The DApp List, a decentralized multi-chain ecosystem focused on eliminating crypto scams in the industry, has announced the completion of a $1.77 million round of funding from notable investors to help free the cryptocurrency space from possible scams (rug pulls).
In a statement, Nirbhik Jangid, Founder of The Dapp List said that there is a growing need for a community governed curator to ensure market sanity. “The Web3 space is projected to have a four-fold user growth this year compared to the heights of 2017. Internet users are naturally fearful of blockchain apps because scams and rug pulls are rampant. We are trying to establish faith in Web3 and enlist the help of the community to remove the scams and curate the experience,” Jangid explained.
According to the firm, investors who took part in the $1.77 million round of funding include the YBB foundation, Double Peak, GenBlock, CMS Holdings, SL2 Capital, LD Capital, BR Capital, and Bitscale Capital.
Additionally, individual investors who took part in the just-concluded funding round include Nima Asghari and Matt Lockyer of NEAR Protocol, Sandeep Nailwal, Kenzi Wang, Gabby Dizon of Yield Guild Games, Allen – Partner at LD Cap, Co-founder of Polygon, Calvin Chu, and Co-founder of AU21 Capital.
Since the decentralized financial ecosystem (Defi) gained momentum sometime last year, there have been several instances the public has suffered at the hands of scammers. Instances of rug pulling and vanishing with investors’ money have been recorded, thus giving cryptocurrency investors fear in venturing into new startups.
However, The DApp List thought it through to create a decentralized platform for cryptocurrency enthusiasts to confirm the credibility of a project before investing their capital.
“The funding will be used to develop The Dapp List platform, a multi-chain ecosystem that aims to curate the Web3 adoption experience,” the firm noted in a press release. According to the company, the community will govern the process of listing and delisting a new project on the platform. As a result, the process will ensure only credible and scam-free projects are listed on the platform.
“On their Explore module, the community will govern the process of listing or removing projects. Divided into Hunters and Voters, the community will act as a check and balance system to remove potential scams,” the company explained through the press release.