BIOPSY-3
BIO Protocol Systemization: bioDAO Airdrop
Strategic Purpose: Improve incentive alignment and long-term viability of Cohort 1 bioDAOs. Target Metric: Value of non-native assets in bioDAO treasuries.
Summary
BIO (f.k.a. bio.xyz) is a network of talent, capital, and resources for bioDAOs to bring more science on chain. BIO accelerator Cohort 1 included 5 bioDAOs. Each of these bioDAOs will receive allocations of $BIO to help govern BIO as defined in BIOPSY-2.
The BIO Cohort 1 bioDAOs were:
- AthenaDAO for fertility,
- ValleyDAO for synbio,
- HairDAO for hair,
- CryoDAO for cryogenics, and
- PsyDAO for psychedelics.
A future governance proposal will detail out an additional 4% of $BIO for bio/acc rewards: performance-based $BIO incentives for bioDAOs including those in Cohort 2 and beyond.
$BIO allocations and bio/acc rewards to bioDAOs embody a strategic commitment to their integration with BIO. This integration will:
- Align bioDAOs closely with BIO, amplifying network effects.
- Create incentives for talent and resource sharing among bioDAOs.
- Empower bioDAOs to engage in governance of BIO.
- Enable bioDAOs to curate new BIO projects, accelerating network growth.
Specifications
In order to participate in the bio.xyz accelerator, each Cohort 1 bioDAO’s founders contracted to issue 6.9% of the total token supply of their bioDAO’s native governance tokens to Molecule.
Each bioDAO that has fulfilled its token delivery obligation to Molecule gets a full allocation of 13,320,000 $BIO at $USD 0.0003 per $BIO.
The bioDAO will be offered to exercise a Token Purchase Agreement (“TPA”) for the $BIO. The bioDAOs are restricted to use such $BIO only to (a) vote in BIO proposals and (b) provide liquidity to bioDAO-BIO and IPT-BIO token pairs and may not be sold or used otherwise for 4 years beginning on the date of receipt of the $BIO purchased with a TPA. $BIO purchased with a TPA will be 50% unlocked and 50% unlocking linearly over 2 years.
| bioDAO | Tokens due to bio.xyz (6.9% of supply) | Tokens delivered | BIO Genesis Allocation |
|---|---|---|---|
| AthenaDAO | 6,900,000 ATH | 3,450,000 ATH* | 13,320,000 BIO |
| CryoDAO | 270,544 CRYO | 270,544 CRYO | 13,320,000 BIO |
| PsyDAO | 7,061,056 PSY | 7,061,056 PSY | 13,320,000 BIO |
| ValleyDAO | 6,900,000 GROW | 6,900,000 GROW | 13,320,000 BIO |
| HairDAO | 105,800.31 HAIR | 13,225.04 HAIR | 1,665,000 BIO |
Off-Chain Vote
Yes: Approve bioDAO airdrop
39.18M BIO100%
No: Do Nothing
0 BIO0%
Quorum:261%
Timeline
May 13, 2024Proposal created
May 13, 2024Proposal vote started
May 15, 2024Proposal vote ended
Jul 16, 2024Proposal updated