Get Ready for BIO Genesis Round 2
Following Round One of BIO Genesis, it's time to look forward to Round Two as we build momentum (and liquidity) for onchain science.
BIO Genesis is designed to distribute ownership of BIO tokens to the public and bootstrap the network prior to the protocol going live on Mainnet and the BIO token becoming transferrable. Think of BIO Genesis as a pre-Mainnet token generation event (TGE) where you can get in early and help shape the future of the BIO Network.
BIO Genesis 1, which took place in August, raised roughly $6.22m worth of BioDAO tokens for the BIO Treasury, with nearly 1,000 total BIO token holders reached at the conclusion of the event. A breakdown of current BIO Treasury holdings, based on current prices, can be found here.
BIO Genesis 2 is now on the horizon.
What’s New with Genesis 2?
The structure of BIO Genesis 2 has officially passed voting in governance. Genesis 2 follows similar mechanics (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 for the protocol to support network activities, like funding new IP and bio/acc rewards.
Another key part of the proposed 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. The rewards will be available for claiming in the BIO Genesis interface.
More on Genesis Mechanics
Similar to Genesis 1, in the current Genesis 2 proposal, the amount of a given token (e.g., VITA or ETH) that can be exchanged for BIO is capped. 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 concludes, all participants in a given token receive the same price per BIO, no matter when they entered the auction.
To better understand the relationship between the individual token caps and the BIO FDV, here are several variables to keep in mind:
- Minimum Threshold: T(min)
- The number of BioDAO tokens or ETH that can be deposited in the auction without changing the BIO FDV price.
- Maximum Threshold: T(max)
- 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)
- The minimum FDV of BIO in the auction using an exchange rate calculated with the asset prices at x date.
- FDV Cap: FDV(max)
- 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. 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. It is instead calculated by setting a strict minimum and maximum number of token thresholds. Reasonable final FDVs are estimated by calculating a target FDV for both the minimum and maximum asset thresholds based on current asset prices. In other words, this final FDV will fluctuate slightly with token price fluctuations.
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.
Genesis 2 is the next and the final chance to get BIO before it becomes transferable and the protocol goes to Mainnet. Unlock the value of DeSci and help shape its future, driving a new era of biotech acceleration onchain through decentralized funding and coordination.
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