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BSCstarter, the first community-selection launchpad for Binance Smart Chain (BSC), has announced that it reached a $42 million market cap since its launch on March 8, 2021.
BSCstarter provides projects access to funding opportunities without the hassle of bureaucratic hurdles, complex KYC requirements and a manual selection process. Its solution allows the community to determine which projects to list using collective due diligence and Do Your Own Research (DYOR) skills. BSCstarter provides a decentralized fundraising platform as it was intended to be: community-driven, open and free with equal opportunity for all, ultimately empowering investors to filter through the messy landscape where rug pulls overshadow the potential of BSC’s growing ecosystem.
In a press release, BSCstarter said that platform has already funded 12 IDOs, including Cue Protocol, a community-driven protocol with deflationary mechanics, and GoSwapp, a comprehensive DeFi trading application. Combined, these projects raised 973 BNB and have performed 10 times since their initial listing on PancakeSwap.
“We are thrilled to launch BSCstarter and empower the community to fund DAOs in a whole new way,” said Lionel Iruk, Special Counsel at BSCstarter. “Decentralized funding platforms equalize opportunity. Raising capital for great ideas and monetising hard work is now possible for anyone who can prove themselves to the funding community.”
Interested projects can apply for funding by submitting their pool on the BSCstarter website. Upon pool submission, a presale contract is generated according to the project rules. Community members who hold a minimum of 100 platform START tokens can vote Yes or No. To be approved, projects must receive a majority of Yes votes, with at least 20% of the total supply of START tokens as Yes votes.
Once approved by the community, users are allowed to send BNB at a fixed price to invest. Once the soft cap is reached, projects are considered successful and no refunds can be made. When the sale ends, liquidity will be locked for the specified duration and automatically added to PancakeSwap.
According to BSCstarter, the platform has passed audits by Rug Detectives and VidarTheAuditor, well known community-oriented auditors who have also partnered with BSCstarter to audit IDOs created on the platform.