The leader of the DeSci track, BIO, after experiencing a price trough, recently launched version V2, introducing new mechanisms such as Launchpad and staking points. Its market value has quickly rebounded, reigniting market interest and expectations for decentralized science. (Background: Can DeSci solve the 'broken window effect' in research funding?) (Additional background: Zhao Changpeng (CZ) donated $10 million in BNB to Vitalik months ago to fund his research on DeSci projects.) Once seen as the pioneer of 'the integration of research and cryptocurrency', the leader of the DeSci track, $BIO, has faced downward pressure since its launch in January this year. Despite backing from top investors including Vitalik and CZ, it could not escape the dual impacts of market conditions and liquidity, with its market value shrinking by 95% from its opening peak, becoming a focal point for community dissatisfaction and skepticism. This has plunged the once successful track, which produced market cap legends like $RIF and $URO, into a low point. However, with the recent official launch of the BIO Protocol V2, which introduced new mechanisms such as Launchpad and staking points, the total amount staked surpassed 100 million BIO within a week of launch, quickly doubling its market value to over $200 million, reigniting market interest and imagination for the DeSci track. Why did the luxurious $BIO fall from grace? The listing story of BIO was originally a highlight moment for the DeSci track: top exchanges like Binance, OKX, and Kraken participated, with a trading volume exceeding $2 billion on the first day of TGE, and FDV once reaching $250 million, becoming the most sensational scientific cryptocurrency asset launch of early 2025. However, the excitement concealed the seeds for a price drop. The heat of this feast did not last long. BIO adopted an auction model for its issuance, with an initial circulation ratio higher than most new coins, combined with a valuation that was pushed up upon listing, making it appear overpriced in the absence of immediate utility. In the early market, buyers were more drawn by narrative and sentiment rather than practical value. When key functions like Launchpad, staking systems, and BioXP points were still in the planning stage, investors quickly realized that the tokens in hand could not bring actual returns in participation or governance rights in the short term. The gap between valuation and use cases became the first force driving the price downwards. The decline of BIO was also closely related to timing issues. Core functions failing to launch simultaneously on TGE led to a loss of confidence during the waiting period. Additionally, the independent operation of the Launchpad by Molecule Catalyst diluted funds and attention, weakening the cohesion of the main platform. Coupled with the macro market entering a phase of reduced risk appetite, funds rapidly withdrew from projects with high FDV and no immediate cash flow. The lack of sustained news support and the mismatch in product rollout rhythm caused BIO to gradually fall from a star project at the beginning of the year into a low point of thin trading and price probing. The resurgence of BIO Protocol creates an accelerated experimental field for research. In the first half of 2025, BIO Protocol has gone through a tumultuous journey—from the narrative peak at the beginning of the year to a price trough—but its pace has not slowed down one bit. It not only delivered the most dazzling market results in the DeSci track but also pushed several biopharmaceuticals to the clinical doorstep, allowing 'on-chain research' to smell the breath of real medical validation for the first time. The price retreat did not deter the team's ambition; instead, it led to more construction actions: in May, BIO postponed the unlocking of the team and advisors through community governance, sending a signal to the market that 'we are here for the long haul.' Research progress is also noteworthy—VitaRNA and VitaFAST have both initiated clinical trials in the UAE, taking only 11 months from concept to enrollment, while traditional models often require 4-6 years; 14 compounds with AI-predicted success rates exceeding 85% are awaiting efficacy readout in Q3. Meanwhile, five new BioDAOs, including QBIO, Long Covid Labs, Curetopia, SpineDAO, and MycoDAO, have been established, raising a total of $8.9 million within the year, injecting continuous fuel into this high-speed research machine. V2: The leap from DeSci 1.0 to DeSci 2.0. Additionally, the BIO team officially launched Bio Protocol V2 in August, aiming to put research funding and execution into 'high-speed mode', addressing pain points such as high FDV initial issuance, lack of immediate functionality, and ecological dispersion in the DeSci 1.0 phase. The core of V2 lies in four major engines: low FDV fixed-price initial issuance: referencing the successful paths of Pump.fun and Virtuals, V2 will lower the project starting valuation to $205,000 FDV, with 35% of tokens sold directly, and all raised $BIO injected into the liquidity pool, creating depth and price momentum from the start, tightly binding the community and the project. BioXP points system: quantifies behaviors such as staking, LP, on-chain interaction, and community dissemination into points, linked to the DeSci Score, with points valid for 14 days, used for allocating quotas of low FDV projects, allowing highly participatory users to continuously enjoy priority opportunities. Staking & veBIO: staking BIO not only earns points bonuses but also acquires governance votes; staking other assets within the ecosystem offers higher points yields, encouraging support for the entire network. Liquidity Engine: automatically generates LP after initial issuance, charging a 1% transaction fee on each trade in the secondary market (70% goes to the project treasury, 30% to the protocol), forming a positive cycle of 'active trading—research funding increases—results advancement—market heat rises again.' Accelerating landing, welcoming the new cycle of DeSci. VitaRNA and VitaFAST are pushing DeSci from concept to reality. The two drugs will advance trials simultaneously in the UAE, Singapore, and Switzerland, likely becoming the first cases of drugs fully funded by DeSci that enter the clinical phase at a cost of less than $500,000 within two years. This not only breaks the traditional barriers of drug development often taking years and costing tens of millions but also sets a benchmark for on-chain research. Meanwhile, BIO is collaborating with Pfizer to explore a compliant intellectual property tokenization (IPT) model, building a new capital circulation and value distribution mechanism for future drug development. Bio Protocol will launch decentralized research agents, automating key research processes such as drug selection, clinical operation, and fund deployment. The upcoming BIO Copilot will act as an on-chain research assistant for scientists, pushing research into a programmable, scalable phase driven by machine collaboration, allowing research to no longer be constrained by human bottlenecks but to enter a high-frequency iterative intelligent track. Additionally, the capital and market flywheel has quietly begun to turn. The Launchpad 2.0 plan will launch 10-20 low-market-cap projects in the coming months, covering areas such as Agent, IPT, and research tools, with an average fundraising of $70,000.

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