Legion is a nascent launchpad platform designed to empower users with early-stage investment opportunities in promising crypto projects. Beyond simply facilitating access for retail investors, Legion aims to connect startups with quality investors, fostering community building and sustainable growth. While still in its developmental phase, Legion has yet to host a fundraising event.
Table Content:
The Legion platform interface.
Legion’s Operational Model: A Refined Approach to Fundraising
Legion’s operational framework draws parallels to the 2017 ICO boom. However, recognizing the inherent legal ambiguities and prevalent scams associated with ICOs (with over 80% deemed fraudulent, according to Investopedia), Legion has implemented a revised model. This model seeks to establish a mutually beneficial relationship between investors and projects, addressing the shortcomings of traditional ICOs, which often failed to cultivate engaged communities and attract quality investors due to their open-access nature.
Legion’s approach prioritizes regulatory compliance across multiple jurisdictions, securing necessary licenses such as the Crypto Asset Service Provider (CASP) and Markets in Crypto Asset (MiCA) to facilitate legitimate fundraising and token sales.
Furthermore, to cultivate a community of discerning investors, Legion introduces Legion Score, a user rating system ranging from 0 to 1,000. This score is calculated based on on-chain wallet activity, X (formerly Twitter) account reputation, and Github contributions. This scoring mechanism allows projects to implement various sale models, including whitelists for individuals with minimum scores or allocating larger investment caps to higher-scoring users. This effectively filters out bots and sybil attacks, ensuring participation from genuine builders and committed investors.
Vitalik Buterin’s Legion Score, as displayed on X.
Beyond the refined ICO model, Legion offers two additional token sale mechanisms:
Pre-TGE: Designed for institutional investors, Pre-TGE allows participation just before the Token Generation Event (TGE). Projects retain the right to accept or reject investment proposals, mirroring traditional fundraising but leveraging smart contracts and blockchain technology for enhanced transparency.
Clearing Price Auction: This auction-based system requires all participants to bid on tokens. The final token price is set at a level that satisfies the majority of demand, ensuring a fair and market-driven valuation.
Legion’s Team, Investors, and Partners
The Team Behind Legion
Currently, publicly available information regarding the Legion team is limited. However, @mattyTokenomics on X is identified as a Co-Founder, with prior experience at Stacks and Status.
Investors and Strategic Partners
On August 27, 2024, Legion successfully secured $2 million in seed funding, led by cyber Fund, with participation from prominent investors like Alliance DAO, CoinGecko Ventures, and Delphi Labs. Strategic partnerships include collaborations with established entities such as Unchained, Decrypt, and Delphi Digital.
Exploring Similar Platforms
Several platforms offer comparable services within the crypto launchpad landscape:
Echo: A launchpad focused on providing access to high-quality projects at an early stage.
Starship: A multi-chain fundraising platform striving to connect startups with investors, empowering builders to realize their Web3 visions.
