BIO Genesis Round 2: Everything You Need to Know

The second and final phase of BIO’s fair launch is live!

‍

Starting today, you can get BIO tokens on the Genesis app.

‍

Tl;dr

‍

• This is your last chance to get BIO tokens prior to the protocol going live in Q4 2024/Q1 2025

• You can swap DeSci tokens (listed below) or ETH for BIO

• BIO Genesis is capped, automatically shutting off once the BIO FDV reaches roughly $100M

• BIO Genesis Round 2 lasts 45 days, or until token caps are reached

‍

‍What is BIO Genesis?‍

‍

BIO Genesis is the BIO token’s fair launch - designed to distribute ownership of BIO to the public and bootstrap the network prior to the protocol going live and the BIO token becoming transferrable. 

‍

The first round of BIO Genesis raised over $5m, closing with 1,000+ BIO token holders. A full breakdown of the BIO treasury accrued from the first round can be found here.

‍

What’s New in Genesis 2?

‍

Genesis 2 follows similar mechanics as Genesis 1 (detailed below), with a key update: in addition to accepting BioDAO tokens, you can also use ETH to participate.

‍

As laid out in previous governance discussions, BioDAO tokens and ETH raised through Genesis create a diversified treasury for providing liquidity to the network's underlying DAOs and tokenized IP, while generating value used to support network activities, like funding new IP and bio/acc rewards.

‍

Another key part of the Genesis 2 design are retroactive BIO rewards for users who participated in Genesis 1. These rewards are issued in BIO tokens and bring the effective closing BIO FDV in Genesis 1 down to ~$85M. Rewards will be available for claiming in the BIO Genesis interface soon after Genesis 2 goes live.

‍

How Does Genesis Work?

‍

Similar to Genesis 1, the amount of BIO allocated to a given token (e.g., VITA, GROW or ETH) is capped – meaning the auction will stop accepting that token once its cap is reached.

As a token is exchanged for BIO, it increases the BIO FDV in that token linearly until the cap is reached. This prevents the BIO valuation (FDV) from rising above a certain level. Once the auction settles, either because a cap is reached or the auction 45-day period concludes, all participants in a given token receive the same price per BIO, no matter when they entered the auction.

‍

The tokens that can be used to get BIO are:

• VITA
• NEURON
• ATH
• PSY
• RSC
• GROW
• HAIR 
• CRYO
• ETH
  ‍

Find additional details on the each token’s weighting (the amount of BIO allocated to it), TWAP Pricing and more in BIOPSY-10.

‍

Auction Pricing

‍

To better understand the relationship between the individual token caps and the BIO FDV, let’s break down the different variables involved in each token auction:

‍

• Minimum Threshold: T(min)some text
  • The number of BioDAO tokens or ETH that can be deposited in the auction without changing the BIO FDV price.
• Maximum Threshold: T(max)some text
  • The total number of BioDAO tokens or ETH that can be deposited in the auction. This will result in the BIO FDV cap being the clearing price.
• Minimum FDV: FDV(min)some text
  • The minimum FDV of BIO in the auction using an exchange rate calculated with the asset prices at x date.
• FDV Cap: FDV(max)some text
  • The maximum FDV of BIO in the auction using an exchange rate calculated with the asset prices at x date.

‍

Let's use a single eligible token, ETH, to explain how it works. Say a maximum of 1000 ETH can be swapped for BIO, the minimum threshold, "T(min)", is 200 ETH, the minimum FDV, "FDV(min)", is $85M, and the "FDV(max)" is $100M. 

‍

In our example, ETH starts getting swapped for BIO. Only after the minimum threshold, 200 ETH, is swapped will the BIO FDV start rising linearly from $85M, growing as more ETH is swapped for BIO. If the max 1000 ETH are swapped for BIO, the auction is closed, and the FDV will settle at $100M.

‍

Note: The design of the Genesis smart contracts do not allow for direct parameterization of where the minimum or maximum threshold in strict FDV terms is set across the eligible tokens. As a result, the final BIO FDV per token will fluctuate slightly with market movements.

‍

Unlock DeSci

BIO Genesis is our first step towards bootstrapping the DeSci economy and enabling liquid science to flow.

‍

Genesis 1 marked a critical moment for BIO, creating the initial distribution of tokens across the BioDAOs and the broader DeSci community.

‍

Unlock the value of DeSci and help shape its future, driving a new era of biotech acceleration onchain through decentralized funding and coordination.  

‍

👉 Join Genesis NOW