The Next Big Crypto Utility? BIO Protocol’s Push to Bring Drug Discovery Onchain
September 30, 2024 – Zug, Switzerland – BIO Association, a Swiss non-profit organization founded by key members of VitaDAO—the decentralized science (DeSci) organization backed by Pfizer Ventures and Balaji Srinivasan—today announced its community genesis and fair launch. The launch gives the public the opportunity to acquire BIO tokens using ETH or other DeSci tokens ahead of the BIO Protocol going live. BIO Association aims to develop a decentralized biotech network and serve as a launchpad for onchain science communities, bridging the biotechnology and cryptocurrency sectors. Currently, the BIO Network comprises eight different scientific communities focusing on areas such as longevity, women's health, neurodegeneration, and synthetic biology.
Democratizing Access To Scientific Research and Funding
BIO has the potential to revolutionize the biotechnology industry by democratizing access to scientific research and funding. By leveraging DeSci and blockchain technology, BIO enables the creation of BioDAOs—community-owned organizations that collaborate globally to develop and finance scientific intellectual property. This approach breaks down traditional barriers in biotech, accelerates innovation, and allows for more transparent and equitable participation from researchers, patients, and enthusiasts worldwide.
Fair Launch and Community Genesis
Embracing the spirit of early crypto launches like Ethereum, Solana, and Arweave, BIO Association is opting for a fair and public launch. This approach reflects the community's commitment to transparency and equal opportunity in the rapidly evolving DeSci space.
The BIO token gives holders the ability to participate in the selection of new BioDAOs incubated in the network as well as whitelisted access to fund new science from top universities and researchers, allowing anyone to become an early stakeholder in new drugs and products developed in the BIO Network.
As attention on DeSci is mounting, innovations in the BIO ecosystem are attracting funding at a growing pace. Success stories include VitaRNA, a new gene therapy targeting aging, which recently experienced an 150% jump in value in a single day following positive results on in-vitro tests. In tandem, DeSci DAO tokens in the BIO ecosystem are on the rise, such as HairDAO’s HAIR token, which has grown over 10x since its 2023 launch.
Impressive Roster of Genesis Token Holders
BIO Association is supported by an impressive array of investors across biotech, crypto, and venture capital. After spinning out from Molecule AG—a Swiss company that builds tokenization infrastructure for DeSci organizations—BIO Genesis token holders include:
ZeePrime Capital, Beaker DAO, Boost VC, 1kx, ID Theory, Compound, Cherry Crypto, L1D, Fifty Years, Northpond Ventures, KdT Ventures, Sora Ventures and The LAO.
Innovative Launch Mechanism
BIO Association has introduced an innovative fair launch mechanism. The initial auction, held in August during a bear market, successfully raised over $5 million. The mainnet launch is scheduled to take place on Ethereum, aligning with other prominent DeSci projects.
Looking Ahead
In the coming weeks, the BIO Association will announce select strategic participants, further solidifying its position in the industry. These forthcoming announcements are expected to highlight the project's strong connections within both the biotech and crypto spheres.
During BIO’s community genesis, users can acquire BIO tokens with ETH or using the tokens of DAOs in the BIO Network. The community genesis will last for 45 days, or when the funding event causes the BIO token to reach a fully-diluted valuation (FDV) cap of $100M. Once the community genesis concludes, the BIO token will be non-transferrable until BIO governance votes to make it transferable.
About BIO Association
BIO Association is a non-profit organization developing BIO, a protocol for directing capital and talent into decentralized science (DeSci). The BIO protocol serves as a decentralized funding, liquidity and incentive layer for onchain scientific communities known as “BioDAOs”, supercharging preclinical research through DeFi mechanics and real-world IP. Revenue from IP sales, licensing and consumer health products flow back into the network, funding the next generation of biomedical R&D. This decentralized approach allows global communities of researchers, backers, and enthusiasts to collaborate on scientific advancements and bring biotech innovations to life more efficiently. BIO is founded by key members of VitaDAO—the DeSci organization backed by Pfizer Ventures and Balaji Srinivasan.
