BSCstarter, the first community-selection launchpad for Binance Smart Chain (BSC), today announced its community has funded 12 IDOs and its platform has reached a $42 million fully diluted market cap since its launch on March 8, 2021. On BSCstarter, investors can vote on what projects to support and developers can access capital from the community through a peer-to-peer decentralized token sale.
Innovation for bootstrapped projects has been grinding to a halt on the Ethereum blockchain. High gas fees have caused new project launches to stall and existing projects to lose user engagement as staking, claiming, and normal trades require users to pay hundreds of dollars in transaction fees.
Over the past several months, developers have sought lower-cost options to deploy their platforms and the Binance Smart Chain has become a leader in new product launches based on Solidity, and for existing projects looking to stay alive.
However, launchpads today are too bureaucratic, requiring KYC and a manual selection process, representing a reminder of old barriers that have traditionally kept new innovations accessible only to a limited group of accredited investors. In contrast, BSCstarter offers a solution where the community determines which projects to list. Using collective due diligence and Do Your Own Research (DYOR) skills, the BSCstarter community votes on which projects are accepted on BSCstarter to raise funds.
“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 monetizing hard work is now possible for anyone who can prove themselves to the funding community.”
Projects that are interested 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.
The first projects to launch on BSCStarter include 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 10x since their initial listing on PancakeSwap.
BSCstarter 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.
As a decentralized fundraising platform, BSCstarter is 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.