BIO Genesis: Bootstrapping The DeSci Economy
TL;DR
- BIO Genesis is the BIO token generation event – the first time you’ll be able to get BIO tokens prior to the token becoming transferable later this year.
- There will be multiple rounds of the BIO Genesis Event.
- During Round One of Genesis, the only way to get BIO is by swapping eligible DeSci tokens (below) with the protocol.
- This design is aimed at creating incentive alignment between BIO holders and DeSci DAOs in the network, while creating a diversified treasury for the BIO protocol.
- BIO Genesis targets approximately $5m in total contributed value.
- Participants in Genesis Round One can claim their BIO tokens at the conclusion of the round, with 50% claimable immediately and 50% vesting linearly over 1 year.
More details on the Genesis mechanics can be found in our docs.
Liquid Science
BIO is a curation and liquidity protocol for Decentralized Science (DeSci). Our mission is to accelerate biotechnology by giving global communities of patients, scientists and biotech builders the ability to collectively fund, develop and own tokenized biotech projects and intellectual property (IP).
The BIO protocol offers a range of benefits to science DAOs in the BIO network, including funding, liquidity, token incentives and other acceleration services from the community.
The BIO token gives holders access to BIO's network of underlying science DAOs and IP, enabling broad exposure to the DeSci economy. Holders can stake BIO tokens on science DAOs they want accepted into the network, and if accepted, stakers can receive BIO token rewards, whitelisted access to a DAO’s subsequent funding rounds, and early/discounted access to a DAO’s health products.
Learn more in the BIO Protocol Vision
Seeding the Protocol
BIO Genesis is designed to seed the protocol with liquidity and integrate the BIO network’s underlying DAOs into a tightly linked, self-sustaining system.
During Gensis, you can exchange eligible DeSci DAO tokens (e.g., $VITA, $NEURON and $GROW) for BIO. This design is aimed at creating incentive alignment between BIO holders and DeSci DAOs in the network, while creating a diversified treasury for the BIO protocol.
BIO Genesis is a modified version of previous DeFi Fair Launches and will take place on Ethereum mainnet. All DeSci DAO tokens received during Genesis will remain locked in the BIO treasury. BIO governance may vote to unlock tokens for various activities, such as governance in the network’s DAOs and providing liquidity.
BIO Genesis DAOs
Eight DeSci DAO tokens are deemed eligible for BIO Genesis. Six of the DAOs were originally launched and incubated via the bio.xyz launchpad and accelerator, prior to bio.xyz spinning out into the BIO protocol.
• VITA
• NEURON
• HAIR
• GROW
• ATH
• CRYO
• RSC
• PSY
There will be 8 auctions taking place concurrently, one auction for each of the eligible DeSci tokens. Since BIO is fair-launched, no matter when someone places a bid during BIO Genesis, the price per BIO in their DeSci token at the end of the event will be the same for everyone in their DeSci token pool. In other words, everyone who swaps for BIO using a given DeSci token gets the same price per BIO at the end of the event. We expect market forces to equalize the prices before the end of the event.
Here is a graph showing how the BIO valuation changes based on the total dollar value contributed during BIO Genesis:
Each token auction will last until its cap is reached. In total, the first round of Genesis is capped at roughly $5m in total contributions across all auctions. If the cap is not reached within 11 days, Genesis will automatically end on September 7, 2024.
You can claim your BIO at the end of Genesis, once the auction settles. 50% of BIO from the auction is immediately claimable at the conclusion of BIO Genesis, while the other 50% is vested linearly over 1 year.
BIO Meta-Governance & Liquidity
BIO Genesis is a critical step towards bringing the bio-economy onchain. It seeds our treasury with the best tokens in DeSci so we can gain governance rights, build liquidity, and help fund more science. By pairing DeSci DAO tokens with BIO from our treasury for POL, we can provide up to 20x more liquidity depth for DeSci tokens than they currently have.
With a diverse treasury of DeSci tokens controlled by BIO holders, the BIO protocol can use meta-governance to facilitate ecosystem-wide DeFi initiatives and growth campaigns. And with Bio/acc Rewards, the BIO community can incentivize network DAOs and their members to achieve milestones that increase the overall value of the network (AUM).
Take the Green Pill
With BIO Genesis starting August 8th, the time is now to get your DeSci tokens lined up to participate! BIO Genesis is our first step towards bootstrapping the DeSci economy and enabling liquid science to flow.
Once bootstrapped, BIO protocol can form into a powerful liquidity, coordination and incentive layer that catalyzes an onchain economy for DeSci.
- Learn more about BIO
- BIO Blog
- Join our Discord, and follow us on Twitter.
- Claim the BIO Airdrop
FAQs
How can I participate in BIO Genesis?
You can participate by swapping any eligible DeSci tokens for BIO using BIO’s front-end interface (to be deployed at the start of BIO Genesis).
Which DeSci tokens are eligible for BIO Genesis?
VITA (Vita DAO), NEURON (Cerebrum DAO), HAIR (Hair DAO), GROW (Valley DAO), ATH (Athena DAO), CRYO (Cryo DAO), RSC (Research Hub), PSY (PsyDAO). These DAOs were either incubated by or closely affiliated with the bio.xyz ecosystem, and as such are expected to play an active role in the future development and governance of the BIO protocol.
When can I claim my BIO tokens?
At the conclusion of BIO Genesis, you can claim your BIO tokens, with 50% available immediately and 50% vested over a one-year period. Following BIO Genesis, BIO will be a non-transferable token until BIO token holders vote to make BIO transferrable.
Why should I participate in BIO Genesis?
This is the first opportunity for the public to acquire BIO tokens prior to BIO tokens becoming transferrable. During BIO Genesis, the price per BIO is determined by the demand from holders of eligible DeSci tokens. Once BIO tokens are freely traded, the price per BIO may be different from the price per BIO in BIO Genesis.
What is the incentive for holding BIO?
As the native token governing BIO’s network of DAOs and IP, BIO enables broad exposure to the DeSci economy. BIO may be used by holders to signal which bioDAOs to support, get priority access to their funding rounds and products, vote on future BIO issuance or distribution, and vote on and implement programs for the development of bioDAOs and IP assets in the BIO ecosystem.
