The Swiss-based BIO Association announced plans to launch the BIO token and deploy a decentralized biotechnology network, after raising more than $5 million in an auction in August.

On September 30, the BIO Association, a non-profit organization based in Switzerland, announced plans to launch the BIO token ahead of the official launch of the decentralized biotechnology network BIO Protocol. The Association's goal is to bridge the gap between biotechnology and cryptocurrencies by building a decentralized network that provides a platform for scientific communities to operate on the blockchain.

The BIO Consortium aims to democratize access to scientific research and funding. Central to this effort is the creation of BioDAOs – community-run organizations focused on developing and funding scientific intellectual property.

The BIO Association was founded by Molecule AG, a Swiss company that specializes in cryptographic infrastructure for decentralized scientific organizations (DeSci). The BIO Network currently supports eight scientific communities, focusing on areas such as longevity, women's health, neurodegeneration, and synthetic biology. The initiative is expected to create positive changes in the biotechnology industry by leveraging blockchain technology and DeSci principles.

Notably, the platform raised over $5 million through an auction held in August. The BIO Association is committed to launching the token in a fair and transparent manner, reflecting the standards of large-scale token offerings. This approach underscores the community’s commitment to creating equal opportunity in the burgeoning DeSci space.

How BIO token works

Once the token is issued, users will be able to own BIO tokens using ETH or other DAO tokens in the BIO network. The initial phase will last for 45 days or until the BIO token reaches a fully diluted value (FDV) of $100 million. After this phase, the tokens will not be transferable until a governance vote decides otherwise.

The mainnet launch of the token will take place on the Ethereum platform, similar to many other leading DeSci projects. BIO token holders will have the right to vote on the acceptance of new BioDAOs into the network. In addition, they will also have priority in participating in funding rounds for scientific projects from leading universities and researchers.

Currently, early holders of BIO Genesis tokens 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.