Overview of SNS Fundraising for IC Chain Ecological Projects

The Internet Computer blockchain ( IC ) aims to achieve the vision of a "world computer," allowing smart contracts to run on the chain at internet speed. The DFINITY Foundation hopes that developers can create large-scale services on the IC in a more decentralized manner, raising funds directly from the user community.

In December 2022, the SNS( Service Nervous System) infrastructure developed by the DFINITY Foundation went live, providing application developers with a one-click deployment DAO governance solution. IC chain projects need to meet certain thresholds to launch SNS, including obtaining majority votes from ICP stakers through the white paper and token economics, as well as reaching the preset ICP fundraising amount standard.

In the past 10 months, 11 IC ecosystem projects have completed decentralized token sales through SNS and transformed into DAOs, raising approximately $20.6 million in total. Investors purchase and stake project tokens to participate in governance votes, demonstrating optimism about the project's prospects.

The following is an overview of the 11 projects that have become DAOs through SNS:

SNS1: Transitioning from Experimental Coin to Game Governance Coin

SNS1 is the stress testing project conducted by the DFINITY Foundation prior to the official release of SNS.

Launch date: December 10, 2022

Fundraising: 3141 ICP, approximately 13,800 USD

Current situation:

• Has been taken over by the whole-chain game Dragginz, becoming its governance token
• The development team holds 52% of the token share and voting rights.
• The token price increased from 47 ICP in early June to a peak of 999 ICP, a rise of 20 times.

Future Outlook:

• Plan to increase the token quantity by 100,000 times to 1 billion.
• Staking SNS1/DKP has in-game rewards, non-token rewards
• The team retains 52% voting rights to control the game content.

OpenChat: A Fully Decentralized "TG+DC" Chat Platform

OpenChat is an OG project in the SocialFi track of the IC ecosystem, similar to "Telegram+Discord".

Launch time: March 17, 2023

Raise funds: 1 million ICP, approximately 5.6 million USD

Current Situation:

• Various basic functions have been improved.
• Support initiating SNS proposals and voting within the program
• The number of users increased from 83,000 to 110,000

Future Outlook:

• Develop new features such as voice, video, API, etc.
• Plan to increase the application scenarios of CHAT tokens

Kinic: IC Blockchain Search Engine

Kinic is the first fully on-chain Web3 content search engine.

Launch time: June 17, 2023

Fundraising: 509,000 ICP, approximately 2 million USD

Current situation:

• Support searching for content on the IC chain
• Improve through proposals and voting

Future Outlook:

• Plan to add search for more blockchain and decentralized storage network content
• Plan to support advertising bidding

Hot or Not: IC Version of TikTok

Hot or Not is a decentralized short video application that integrates GameFi elements.

Launch time: July 13, 2023

Fundraising: 1.074 million ICP, approximately 4.7 million USD

Current situation:

• The functionality of a TikTok alternative has been basically realized.
• Improve through proposals and voting

Future Outlook:

• Plan to launch new features such as creator tokens and level NFTs.

IC Ghost: The first meme coin of the IC chain

IC Ghost is the first fully community-governed meme coin project on the IC chain.

Launch date: July 27, 2023

Raise funds: 20,000 ICP, approximately 84,000 USD

Current situation:

• Completed multiple governance proposals
• Fewer marketing activities

Future Outlook:

• Develop GHOST theme NFT marketplace and metaverse
• Launch community education program

Modclub: Decentralized Content Review Platform

Modclub provides AI-assisted content review solutions for SocialFi projects.

Launch date: August 25, 2023

Raised funds: 654,000 ICP, approximately 2.3 million USD

Current situation:

• Core features are now available.
• System upgrade and early user airdrop have been completed.

Future Outlook:

• Plan to integrate AI to improve efficiency

Catalyze: IC Version Discord Community Platform

Catalyze is a decentralized community management tool similar to Discord.

Launch time: September 8, 2023

Raised funds: 602,000 ICP, approximately 1.98 million USD

Current situation:

• The basic community functions have become relatively mature.
• The chat function is based on the Matrix protocol.

Future Outlook:

• Plan to migrate the chat function to the IC chain
• Develop audio-visual videos, NFT gatekeeping and other new features

BOOM DAO: IC Full-Chain Game Infrastructure

BOOM DAO is committed to providing a complete full-chain gaming infrastructure for the IC chain.

Launch date: September 15, 2023

Fundraising: 408,900 ICP, approximately 1.2 million USD

Current situation:

• Upgrading tools and holding events through proposals
• Controversy arose due to the token distribution plan.

Future Outlook:

• Establish a game manufacturers alliance and game guilds
• Develop a blockchain-based multiplayer game framework

ICX: IC Version of Twitter + Prediction Market

ICX is a SocialFi project similar to Twitter, which has added prediction market features.

Launch time: September 27, 2023

Fundraising: 150,000 ICP, approximately 440,000 USD

Current situation:

• Temporarily disable the prediction market feature
• Posting requires a deposit of 1 ICP

Future Outlook:

• Plan to create marketing campaigns, upgrade UI/UX, and add tipping features

Nuance: IC Version Medium

Nuance is a decentralized blogging platform, similar to Medium.

Launch time: October 2, 2023

Fundraising: 262,000 ICP, approximately 820,000 USD

Current situation:

• Core features are complete
• Content review outsourced to Modclub

Future Outlook:

• Committed to improving writers' earnings and content credibility
• Plan to add comment and tipping features

Sonic: Early DeFi Project on IC Chain

Sonic is one of the first DeFi projects on the IC chain, offering functions such as Swap and mining.

Launch Time: October 9, 2023

Fundraising: 519,000 ICP, approximately 1.5 million USD

Current situation:

• The token exchange for LBP participants is in progress.
• Improve through proposals and voting

Future Outlook:

• Plan to add perpetual contracts, on-chain dark pools, and other features.

Note: This article is for informational sharing purposes only and does not constitute any investment advice. Readers should strictly comply with the laws and regulations of their respective regions and refrain from participating in any illegal financial activities.