What is the background of Pantera’s latest investment in DeSci project?

GenomesDAO

▪️Investors: Pantera Capital, Modular Capital

▪️Track: DeSci (decentralized science), DAO

▪️Token: $GENOME, MC 16 million USD, Base chain, now listed on Aerodrome, MEXC

1/ DeSci

I have recently joined many DeSci project groups and found that there are many foreign users, and most of them are holders. They have been holding since the small popularity in 2021 and are very optimistic about the future of this track. But it is obvious that there is not much attention in China?

DeSci, Decentralized Science, aims to build a public infrastructure using the Web3 stack to fairly and impartially fund, create, review, certify, and store scientific research projects. There are generally three forms:

▪️Reshape the way scientific research projects are financed and funds are allocated

▪️Reshaping the way scientific research projects collaborate

▪️Use centralized storage to protect intellectual property rights

After years of development, although DeSci has been favored by institutions such as Coinbase, Messari, and Pfizer, as well as the attention of crypto giants such as Vitalik Buterin, it has not yet entered the field of vision of Web3 users. Compared with the emergence of thousands of times Meme and AI concept coins, it is still just a drizzle.

However, judging from DeSci's innovation in scientific research methods that benefit mankind, this track will have a promising future.

2/ GenomesDAO: Returning genome testing data to users

One of DeSci's early projects, it was founded in 2018 and issued coins in 2021. It was incubated by Censensys, the parent company of Little Fox Wallet, and cooperated with AMD.

GenomesDAO is a biotech DAO, a secure, decentralized, and incentivized genome testing platform. In the wake of the data breach at California genetic testing company 23&me, the existence of GenomesDAO to protect the security and privacy of user genome data is particularly important.

As we all know, the vision of Web3 is to return ownership and control of assets to users, whether it is financial, social, identity, or in-game assets.

Similarly, GenomesDAO aims to return users’ genome testing data to users.

▪️ Web2 ?? 23&Me earns $30 million from pharmaceutical companies each year using user data, and users receive $0

▪️ Web3 ?? GenomesDAO users manage their own data in their own “on-chain vault” and use the data to make profits

With the support of DAO, the platform has achieved: privacy protection + data sovereignty + token incentives

3/ How to play? Use your own DNA to "mine"!

GenomesDAO’s operating model:

Provide genetic testing services to users

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Upload to DNA database, only the user has access rights (security, privacy)

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Third-party pharmaceutical companies use platform coins to apply for the use of DNA data

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Users can choose whether to agree or not. If they agree, they will receive platform coins as compensation.

Chinese users should not be able to participate because the sample collection needs to be mailed. The platform is in the UK. European users can place an order on the official website for 349 pounds and the official will send a sample collection kit, which contains an NFT similar to SBT (non-transferable) that can be bound to your own wallet. When the sample is sent back and the test data is uploaded to the library, only users who hold the corresponding NFT can access their data.

After that, you can use the data to "mine" on the platform. You can choose whether to allow a third-party company to access your data and use the platform currency in exchange.

4/ Token

Recently, GenomesDAO completed the chain migration (to Base) and token swap

The new platform coin is $GENOME. In addition to being a payment token used by third-party companies to exchange data and a means of payment for users to unlock disease detection reports, it also serves as a DAO governance token, which can be pledged to obtain voting rights and obtain token rewards.

✧ Market value: $16.5 million

✧ Current price: $0.0174

5/ Future Outlook

From an investment perspective, GenomesDAO has a usable product, revenue to earn, a potential narrative, and developer persistence;

  • Currently, both CEX and on-chain transaction volumes are not high, and market capitalization is not high either;

  • It did not attract undue attention;

  • Pantera’s latest addition;

  • Interestingly, the DeSci track has not attracted widespread attention, and many projects have already been abandoned, and there are quite a few rugged ones. However, the small team of several people in GenomesDAO is still working hard:

- Work hard with governments and pharmaceutical companies to provide more data mining opportunities for DAO members

- Launched a "vampire attack" against several large genetic testing companies to acquire Web2 users (understandably, DeSci is not sexy enough for Web3 users, Fi is the eternal god)

In summary, I think $GENOME has a chance to become a lucrative lottery, but at least you have to grit your teeth and get the DeSci Season. I believe that VC’s vision will not be wrong (many VCs mentioned DeSci in their New Year’s Outlook at the end of 2023)

I will buy 500U in the next few months, delete my wallet and see next year! DYOR ⚠️