ADP-004: Participating in the BIO Genesis Event

Proposal Summary

This proposal aims to introduce a request to AthenaDAO for the BIO Genesis Event happening in the coming weeks. In order to participate, BIO requested that AthenaDAO makes up to 1.5 million ATH tokens available from the treasury in a one-sided Uniswap V3 Liquidity Pool to support the BIO Genesis Event.

Background

What is BIO? According to bio.xyz, the BIO Genesis Event promoter, BIO was previously known as “bio.xyz”, which operated under the Molecule umbrella. It is now spinning out of Molecule into a decentralized protocol for science funding and liquidity.

BIO will be a protocol for funding and directing liquidity to Decentralized Science (DeSci) DAOs, including AthenaDAO, ValleyDAO, and VitaDAO, and others.

What is the BIO Genesis Event? BIO is conducting its Genesis Event to seed the network and they have asked the bioDAOs in their cohorts to participate with their individual tokens. Participants must hold a token from a bioDAO, such as ATH, to join the Genesis Event. The way for participants to seed the network and receive BIO is by locking their bioDAO tokens in the BIO protocol and getting BIO tokens in return. This process is expected to drive demand for bioDAO tokens, including ATH.

The Genesis Event is expected to start in the coming weeks and will run until mid-June. Participants need to buy or already own a bioDAO token (e.g., ATH) to participate and get BIO.

Please note that all information in this section is of the full responsibility of bio.xyz. You can learn more about BIO, here.

Proposal Details

BIO requests ATH tokens are added single-sided to a Uniswap v3 liquidity pool at the upper bands of the current price distribution. Should the ATH price increase in response to the BIO Genesis Event, ATH will get converted to ETH as the ATH price rises. If the ATH price does not rise to reach the specified bands, nothing will happen. Proceeds from this event (in ETH and ATH) will be added to the AthenaDAO treasury, allowing the DAO to fund more women’s health research.

Post-auction, we are removing the remaining added ATH liquidity from the mainnet pool and returning it to the treasury. We are also minting new ATH equal to the amount locked in the BIO.xyz treasury and then distributing it.

Voting

Approving this proposal means your approval of allocating up to 1.5 million ATH tokens from the treasury and establishing the Uniswap V3 Liquidity Pool. Upon approval of this proposal, the liquidity strategy will be implemented immediately.