A new project called Fair Launch Capital aims to offer founders a new way to fund crypto networks.
According to a tweet from Fair Launch Capital (FLC) on Aug. 26, the project will provide founders with access to capital to fund their cryptocurrency networks and projects.
On a very basic website, the DOS-style Curve interface looks like a 4K game graphic. FLC said it is not a venture capital fund and will provide an unconditional grant to cover the project’s initial testing and startup costs.
The new company’s Twitter account reads: “The main obstacle for founders who want to use FL is the high cost of code review.” This forces them to either ship the high stakes contracts or not to ship at all. We are here to change that. “”
Some of DeFi’s high-stakes projects – with and without tokens – quickly attracted large amounts of capital despite launching without proper code review. One of the most famous examples of this is Yam, which unlocked nearly half a billion assets before the token price collapsed within days of its inception. The bug bug responsible for its demise – which may have been identified through proper scrutiny – has permanently banned a cryptocurrency worth nearly $ 750,000.
The core team behind FLC are crypto investors Gavin McDermott and Joe Gerber from IDEO CoLab Ventures and former Coinbase employee Reuben Bramanathan. You want to offer an alternative to practice with a community-oriented approach to DeFi projects. IDEO CoLab Ventures has supported a number of cryptocurrency launches including the blockchain acceleration program Startup Studio.
FLC says it “enables founders to lay the foundation for new crypto networks that will be acquired, owned and managed by their community from the start.” In this way, participants can avoid the “surge” common in many DeFi projects, without pre-sales, pre-dismantling or token assignment.
Once launched, the project community will hold a governance vote to decide whether to send the grant money received to the following founders who want to try a fair start. FLC has announced that the core team will shortly be selecting a project for the first experiences with this new model.
“Florida is very young and we believe that crop production and drainage are early mechanisms that will evolve and improve,” said FLC. “We hope that our approach will enable a new generation of networks that can become more economically interdependent.”