GenomesDAO: A Rising Star in the DeSci Field

Recently, a project called GenomesDAO has attracted attention in the field of decentralized science (DeSci). As one of the early projects in DeSci, GenomesDAO was founded in 2018 and issued its tokens in 2021. The project was incubated by the parent company of a well-known Web3 wallet and has collaborated with a large chip manufacturer.

DeSci: A New Paradigm in Scientific Research

DeSci aims to establish public infrastructure through Web3 technology to fund, create, review, and store scientific research projects in a fairer and more transparent manner. It primarily innovates the research field in three ways:

1. Restructuring the financing and fund allocation of research projects
2. Change the collaboration model of research projects
3. Use decentralized storage to protect intellectual property.

Despite the attention that DeSci has garnered from some well-known cryptocurrency exchanges, research institutions, and pharmaceutical companies, it has not yet fully entered the sights of Web3 users compared to the recently popular meme coins and AI concept coins. However, considering DeSci's potential to revolutionize research methods and its societal impact, the future development of this field is worth looking forward to.

GenomesDAO: Empowering Users with Control over Genetic Data

GenomesDAO is a biotechnology DAO that provides a secure, decentralized, and incentivized genomic testing platform. In light of a recent data breach incident involving a certain genetic testing company, the importance of GenomesDAO in ensuring the security and privacy of users' genomic data has become increasingly prominent.

Unlike the traditional Web2 model where users cannot benefit from their own data, GenomesDAO allows users to manage the data in their "on-chain vault" and have the opportunity to profit from it. Through DAO governance, the platform achieves a fusion of privacy protection, data sovereignty, and token incentives.

Operating Model: Genetic Data as "Mining"

The operation process of GenomesDAO is as follows:

1. Provide users with genetic testing services
2. Upload the detection data to the DNA database, accessible only by the user himself.
3. Third-party pharmaceutical companies apply to use DNA data with platform tokens.
4. Users can decide whether to agree or not, and if they agree, they will receive platform tokens as a reward.

Currently, the platform primarily targets European users. Users need to pay £349 on the official website to order the sample collection kit, which includes a non-transferable NFT similar to an SBT that can be bound to the user's wallet. After the sample testing data is uploaded, only users holding the corresponding NFT can access their own data.

Token Economics

GenomesDAO recently completed a chain migration (to a certain Layer 2 network) and a token swap. The new platform token $GENOME serves not only as a payment method for third-party companies to acquire data but also as a payment tool for users to unlock disease testing reports. Additionally, it is the governance token of the DAO, allowing holders to earn voting rights and token rewards through staking.

Currently, the market cap of $GENOME is approximately $16.5 million, with a unit price of $0.0174.

Future Outlook

From an investment perspective, GenomesDAO has the following advantages:

• Available products and sources of income
• Narrative of potential projects
• The development team continues to invest
• The current trading volume and market value are relatively low.
• Has not caused excessive hype
• Recently received investment from a well-known venture capital.

It is worth noting that although the overall attention on the DeSci field is not high, many projects have stalled or exited, the small team of GenomesDAO is still actively advancing:

• Strive to collaborate with governments and pharmaceutical companies to create more data monetization opportunities for DAO members.
• Launch a user migration plan for mainstream genetic testing companies

In summary, $GENOME may become a promising investment option, but investors need to have a longer holding period, at least until the DeSci field warms up overall. Considering that several well-known venture capitalists mentioned DeSci in their outlooks at the end of 2023, the future development of this field is worth looking forward to.