Binance has added to the emerging DeSci hype after it added one of the sector’s projects to its launchpool. As a result, trading volumes for DeSci tokens have grown by more than 31%.
Binance made another statement about its DeSci focus by adding Bio Protocol (BIO) to Binance Launchpool. The DeSci project is the 63rd selection for the launchpool, allowing users to mine rewards after depositing BNB and FDUSD.
Binance Launchpool remains a tool for passive income, in addition to signaling Binance’s interest in coins and tokens.
$BIO is listing on Binance January 3rd!
Let liquid science flow
Bringing DeSci to 100m+ users on the most liquid crypto venue on the planet https://t.co/JxRYGAt9pm pic.twitter.com/KxXKVpd2S5
— BIO Protocol (@bioprotocol) December 23, 2024
Binance will start trading BIO on January 3, 2025. Before that, the exchange will have a 10-day farming period, starting from December 24. BIO farmers will have to lock up their BNB and FDUSD to receive airdrops for the launchpool period. After that, BIO will begin trading with a ‘Seed’ tag for potentially higher risk.
The pool will distribute 99.6M BIO or 3% of the total supply. To avoid unfair allocations to whales, Binance will also introduce hourly caps to BIO received. 85M BIO will be airdropped to stakers with BNB in their wallets, while the remaining 14.9% will go toward FDUSD holders.
BIO tokens have a distribution that will favor early backers and investors. A community auction will distribute 20% of the BIO supply, with another 25% set aside for ecosystem incentives. Early investors will control 13.6% of the tokens. The total supply of 3.2B tokens will unlock over six years, with a one-year cliff unlock.
Binance has expressed its interest in DeSci despite the sector’s relatively underdeveloped status. Binance’s former CEO Changpeng “CZ” Zhao and Ethereum’s Vitalik Buterin have expressed interest in DeSci events.
Binance’s direct investment may boost Bio Protocol’s profile
For now, the DeSci sector is the smallest selection of tokens, as most are still in the early experimental stage. The addition of BIO could give legitimacy to some of the more promising projects.
BIO is an early-stage token and a rather unusual choice for Binance Launchpool. Usually, the farming hub lists more liquid assets with a longer track record. However, Binance made an exception for Bio Protocol as one of its own investments. On November 8, Binance Labs raised an undisclosed funding round for Bio Protocol, becoming its sole VC backer.
Bio Protocol may be able to consolidate the drive to create DeSci tokens, where now Pump.fun is serving that role. Bio Protocol will offer a curated selection of DeSci projects with backing from BIO token holders. By backing the protocol, Binance may gain control of an emerging token space and a new narrative.
DeSci sector sees trading volume growth
DeSci tokens as a whole remain closer to memes than to real scientific or biological projects. The entire collection of DeSci tokens is valued at around $600M, at one point only getting close to $1B.
Origin Trail (TRAC) remains the leading DeSci token, with a total cap of $341M. The two other more active tokens are Rifampicin (RIF) and Urolithin A (URO), which build up their market value based on demand for virtual experiments. The tokens proved resilient despite a recent hack on Pump.science.
BIO is also a minor asset, with fewer than 1,500 holders, though the project has promised overly ambitious reach. Bio Protocol itself will tap the demand for creating new DeSci tokens, by supporting a launchpad for new DeSci DAO projects. Bio Protocol already hosts DAOs attempting to build longevity, mental health, and bioengineering products. The protocol estimates around $40M in tokenized value based on biotechnological ideas.
To this moment, Bio Protocol has carried a total of eight DeSci projects through its platform. The hub also advertises platforms and serves as a marketing and fundraising tool. Bio Protocol may turn into one of the leading fee producers in the Ethereum ecosystem. The biggest issue with citizen science remains the potential quality of the projects and the ability to deliver results.
The BIO token, once it achieves sufficient liquidity, will serve as a governance asset to approve the launch of new DAO and DeSci startups. Holders will also receive priority approval for investing in those startups.
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