Analysis of SNS Fundraising Situation for IC Chain Ecological Projects

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

In December 2022, the Launchpad infrastructure developed by the DFINITY Foundation, SNS(Service Nervous System), went live, providing application developers with a one-click deployment DAO governance solution. IC chain projects must meet certain thresholds to launch SNS, including obtaining majority approval from ICP stakers for the white paper and token economics, as well as raising the predetermined amount of ICP in the Swap.

In the past 10 months, 11 IC ecosystem projects have completed decentralized token sales on SNS, transforming into DAOs, and raising approximately $20.6 million in funding. Investors purchase project tokens and stake them to participate in governance voting on aspects such as project upgrades, smart contract upgrades, treasury management, and event creation.

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

SNS1: From Experimental Coin to Game Governance Coin

SNS1 was initially a stress test for SNS by the DFINITY Foundation, and it was later taken over by the full-chain game Dragginz to become its governance token.

Launch date: December 10, 2022 Fundraising: 3141 ICP ( approximately $13,800 )

Current Governance:

• The development team holds 52% of the tokens (, which have been locked ) and voting rights.
• The token price rose from 47 ICP at the beginning of June to a maximum of 999 ICP.

Future Outlook:

• The plan is to expand the number of tokens by 100,000 times to 1 billion ( postponed )
• Retain staking incentives and 52% voting rights for the team

OpenChat: Decentralized Chat Platform

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

Launch time: March 17, 2023 Fundraising: 1 million ICP ( approximately 5.6 million USD )

Current Governance:

• Complete basic functionalities
• Users can directly initiate 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, and API
• Increase the application scenarios of CHAT token

Kinic: IC Chain Search Engine

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

Launch date: June 17, 2023 Fundraising: 509,000 ICP ( approximately 2 million US dollars )

Current Governance:

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

Future Outlook:

• Add search for more blockchain and storage network content
• Support ad placement, use KINIC tokens for bidding

Hot or Not: IC Version Short Video Platform

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

Launch date: July 13, 2023 Fundraising: 1.074 million ICP ( approximately 4.7 million USD )

Current Governance:

• Improve features through proposals and voting
• Achieved the basic goal of a TikTok alternative

Future Outlook:

• Launch the Creator DAO creator token system
• Launch NPhone NFT tier system
• Add gamified features such as mysterious boxes

IC Ghost: The first meme coin on the IC chain

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

Launch Time: July 27, 2023 Raise funds: 20,000 ICP ( approximately 84,000 USD )

Current Governance:

• Complete multiple proposals, including airdrops, token burns, etc.
• There are fewer marketing activities

Future Outlook:

• Develop GHOST themed NFT marketplace
• Develop GHOST Theme Metaverse
• Launch community education programs

Modclub: Decentralized Content Review Platform

Modclub provides content review and data labeling solutions for SocialFi projects.

Launch date: August 25, 2023 Fundraising: 654,000 ICP ( approximately 2.3 million USD )

Current Governance:

• Core features available
• Airdrop for early users
• Multiple upgrades of the system and smart contracts

Future Outlook:

• Integrate artificial intelligence to improve audit efficiency

Catalyze: Decentralized Community Platform

Catalyze is a SocialFi application similar to Discord, providing community management tools for projects.

Launch time: September 8, 2023 Fundraising: 602,000 ICP ( approximately 1.98 million USD )

Current Governance:

• Fulfill the promise of airdropping to early NFT buyers
• The basic functions have become relatively mature.

Future Outlook:

• Transfer the chat function to the IC chain
• Add audio and video chat, NFT gating, and other 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 time: September 15, 2023 Fundraising: 408,900 ICP ( approximately 1.2 million USD )

Current Governance:

• Upgrade tool through proposals
• Hold a blockchain game hackathon event

Future Outlook:

• Establishing a Game Manufacturers Alliance and Game Guilds
• Develop a blockchain-based multiplayer game framework

ICX: Social Platform + Prediction Market

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

Launch time: September 27, 2023 Raise funds: 150,000 ICP ( approximately 440,000 USD )

Current Governance:

• Temporarily disable the prediction market feature
• Posting requires a deposit of 1 ICP to prevent spam.

Future Outlook:

• Create marketing campaign
• Upgrade UI/UX
• Add tipping feature

Nuance: Decentralized Blogging Platform

Nuance is a decentralized blogging platform similar to Medium.

Launch time: October 2, 2023 Fundraising: 262,000 ICP ( approximately 820,000 USD )

Current Governance:

• Core functions are complete
• Improve the platform through proposals and voting

Future Outlook:

• Improve writer compensation and content credibility
• Add comment and tip 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 liquidity mining.

Launch date: October 9, 2023 Fundraising: 519,000 ICP ( approximately 1.5 million USD )

Current Governance:

• Improve the platform through proposals and voting
• Token exchange for early LBP participants

Future Outlook:

• Develop new features such as perpetual contracts and xICP
• Launch on-chain dark pool