BIO Protocol, a decentralized platform for funding and commercializing biotechnology and scientific research, launched its BIO token on major cryptocurrency exchanges, including Binance. Initially priced at $1.40 per token, BIO experienced a sharp drop and is now trading at $0.70.
Despite the price fluctuation, BIO Protocol has become the largest player in the $1 billion decentralized science (DeSci) market, overtaking competitors such as OriginTrail and ResearchCoin.
Community Proposal for Solana Expansion
As part of its roadmap, BIO Protocol initiated a community proposal to expand the BIO token ecosystem to the Solana blockchain.
The plan includes deploying BIO token contracts on Solana, creating a cross-chain bridge, and allocating 1% of ecological incentive funds for cross-chain liquidity pools. This move is expected to enhance liquidity and interoperability across networks.
New Proposal: Bridge $BIO to @solana
DeSci on Solana is inevitable
1. Bring the $BIO token to Solana
2. Deploy onchain liquidity
3. Power consumer products that let scientists and patients create and consume science in new ways pic.twitter.com/GLQWttRjWl— BIO Protocol (@bioprotocol) December 25, 2024
BIO Protocol: Addressing Challenges in Scientific Funding
BIO Protocol aims to solve key inefficiencies in traditional scientific funding, which include time-consuming application processes, funding concentration in specific regions, and barriers to intellectual property (IP) commercialization. By utilizing decentralized technology, BIO enables global communities of patients, scientists, and investors to fund, build, and own tokenized biotech projects and IP.
Key solutions provided by BIO Protocol include:
- Decentralized Funding: Allowing individuals to invest in biotech innovations.
- Global Talent Pools: Enabling global participation from researchers and investors.
- Shared IP Ownership: Offering co-ownership of tokenized scientific IP.
- Liquid Markets: Providing early liquidity for traditionally illiquid biotech assets.
Token Details and Distribution
The BIO token is an ERC-20 token with a maximum supply of 3.32 billion tokens. Upon listing on Binance, approximately 39% of the token supply (1.296 billion tokens) became available for circulation. Notably, 3% of the total token supply (99.6 million tokens) was allocated to the Binance Launchpool.
Fundraising Milestones
BIO Protocol has successfully raised capital through private and public fundraising rounds, including the following:
- Private Rounds: Raised $0.9 million and $1.4 million during Pre-Seed and Seed rounds.
- Genesis Auction Rounds: Raised $28 million across three public rounds, reaching valuations of up to $219 million.
Upcoming Developments
In 2025, BIO Protocol plans to launch its platform on Solana and other blockchain ecosystems while expanding its suite of BioDAOs and liquidity pools. This includes the launch of new initiatives, such as Long COVID Labs and Curetopia.
