category depends on their NFTs’ value and utility.
- Finally, the Business evaluation category analyzes the business outlook of each MultiversX startup. The Entity Team assesses factors like whether each project has a reasonable valuation when raising funds, how strong a project seems relative to its competition, and whether they have built an authentic online community.
Rating Formula
Each of these categories contains several specific criteria. To view how a project scored on each individual metric, click on the name of the project and then click “Show details” next to their Entity Rating.
Our rating formula takes a weighted average of all the criteria to determine each project’s overall rating.
{(Founders score * 4) + (Advisors and partners score * 3) + (Proof of concept score * 2) + (MVP score * 2) + (Technology layer score * 3) + (Token utility score * 3) + (Network effects score * 3) + Valuation score + Market potential score + Competition score + Supply sold score + Vesting score + Hype and media presence score} / 26.Check out the newly launched Review Criteria guide on our Knowledge Base for more details about how Entity analyzes each specific metric.
Your project has been reviewed. Now what?
Congratulations! Your project has been officially listed on Entity.
As Entity integrates next-level DeFi products into its platform, projects on Entity will have even more opportunities to add value and leverage synergies.
In the meantime, the Project Monitor team will maintain and regularly update your review approximately once a month to reflect the latest information. Please note that the Entity Team must also review the numerous other projects that are building on MultiversX, so we can only change your project rating when you have made significant progress.
How to get involved
Want to join the action? Then submit your startup to Entity or tell your friends who are builders to list their project.
Do you have some constructive feedback about the Entity Project Monitor and our review process? Join the conversation on Twitter or Telegram and let your voice be heard.
Enhancing the MultiversX Ecosystem
Entity is a Launchpad and suite of cutting-edge tools for Web3 builders and investors. Entity is focused on catalyzing growth in key areas such as DeFi, GameFi, NFTs and real-world blockchain applications.
MultiversX is a highly scalable, secure and decentralized blockchain network created to enable radically new applications, for users, businesses, society, and the new metaverse frontier.
