Bio Protocol, the favored decentralized science community, continued its freefall because it expanded to the Solana community.
Bio Protocol (BIO) value dropped to $0.52, erasing over 64% of its worth from the best degree on Jan. 3 and bringing its market cap to $862 million.
The token’s crash mirrors what is occurring within the crypto trade, as most cash have dropped this week. Bitcoin (BTC) has dropped under $95,000, whereas most altcoins have skilled steeper dips.
BIO’s plunge was additionally according to most up-to-date airdrops that usually rise on the primary few days after which retreats. Latest airdrops like Hamster Kombat (HMSTR), Wormhole (W), and Grass (GRASS) have all dropped sharply from their all-time highs.
BIO value dropped even because the community expanded to the Solana (SOL) blockchain by means of a partnership with Wormhole. This collaboration permits customers to swap BIO tokens between Ethereum and Solana at decrease prices, laying the groundwork for Bio Protocol to change into a multichain platform. The undertaking additionally plans to maneuver to Base, the layer-2 community launched by Coinbase.
Bio Protocol hopes to change into a number one participant within the decentralized science (DeSci) trade. Its platform presently hosts eight Bio Decentralized Autonomous Organizations (BioDAOs), with extra anticipated to launch within the coming months.
Some notable BioDAOs embrace VitaDAO, Quantum Biology DAO, HairDAO, and AthenaDAO. AthenaDAO focuses on ladies’s well being analysis, whereas VitaDAO conducts decentralized analysis to sort out growing older. BIO Launchpad has raised $30.3 million to fund these analysis initiatives.
It stays unsure whether or not the BIO value will rebound from the continued crash. Nevertheless, primarily based on the efficiency of comparable airdrops, restoration may take time. Wormhole stays 85% under its all-time excessive, whereas Notcoin has dropped by 80% from its peak. Different current airdrops, like ZkSync and Hamster Kombat, have seen comparable declines.
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