Polimec, a decentralized financing platform for the Polkadot ecosystem, announced the cessation of operations

Foresight News reported that Polimec, a decentralized financing platform for the Polkadot ecosystem, announced that the project will be forced to cease all commercial operations after multiple efforts. Due to changes in the market environment, the participation rate of active users is much lower than expected, especially the investment demand for Substrate based tokens has almost disappeared, making it difficult for the project to be self-sufficient. Despite the team's continuous efforts to maintain high standards of compliance, sustaining operations has become unsustainable due to resource depletion. Polimec will support users to withdraw their assets to Polkadot or Asset Hub as planned, and ensure that investors participating in the financing round receive the mainnet tokens. Polimec was established in 2022 with the goal of creating a decentralized, community driven, and regulatory compliant financing agreement. In 2024, the platform has successfully launched a real-time parallel chain and supported financing for three projects.