Decentralized science (DeSci) protocols, similar to how decentralized finance (DeFi) was in 2019, are still in their early stages but have immense potential. According to Andrew Kang, a founder and partner at Mechanism Capital, DeSci projects are evolving and will likely change their models and products, just like DeFi protocols Maker, Synthetix, and Aave did around 2019 before becoming more prominent.
Kang highlighted BIO Protocol, Pump Science, and GLP1 as the most interesting DeSci projects. DeSci combines blockchain technology, tokens, NFTs, and decentralized autonomous organizations (DAOs) to incentivize community-driven scientific research and collaboration. It aims to tackle issues like flaws in the scientific peer review system, provide cheaper genetic tests, and even cure baldness.
DeSci promotes “citizen science” while rejecting institutional influences such as big pharma. The industry gained traction during the COVID-19 pandemic, as industry players sought new ways to combat infections and diseases. DeSci could enhance data accessibility for researchers, healthcare professionals, and patients by leveraging the security and transparency of blockchain.
With cybersecurity attacks on the rise in the healthcare industry, DeSci offers a potential solution. Currently, DeSci 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, respectively, according to CoinGecko.
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