In the context of Initial Coin Offerings (ICOs), a softcap is the minimum amount of funds that a new cryptocurrency project aims to raise to proceed with its development. It is considered a critical threshold; if the ICO fails to reach this minimum funding level, it may indicate insufficient interest or support for the project, and funds are typically returned to the investors. Reaching the softcap is crucial for the project to move forward with its roadmap and assure investors that it has enough backing to begin implementation. For a detailed explanation of softcaps and their significance in cryptocurrency funding, you might find this article helpful: https://paybis.com/blog/glossary/what-is-a-softcap/ . It covers the role of softcaps in the success of ICOs and how they differ from hardcaps.