Polystarter Research Report: Polygen
Crypto launchpads are gaining significant interest. They assist in identifying early-stage crypto and blockchain initiatives, as well as participating in those projects. They also enable investors to participate in new projects before the tokens are issued to the general public.
While launchpads have altered the financing process for blockchain projects dramatically, they have also established a permissioned gatekeeper model for certain crypto initiatives, resulting in preferential treatment and unfair dynamics.
Additionally, the existing structure of launchpads has become inefficient and opaque. One of the primary drawbacks of the present launchpads is their reliance on short-term incentives. This has resulted in management adopting a “one-and-done” mentality. As a result, the project’s success on the launchpad has failed to guarantee the token’s long-term viability.
Some basic flaws in the present financing approach for crypto launchpads include the following:
The majority of contemporary launchpads use a gatekeeper to determine which projects may launch and which should not. They are only interested in initiatives that fit their stringent criteria. This prevents excellent enterprises from getting off the ground.
Lack of innovation
The funding strategy used by all major launchpad platforms is fundamentally identical and devoid of any innovation.
Focus on centralization
They use a centralized system to enable projects to raise funds for their native coins. This method results in launchpads emphasizing their own requirements and interests above a decentralized approach.
Lack of community support
Following a token’s public listing, projects are left without a community, as previous launchpad consumers go to the next offering.
Lack of transparency
The centralized and permissioned design of these platforms has resulted in a lack of openness in the fundraising process.
Polygen is a decentralized launchpad built on the Polygon blockchain that gives equitable access and opportunity for crypto and blockchain projects to raise funds in an efficient and transparent manner. The platform helps projects raise funds without any limitations.
It provides complete flexibility and freedom for projects to explore and create. It also gives projects complete control over the magnitude of the fundraising, auctioning, and tier procedure.
Moreover, Polygen has a wide ecosystem of experts. The platform has fostered the development of an ecosystem of projects, investors, incubators, and consultants that are focused on long-term success rather than short-term excitement.
In general, it is a permissionless, creative platform that determines the fair value of any crypto project and asset.
Product Market Fit: Market and Competition Analysis
Crypto launchpads have received a lot of attention recently. According to Cryptorank, IDOs had a 484% average ROI and an all-time high average of 3861%, while IEOs had an 847%average ROI and an all-time high average of 2440%. Despite this rising interest in the use of crypto launchpads, the present framework has become inefficient and opaque over time.
Polygen was established to halt these unethical practices and to present a fair opportunity, access, and permissionless approach to facilitate fundraising for blockchain projects. Powered by blockchain, Polygen’s sole purpose is to create a decentralized launchpad that drives real innovation with a real community. The platform enables projects to experiment and innovate with no gatekeepers and zero fees.
Launchpads have been around since the inception of the ICOs. Many crypto launchpads have emerged due to the increase in demand for crypto and NFT projects. This includes DAO’s, NFT platforms, DeFi platforms, etc.
Some of the competitors of Polygen include:
Polkastarter is a decentralized exchange (DEX) designed for cross-chain token pools and auctions. It allows projects to generate funds in a decentralized, permissionless, and interoperable environment and is based on the Polkadot network. The platform enables decentralized projects to raise and trade funds in a cost-effective and timely manner. It allows users to engage in a safe and compliant environment and employ assets that exceed the existing ERC20 standard.
DAO Maker creates growth technologies for developing SaaS solutions for emerging and expanding crypto startups. It’s main product is the DAO Pad, a multi-investment platform that allows DAO token holders to engage in early-stage token sales for stringently vetted upcoming projects. Some of the most well-known projects created with DAO Maker include My Neighbor Alice, Orion Protocol, Seascape Network, and Infinity Pad.
TrustSwap provides smart contract services and unique solutions for decentralized finance (DeFi), assisting the crypto community in transacting with integrity and accountability. It solves DeFi problems related to split payments, subscriptions, escrow, minting, token & liquidity locks, and fundraising. It also provides services like SmartLocks, Mint, Launchpad, Swappable’s NFT interface, Farming as a Service and Vesting as a Service.
These are some of the close competitors for Polygen in the industry. But, with innovations like community-based liquidity seeding and a high level of transparency, Polygen stands apart from its competitors.
Community-Based Liquidity Seeding
The unique feature offered by Polygen is community-based liquidity seeding. The platform does not have a project voting system; rather, it pulls together variables such as project USPs, community engagement, leadership metrics, and current investors in order for the community to perform its due diligence.
Polygen’s community employs a unique liquidity seed financing method to underwrite a project by giving seed liquidity effectively. The community essentially “votes” by offering liquidity to initiatives they believe are the most viable by providing seed funds for a project to begin its rise. As a result, the community is the decisive factor in a project’s success or failure when fundraising on the platform.
This will open up a world of possibilities for both projects and investors, and the success of the seed financing process will help projects establish their reputation and community. The community will follow the liquidity seeders with a demonstrated track record and invest in initiatives backed by proven seeders. In fact, Polygen already has a thriving ecosystem of VCs and incubators eager to take the lead on seeding ideas.
The recent months have been great for Polygen as the project raised $2.3 million in funding from many high-profile investors. The lead investor was SL2 Capital (Polygen’s incubator), followed by 18 Ventures, Twin Apex Capital, AU21 Capital, Polygon Syndicate, Axiom, ZBS Capital, and Pluto Digital.
Additionally, Iconomy, Insignius Capital, NetZero Capital, Maven Capital, Woodstock , Sky Man Ventures, Lumos labs, NewTribe Capital, Tokenova, Moonboots Capital, Girnas Capital, Extra Watts, LD Ventures,, LucidBlue Ventures, GSR, Metavest, Polystarter, and Amplio Capital were also the other participants.
Over the next few days, Polygen is set to make several major announcements starting with its IDO launch in early December. This will be followed by the launch of the PGEN token on their platform, along with other featured projects.
Investors and supporters make a vital contribution to the success of any project by providing a wide range of support. Polygen has been funded by some of the most prominent VCs in the industry, assuring the platform’s entire development and effective launch.
Implementation Plan: Roadmap
Polygen recently raised funds from leading industry players for its decentralized and pro-project launchpad.
For Q1 2022, the platform has plans to reach a milestone of 10+ curated and 20+ permissionless launches through its platform. Simultaneously, Polygen aims to have a decentralized KYC system along with new times of redeemable features.
For Q2 2022, Polygen aims to achieve a milestone of 100+ permissionless launches through its platform, along with the launch of its on-chain governance system and pluggable auction types.
The ultimate plan is to reach the milestone of 500+ permissionless launches and finally integrate with centralized finance, bringing real-world asset sales.
Team & Advisors
Polygen has quickly gained significant public attention in the crypto space, and the credit for such rapid growth must undoubtedly go to its professional & senior team members and consultants.
A team of skilled and experienced individuals always provides the best outcomes, and Polygen is no exception. Every team member comes from a different professional background, and each is a master in their field, which has greatly aided the project’s progress.
Polygen’s basic token metrics are as follows:
Polygen is a next-gen decentralized launchpad that enables and drives innovation for fundraising crypto projects. Its’ architecture is designed to decentralize the crypto fundraising process, ensuring that the community has more control.
Polystarter is the native Decentralized Launchpad for projects building on Polygon, with a strong emphasis on providing equitable opportunities to the community without the constraints of centralized platforms or high transaction costs.