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BIO Protocol (BIO), enables scientists, patients, and investors to collaboratively fund, develop, and own medicines and treatments through the BioDAO network.
Recently, Binance Labs announced its investment in BIO Protocol (BIO), a pioneering protocol transforming the way early-stage scientific research is funded and commercialized using blockchain technology. This investment marks Binance Labs‘ first step into the Decentralized Science (DeSci) sector, signaling promising potential for the future of the industry.
So, What Does BIO Protocol Promise?
BIO can be thought of as a Y Combinator for on-chain science. The platform enables a global community of scientists, patients, and investors to collectively fund, develop, and co-own new medicines and treatments through the network of Biotechnology Decentralized Autonomous Organizations (BioDAOs).
The protocol’s innovative approach addresses critical gaps in traditional scientific funding, particularly in areas like rare diseases, longevity research, and emerging health issues.
Currently, BIO’s network consists of seven BioDAOs, focusing on various fields such as cryopreservation, women’s health, and psychedelics for mental health.
The next group of projects within the protocol includes efforts to accelerate treatments for COVID and rare diseases, as well as the development of quantum microscopes to observe quantum biological phenomena.
This will further expand the reach and impact of community-driven science.
This new funding will support the expansion of the BioDAO ecosystem, provide seed funding for new BioDAOs, and strengthen the network of service providers offering community and token economics support.
This will help realize BIO’s vision of creating an autonomous infrastructure for scientific funding and acceleration, supported by advancements in artificial intelligence, drug design, and open-source computational biology.
Andy Chang, Investment Director at Binance Labs:
“BIO Protocol represents a significant step forward in DeSci by combining biotechnology and DeFi. At Binance Labs, we are committed to unlocking groundbreaking advancements that create long-term, real-world impact by supporting projects that build meaningful technologies; this approach closely aligns with our investment in BIO.”
What Is BIODAO?
BioDAOs are community-owned intellectual property (IP) creation engines focused on a specific area of biotechnology. These DAOs develop and commercialize biotechnology IP by minting IP-NFTs and IP Tokens (IPTs), establishing companies, and licensing IP to traditional biotech firms.
The proceeds generated are returned to the bioDAO treasuries to fund the next generation of R&D and advance the bioDAO’s mission.
BioDAOs typically focus on emerging scientific fields where liquidity is limited, talent and data are scattered, and traditional biotech companies are not yet ready to invest, but are willing to de-risk.
For example, they operate in areas such as longevity (VitaDAO), women’s health and fertility (AthenaDAO), and synthetic biology (ValleyDAO).
To date, bioDAOs have emerged from leading university research labs such as Newcastle University, the University of Copenhagen, and Imperial College London, receiving support from prominent biotech venture capital firms like Pfizer Ventures, Northpond Ventures, and Fifty Years, as well as crypto and biotech leaders like former Coinbase CTO Balaji Srinivasan and Filecoin founder Juan Benet.
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