DeSci: Hype or hope for the future of Science?
Celebrity endorsement from Vitalik
Decentralized Science (DeSci) isn't a new concept—it was already discussed in a report by research firm Messari back in March 2023. Recently, however, this sector has regained attention, thanks in no small part to Binance's investment in BIO Protocol.
On November 8, Binance announced a strategic investment in BIO Protocol, although the specifics regarding the funding round and amount weren't disclosed. This investment propelled BIO Genesis, a community fundraising initiative led by BIO Protocol, to hit its funding cap of $33 million almost instantly. Vitalik attended a gathering of DeSci entrepreneurs, with other crypto celebrities also present.
With tangible investment from Binance and endorsement from two of crypto's biggest names, what exactly is DeSci, and what projects are worth keeping an eye on?
Ref:@bioprotocol
What is DeSci?
DeSci, short for Decentralized Science, aims to solve various issues in scientific research, including opaque funding allocation, knowledge monopolies, and the lack of openness in research data.
Key features include:
- Decentralized funding: Instead of relying on slow and biased funding from governments or corporations, researchers can raise funds directly from communities using blockchain, making the process faster and more inclusive.
- Open data and knowledge sharing: Research data is stored on the blockchain, making it transparent and unchangeable, and researchers can easily track how their work is used.
- Incentives for contributors: Researchers, reviewers, and data providers can earn tokens for their contributions, encouraging more people to share scientific knowledge.
- Better peer review: DeSci uses smart contracts to make peer review faster, fairer, and transparent, with reviewers also rewarded for their efforts.
- NFTs for intellectual property: Research findings can be turned into NFTs to protect and manage intellectual property, ensuring rightful recognition and rewards for researchers.
DeSci aims to move some of the surplus funds from the crypto world into scientific research, addressing the usual challenges of underfunding and slow returns in traditional science. The goal is to show how blockchain can genuinely benefit scientific progress, making research more accessible, transparent, and impactful.
Ref:@_kaitoai
Potential projects
1. VITA
As mentioned earlier, BIO Protocol, invested in by Binance, was created by one of the founders of VitaDAO, one of the most established DeSci projects today. VitaDAO was founded in 2021, with a focus on funding and promoting early-stage longevity science research, aiming to extend healthy human lifespan. During the DeSci gathering we mentioned earlier, Vitalik demonstrated VitaDAO's first longevity product—VD001, a natural high-dose spermidine supplement approved by the Thai FDA.
VitaDAO isn’t just backed by major names in crypto. On January 30, 2023, VitaDAO secured $4.1 million in funding from Pfizer Ventures, Shine Capital, L1 Digital, and Balaji Srinivasan. It's worth noting that this is Pfizer's first investment in the Web3 space.
- Blockchain: Ethereum (ETH)
- Current Price: $6.20
- Current Market Cap: $160 million
- Number of Wallet Addresses: 4,076
- All-Time High Market Cap: Currently at ATH ($160 million)
2. $RIF
The RIF token is a memecoin launched on Pump.Science, is a platform developed by Molecule DAO, a subsidiary of BIO Protocol. Introduced during the Token2049 Solana Breakpoint conference, Pump.Science differentiates itself from platforms like Pump Fun by requiring that token launches be linked to scientific research.
As of now, Pump.Science recognizes only two tokens: RIF and URO. RIF represents Rifampicin, an antibiotic known for inhibiting bacterial RNA synthesis, effectively treating diseases such as tuberculosis, leprosy, trachoma, and Legionnaires' disease.
Recent studies have shown that Rifampicin can activate the body's natural defense mechanisms against cellular stress and damage. In experiments with nematodes, it has demonstrated potential in extending lifespan and improving healthspan. While these findings are preliminary and it's uncertain whether Rifampicin will have similar effects in humans, it represents a promising avenue in anti-aging research.
- Blockchain: Solana
- Current Price: $0.1705
- Current Market Capitalization: $170 million
- Number of Wallet Addresses: 20,146
- All-Time High Market Cap: $183 million
Ref:Dexscreener
3. $URO
Urolithin A ($URO) is one of the two officially endorsed tokens on Pump.Science, alongside $RIF.
Urolithin A is a compound naturally found in pomegranates, known for its ability to perform a "clean-up" within cells. It helps remove aged and dysfunctional mitochondria, allowing new, healthy mitochondria to thrive. Think of it as a reset button for cells, aiding them in maintaining optimal functioning.
- Blockchain: Solana
- Current Price: $0.0466
- Market Capitalization: $46.6 million
- Number of Wallet Addresses: 12,674
- All-Time High Market Cap: $60 million
Ref: Dexscreener
4. SCIHUB
Sci-Hub is an open-access academic paper library founded in 2011 by neuroscientist Alexandra Elbakyan. Its purpose is to provide free access to scientific papers for everyone, addressing the paywall restrictions of traditional academic publishing. However, this has also led to legal controversies. In 2017, Sci-Hub was sued by the publisher Elsevier, resulting in a $15 million judgment for copyright infringement.
0xAA, the founder of WTF Academy, acquired 22% of the total supply of SCIHUB tokens and transferred 20% to Elbakyan's wallet, highlighting support for the Sci-Hub mission and open access to information.
- Blockchain: Solana
- Current Price: $0.0486
- Current Market Cap: $49 million
- Number of Wallet Addresses: 13,842
- All-Time High Market Cap: $73 million
Ref:@SciHubFans
Can DeSci deliver real-world impact?
DeSci aims to channel crypto capital into scientific research, promising to improve the world with blockchain technology. While DeSci isn't new—VitaDAO launched in 2021 with support from Pfizer—it largely flew under the radar until Binance's investment and endorsements from Vitalik brought it back into the spotlight. Still, the hype currently seems to outweigh the practical impact.
Scientific research is costly and slow, making quick results unlikely. Meme-driven DeSci tokens are similar to traditional memecoins, relying on attention-driven hype. For a market that craves fast returns, DeSci's sustainability is uncertain.
For DeSci to last, a few key factors are essential:
- Celebrity endorsements: More high-profile backers beyond Vitalik are needed to keep the narrative strong and draw in capital and users.
- Ongoing funding: Continued funding is crucial to show institutional interest and build a strong ecosystem for DeSci.
- Higher project valuations: Leading projects like VITA and RIF need to boost their valuations to the $5 billion range and get listed on major exchanges. This would signal growth potential and draw more interest in the DeSci space.
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