Decentralized science (DeSci) protocols are where decentralized finance (DeFi) was in 2019 — nascent and largely untested in the markets but filled with “massive potential,” an industry executive says.
“Everything is still raw, experimental, but there’s an underlying understanding [...] that there is massive potential,” explained Andrew Kang, a founder and partner at crypto-focused venture capital firm Mechanism Capital, in a Nov. 24 post on X.
Kang said the DeSci projects are still evolving and will likely change their model and products similar to how DeFi protocols Maker, Synthetix, and Aave did around 2019 before becoming much larger.
The DeSci projects Kang has found most interesting are BIO Protocol, Pump Science and GLP1.
Source: Andrew Kang
BIO Protocol allows users to co-own “medicines of the future,” Pump Science’s platform allows trading of tokens tied to longevity medicines, and GLP1 aims to “Make America Skinny Again.”
Kang disclosed that Mechanism Capital invested in BIO Protocol’s latest funding round.
DeSci is a concept that utilizes blockchain technology and aspects of it, such as tokens, NFTs and decentralized autonomous organizations (DAOs) to incentivize community-driven scientific research and collaboration.
it is looking to do everything from solving flaws in science’s peer review system and getting cheaper genetic tests to even curing baldness.
DeSci is largely focused on pursuing truth via “citizen science” while rejecting institutional influences such as big pharma.
The industry emerged from the COVID-19 pandemic as industry players looked for new and improved ways to fight off infection and disease.
It could make data more accessible to researchers, healthcare professionals and their patients while leveraging the security and transparency benefits of blockchain.
It comes as cybersecurity attacks in healthcare have become increasingly common in the digital age.
Ransomware attacks on healthcare firms such as Kaiser and Welltok affected 13.4 million and 8.49 million individuals in separate incidents in the past 18 months — exposing sensitive personal and health-related information.
DeSci currently boasts a $1.2 billion market cap, led by OriginTrail (TRAC) at $374.9 million, followed by Rifampicin (RIF) and VitaDAO (VITA) at $133.1 million and $124.7 million, according to CoinGecko.
Top 10 largest DeSci tokens by market cap. Source: CoinGecko
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