An altcoin on the frontier of where crypto meets science is coming alive following a new Binance listing. According to Binance, the world’s largest crypto exchange by trading volume just expanded trading services for BIO Protocol (BIO). “Fellow Binancians, Binance is excited to announce that BIO Protocol (BIO) will be added to Binance Simple Earn, […]
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Mechanism Capital’s Andrew Kang said DeSci protocols will likely change their existing models before evolving into more market-ready products.
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 decentralized science DAO supports healthcare efforts that might otherwise not attract sufficient funding and gives stakeholders a say in their management.
Binance Labs, the cryptocurrency exchange’s venture capital arm, has made its first investment in decentralized science (DeSci) with an investment in BIO Protocol, an accelerator that seeks to transform the financing and commercialization of health sciences.
BIO Protocol supports a network of Biotech Decentralized Autonomous Organizations (BioDAOs) that create communities to fund, develop and co-own new drugs and therapeutics. The BioDAOs address gaps in traditional funding in areas such as rare diseases, longevity research, and emerging health challenges, according to Binance Labs.
Binance Labs’ investment, the size of which was not disclosed, will go to expand the network by providing seed funding for new projects and strengthening the network that provides them with community and tokenomics support. Binance Labs investment director Andy Chang said:
