SlideShare a Scribd company logo
Safer, fairer Web3 fundraising
True Stakeholding: supporters receive a functional NFT
Venture Bond with unique privileges
Safe: DAO-based capital management prevents rug pulls
Yield Bearing: locked stablecoin funds are invested into
yield bearing protocols through a Polyvault
Aligned Incentives: based on transparency and trust
Problems
Rugs cut multiple ways:
● Scammers launch credible-looking projects,
raise capital and then stop working
● Early investors dump liquid tokens on retail
investors at launch
Honest projects raise capital, launch,
then fail to deliver
Early investors cannot liquidate their
vested assets if they want to exit their
position
Solution
Safer, fairer token fundraising, building
upon the DAICO (Vitalik, 2018)
● Supporters invest a stablecoin (like Dai) to
receive a venture bond, a functional NFT
● Venture bond holders are streamed purchased
project tokens over time
● Developers are streamed raised funds over time -
meanwhile, locked assets can earn yield in a
yield bearing protocol via a Polyvault
● Venture bond holders can vote to collectively
revoke project funding and reclaim invested Dai
● Or they can sell their venture bond to exit
investment position while still vesting, without
dumping tokens on market
Launchers
Honest projects looking to raise capital
Initiate Polylaunch: transfer project tokens
to the Polylaunch contract with launch
parameters
Supporters invest stablecoins; reaching
soft cap means project is funded
Launchers withdraw Dai on a schedule,
which they can vote to accelerate: secure,
automated treasury management
Supporters
Invest stablecoin to purchase project
tokens locked in the contract
If soft cap is reached, Supporters can
claim an NFT venture bond
Venture bond entitles the holder to a
vesting stream of project tokens and
governance rights
Venture bond can be traded on secondary
market, or bond holders can vote to revoke
funds
Venture Bonds
A new DeFi primitive: functional, financial NFTs with governance
rights
ERC721 tokens: composable with other NFT protocols, and
governance and vesting tokens are transferable with the venture
bond
Supporters can keep the Venture Bond NFT as a collectible -
evidence of their early support for a project
Benefits
No more rug pulls - if a project scams or
severely underperforms, trigger a refund vote
Unvested assets are liquid as Venture NFTs -
supporters can exit still-vesting positions by
selling their venture bond
Supporters receive a collectible which serves
as evidence of their early support for a project
Launch teams gain a more informed, engaged
community
Launch teams prove to supporters that
they have no intention of scamming or
misrepresenting themselves
Launch tokens are stablecoin- backed due
to the possibility of refund, not just
speculation backed. Tokens therefore have
a price floor
Launch tokens are a lower risk investment
than non Polylaunched ERC20 tokens
Status
Solidity contracts are nearly ready for audit, currently undergoing
peer review
Front end is developed, contract connections pending
More details in the Polylaunch Protocol whitepaper - open for
comment at https://hackmd.io/@polylaunch/BJxaI06HO
Next: token economics, project and artist onboarding
Smart Contracts
Interfaces
Future
Regulatory compliance: third-party KYC
Venture bond composability in other DeFi / NFT protocols
Venture Options: collectible ERC721 call options on project tokens,
with governance rights
Public goods funding / philanthropy - donors receive an NFT
collectible with governance rights but no token stream
Get Involved
@polylaunchorg
contact@polylaunch.org

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Polylaunch deck

  • 1. Safer, fairer Web3 fundraising True Stakeholding: supporters receive a functional NFT Venture Bond with unique privileges Safe: DAO-based capital management prevents rug pulls Yield Bearing: locked stablecoin funds are invested into yield bearing protocols through a Polyvault Aligned Incentives: based on transparency and trust
  • 2. Problems Rugs cut multiple ways: ● Scammers launch credible-looking projects, raise capital and then stop working ● Early investors dump liquid tokens on retail investors at launch Honest projects raise capital, launch, then fail to deliver Early investors cannot liquidate their vested assets if they want to exit their position Solution Safer, fairer token fundraising, building upon the DAICO (Vitalik, 2018) ● Supporters invest a stablecoin (like Dai) to receive a venture bond, a functional NFT ● Venture bond holders are streamed purchased project tokens over time ● Developers are streamed raised funds over time - meanwhile, locked assets can earn yield in a yield bearing protocol via a Polyvault ● Venture bond holders can vote to collectively revoke project funding and reclaim invested Dai ● Or they can sell their venture bond to exit investment position while still vesting, without dumping tokens on market
  • 3. Launchers Honest projects looking to raise capital Initiate Polylaunch: transfer project tokens to the Polylaunch contract with launch parameters Supporters invest stablecoins; reaching soft cap means project is funded Launchers withdraw Dai on a schedule, which they can vote to accelerate: secure, automated treasury management Supporters Invest stablecoin to purchase project tokens locked in the contract If soft cap is reached, Supporters can claim an NFT venture bond Venture bond entitles the holder to a vesting stream of project tokens and governance rights Venture bond can be traded on secondary market, or bond holders can vote to revoke funds
  • 4. Venture Bonds A new DeFi primitive: functional, financial NFTs with governance rights ERC721 tokens: composable with other NFT protocols, and governance and vesting tokens are transferable with the venture bond Supporters can keep the Venture Bond NFT as a collectible - evidence of their early support for a project
  • 5. Benefits No more rug pulls - if a project scams or severely underperforms, trigger a refund vote Unvested assets are liquid as Venture NFTs - supporters can exit still-vesting positions by selling their venture bond Supporters receive a collectible which serves as evidence of their early support for a project Launch teams gain a more informed, engaged community Launch teams prove to supporters that they have no intention of scamming or misrepresenting themselves Launch tokens are stablecoin- backed due to the possibility of refund, not just speculation backed. Tokens therefore have a price floor Launch tokens are a lower risk investment than non Polylaunched ERC20 tokens
  • 6. Status Solidity contracts are nearly ready for audit, currently undergoing peer review Front end is developed, contract connections pending More details in the Polylaunch Protocol whitepaper - open for comment at https://hackmd.io/@polylaunch/BJxaI06HO Next: token economics, project and artist onboarding
  • 9. Future Regulatory compliance: third-party KYC Venture bond composability in other DeFi / NFT protocols Venture Options: collectible ERC721 call options on project tokens, with governance rights Public goods funding / philanthropy - donors receive an NFT collectible with governance rights but no token stream