OKX Ventures Report: From Innovation to Pricing, the Potential and Development Path of the DeSci Track

Decentralized Science (DeSci) is centered around blockchain technology and aims to fundamentally transform the structure and operation of traditional scientific research.

Under multiple contradictions such as resource centralization, rigid management, and limited knowledge dissemination, the traditional research model increasingly reveals its inherent flaws. DeSci emerges as a disruptor, opening a new paradigm for scientific research.

DeSci proposes a new model centered on community and based on transparency: through Decentralized Autonomous Organizations (DAOs), the allocation of research funding and resources becomes fairer; the on-chain recorded research process not only eliminates corruption but also provides a verifiable trust mechanism for the public and researchers. Furthermore, DeSci advocates for open access to academic achievements, breaking down the barriers of publication costs, promoting data sharing and knowledge dissemination, and providing new pathways for a more inclusive scientific society.

Although DeSci is still in the early exploratory stage, its potential cannot be ignored. For example, it aims to break the concentration of resources and opportunities in the traditional research system, enhance the accessibility and transparency of research, encourage broader community participation and collaboration, and provide new governance and funding models for scientific work. Just as the open-source software revolution changed the landscape of technology development, DeSci is expected to become the "open-source movement" in the field of scientific research. It not only carries the vision of equitable resource distribution but may also become an accelerator for the democratization of science, returning the future of research to the global community. This new research model emphasizes transparency, open access, and social participation, representing an important direction of transformation in the field of scientific research. Despite still being in the early stages of development, DeSci offers new possibilities for addressing structural issues within traditional research systems.

As a supporter of cutting-edge innovative technologies, OKX Ventures has conducted in-depth research in this field and drawn the following core conclusions:

Conclusion 1: The DeSci sector is highly popular, but the market is in the early game phase.

DeSci, as an emerging field, has attracted significant user attention, but asset liquidity and market maturity are still insufficient. Taking the leading project VitaDAO as an example, its valuation system has yet to stabilize, and market performance is highly volatile with short cycles. This indicates that the overall DeSci ecosystem is still in the early exploratory stage and requires time to develop mature valuation standards.

Conclusion 2: Research funding projects like BioDAO face closed-loop challenges.

BioDAO is seen as the "DeFi protocol" in the research field, with innovative funding mechanisms and a clear roadmap laying the foundation for its future development. However, the quantifiable path from funding support to research outcome transformation has not been fully established. The lack of a clear feedback loop may become a major obstacle to long-term trust and funding support.

Conclusion 3: Meme-driven narratives are at the core of DeSci's current discourse.

Although the concept of DeSci is rooted in scientific research, its current popularity relies more on meme-driven narratives. For example, Sci-Hub, as a symbolic representation of the community, has attracted high participation but has insufficient actual conversion. Similarly, the project pump.science encourages teams to "tell stories," but its experimental mechanisms need further optimization. For DeSci to break through, support and promotion from authoritative figures in the scientific field are essential.

Conclusion 4: Product implementation and marketization still have a long way to go.

Even relatively mature projects like VitaDAO have not yet formed a significant market impact with their flagship products, showing a clear gap compared to traditional research enterprises like Altos Lab. Most DeSci projects remain at the proof-of-concept or small-scale experimental stage and cannot handle the complex project management and data verification processes required for serious research, indicating that there is still a long way to go before industrialization.

Conclusion 5: Returning to the core advantages of blockchain to overcome implementation challenges.

The future applications of DeSci should fully leverage the core capabilities of blockchain technology, such as data provenance on-chain, decentralized funding allocation, verifiable academic publishing, and peer review. In the short term, the difficulty of integrating with complex offline scenarios is relatively high, making it more suitable to prioritize the development of research scenarios that align with blockchain advantages for steady progress.

1. Methods and Use Cases of DeSci

As an innovative application of Web3 technology in the field of scientific research, DeSci is addressing core pain points in traditional science (TradSci) through a series of key methods and specific use cases.

Innovating traditional research methods, DeSci currently provides three key solutions, covering the fairness and decentralization of funding allocation, the openness and security of data and publications, and promoting the reproducibility of scientific research.

In terms of fairness and decentralization of funding allocation, traditional research funding is usually concentrated in a few authoritative institutions, while DeSci utilizes secondary donation mechanisms and Decentralized Autonomous Organizations (DAOs) to achieve transparent management and distribution of funds through smart contracts. This mechanism not only lowers the threshold for researchers to obtain funding but also supports innovative and diverse research projects, promoting fair allocation of global research resources.

In terms of openness and security of data and publications, DeSci utilizes blockchain-based decentralized research repositories to store research data and publications on public ledgers, ensuring that results are traceable and transparent. Smart contracts provide a fair distribution mechanism for data access, allowing researchers and institutions to share and use key data resources while protecting intellectual property rights.

In terms of promoting reproducibility of scientific research, verification experiments and data reproducibility are crucial in scientific research. DeSci introduces token incentive mechanisms and reputation systems to reward reproducible research practices. Blockchain-based smart contracts also support transparent peer review processes, ensuring the reliability and authenticity of scientific discoveries.

DeSci has four major use cases in practice, including decentralized academic publishing, transparent management of research funding, innovative models for data sharing and collaboration, and transparency in peer review.

Specifically, first, the DeSci platform establishes decentralized repositories that allow researchers to publish their work directly. This not only breaks down the barriers of traditional academic journals but also significantly expands the accessibility of scientific knowledge, providing new pathways for scientific dissemination and advancement. Second, the DeSci platform employs a decentralized funding allocation mechanism, providing transparent support for research projects through crowdfunding and smart contracts. Contributors are rewarded based on the quality of the research work, avoiding corruption and resource waste in traditional funding management. Third, the blockchain-based DeSci platform facilitates secure sharing of research data. Data can be monetized through tokenization while ensuring that scientists retain ownership of their research results, thereby enhancing the efficiency of international research collaboration. Fourth, the DeSci platform creates public records of research contributions and peer review activities through immutable blockchain records, enhancing the credibility of scientific publications. This transparent accountability mechanism fosters a more open academic exchange environment.

As a disruptive force in traditional research, DeSci is redefining scientific governance through technology-driven transparency, openness, and fairness. Although this field is still in its early stages of development, its potential is already evident: from academic publishing to data collaboration, from funding allocation to research evaluation, DeSci is gradually becoming a key force driving scientific transformation.

2. Overview of the DeSci Sector

Decentralized Science (DeSci) is leading innovative transformations at various stages of scientific research through token incentive mechanisms and modular designs. From democratizing funding decisions to promoting open access to scientific knowledge, DeSci's goal remains consistent: to break the limitations of traditional research and provide a more transparent and equitable research ecosystem for scientists worldwide. Below are specific practices and achievements of DeSci in open publishing and decentralized research.

(1) Open Publishing Platforms

The traditional scientific publishing process is slow and expensive, while decentralized publishing platforms improve the efficiency of scientific research dissemination through open and immediate knowledge sharing. These DeSci platforms allow researchers to publicly publish papers, datasets, and methods while introducing interactive peer review and social collaboration tools.

ResearchHub incentivizes peer reviewers to provide professional feedback on published research through a token-based reward mechanism. Smart contracts automatically pay rewards upon completion and verification of reviews, ensuring that reviewers receive fair and timely compensation.

DeSci Labs focuses on leveraging blockchain technology to ensure the integrity of scientific data, protecting published materials through immutable records and providing strong anti-censorship and loss prevention capabilities. Its developed DeSci Nodes allow researchers to create and publish research objects based on FAIR data standards, stored in open decentralized data repositories, connected through permanent unique identifiers and a decentralized resolver system to support citation and accumulation of academic credit. These research objects include manuscripts, code, datasets, videos, etc.

Developers can achieve this through open publishing platforms, building applications on the open data layer, implementing custom coordination and value accumulation mechanisms. They can also apply integrations with other DeSci stack modules, such as using the review results from the publishing platform or OpSci's impact NFTs to verify researchers' identities and historical achievements.

Through DeSci projects, researchers and their datasets, methods, and results can all be tokenized, including the publication of manuscripts. The traditional journal publishing model, which requires payment for uploads or access, will be replaced by decentralized data layers and marketplace platforms. In this model, researchers can freely showcase manuscripts, similar to how NFTs are publicly displayed on platforms like OpenSea. Additionally, platform fees will be directed towards users wishing to buy or sell ownership of research results, rather than authors or readers.

As these publishing platforms continue to develop, decentralized identity and reputation systems will gradually emerge. These systems will help break down information silos and remove the barriers of traditional "gatekeepers," facilitating the free flow of ideas between different research environments.

(2) Research DAOs

DAOs are one of the core practices of DeSci. They are collective decision-making mechanisms coordinated through blockchain and smart contracts, allowing community members to jointly fund and manage scientific projects. Research DAOs typically revolve around specific scientific themes, such as longevity, genetics, or environmental science, enabling funders, researchers, and the public to collectively decide on research directions through a tokenized governance model.

For example, the BIO ecosystem includes: longevity ++VitaDao++, climate change and food security ++ValleyDAO++, women's health ++Athena DAO++, hair loss treatment ++Hair DAO and others like FrontierDAO and VibeBio that focus on research investments in space, fusion energy, climate, and biotechnology startups.

Traditional funding models tend to support large, low-risk projects, while DAOs can fund more high-risk, high-innovation potential "small" research projects. The decentralized governance mechanism of DAOs avoids the bureaucratic nature of traditional funding agencies, providing greater freedom for scientific research.

(3) Financing and IP Platforms

DeSci's funding and intellectual property (IP) projects promote the democratization of scientific innovation funding, ownership, and commercialization through blockchain technology. These projects include issuing tokenized platforms that represent partial ownership of research projects, as well as integrating blockchain-based grant management systems—some research DAOs also adopt these functionalities.

Many DeSci funding platforms support research and protect intellectual property through tokenized assets, allowing community members to publish rewards for specific scientific directions, and scientists can apply for these funds for research. Additionally, researchers can seek community funding and support for independent projects, fostering a more inclusive scientific funding model. This mechanism ensures that funds flow to widely supported projects and that research work meets the diverse needs of the scientific community.

Molecule is a tokenization platform focused on the biopharmaceutical field. To date, the platform has allocated approximately $2 million to various research DAOs through its IP-NFT protocol, driving the total value locked (TVL) in the ecosystem to $30 million.

++Bio.xyz++: An on-chain scientific version of Y Combinator incubated by Molecule, focused on accelerating scientific innovation.

For scientists, funding is a pain point. They spend a lot of time writing grant applications, but the success of obtaining funding largely depends on their H-index, which quantifies the impact of a scientist's papers. Under pressure, scientists often chase trendy topics to attract attention. Ultimately, insufficient and unstable funding not only reduces research output but also leads to biases in project selection, even triggering a "replication crisis."

DeSci advocates replacing the H-index with NFTs, which can assess other important factors such as expertise, teaching ability, mentoring skills, and collaboration with other scientists. To maintain operations, DAOs can monetize the intellectual property generated by funded research through the introduction of IP-NFTs. Through the Molecule Marketplace, research projects can connect with potential investors, and research results are stored in the form of IP-NFT metadata. IP-NFTs provide legal protection for research results and serve as an innovative alternative to traditional patents. Traditional patents tend to block and restrict data, slowing down the pace of scientific discovery, while IP-NFTs are open and flexible, providing the following monetization methods:

• Licensing IP for commercialization: Authorizing intellectual property to other institutions.
• Splitting ownership with partners: Sharing value through the division of intellectual property.
• Trading data on open markets: Continuously generating royalty income for creators.
• Using as collateral for loans: Financing based on the value of intellectual property.
• IP-NFTs can also introduce entirely new research coordination mechanisms, such as:
• Access control: Allowing only verified participants to contribute to research and receive compensation.

Over time, many DAOs may evolve from a single funding function to comprehensive communities covering other aspects of the research economy. In addition to these tokenized seed funding platforms, more decentralized secondary markets may emerge in the future. These markets will enable researchers and funders to transfer ownership of intellectual property or license it to other investors and community members, further promoting the commercialization and collaboration of scientific innovation.

(4) Medical Data Networks

Decentralized medical data networks aim to create a safer, more efficient, and equitable healthcare system by using distributed databases and collaborative research tools. These platforms can aggregate and analyze various datasets (such as clinical trial results, patient records, and genomic data) while protecting patient privacy and improving data accessibility. As the importance of medical data increases, the popularity of personalized medicine grows, and patients' demands for data protection and control over sharing intensify, this field becomes particularly critical.

Given the complexity of the healthcare industry, the goals of decentralized medical data networks encompass long-term development and diverse priorities:

GenomesDAO provides a decentralized genomic database that securely stores and shares historical genomic data, supporting long-term drug development.

Life Network: Users can control and monetize DNA data, earning rewards for healthy living while supporting researchers and developers in building personalized genomic applications.

Hippocrat has developed a system that can track patient treatment progress in real time and securely share real-time data among authorized stakeholders.

Data Lake: Allows individuals to tokenize and sell health data and medical records to researchers.

As this field continues to develop, the adoption of decentralized identity systems will gradually increase, enabling seamless and secure access to healthcare services across different service providers and jurisdictions. This will improve the continuity of healthcare services and enhance the overall patient experience.

(5) Infrastructure

Infrastructure projects aim to build secure, scalable, and interoperable systems to meet the diverse needs of the global scientific community. These systems include decentralized governance tools, storage solutions, and systems that can identify user identities across different platforms and institutions. Through these solutions, other DeSci teams can focus on their core scientific research goals without worrying about the complexities of building and maintaining backend systems.

1. Decentralized Storage and Computing

Arweave and Filecoin: Support distributed storage and sharing of scientific data and NFTs (such as IP-NFTs, Impact Certificates).

Bacalhau: Supports direct computation over data storage locations, generating unique content identifiers (CIDs) to ensure data reproducibility and verifiability.

2. Collaborative Mechanisms and Value Realization

Lab.bio provides researchers with open access to biological machine learning models and experimental tools without the need for expensive local resource allocation and hosting requirements.

Coordination Network offers AI-driven tools for research aggregation and data extraction, proposal review and drafting, and recruitment of research candidates.

OpSci: Unlike IP-NFTs, OpSci uses "Impact Certificate NFTs" to tokenize researchers' identities, qualifications, and projects.

3. Impact Certificate Collaboration Tools

++Holonym++: zkDID, a Web3 scientist directory that allows users to log in through academic credentials.

Hypercerts: Tokens based on the ERC-1155 standard for tracking research methods, datasets, and outcomes. Researchers can attract funding by transparently showcasing research progress while protecting data ownership.

The DeSci collaborative model enables researchers to not only obtain funding support more equitably but also enhance the efficiency and credibility of scientific research globally through publicly verifiable datasets. To widely promote DeSci, improving the user-friendliness and value of platforms is crucial, especially for users lacking Web3 experience. Although some projects choose to build their own infrastructure, modular and flexible components remain necessary.

(6) DeSci Memes

Researchers face numerous challenges in securing funding in the early stages, and raising funds through memecoins also presents significant difficulties. Firstly, the majority of the public lacks scientific knowledge, making it difficult to effectively support complex projects. Additionally, the timeline from initial research to actual results typically spans 5 to 10 years, while memecoin prices are highly volatile, making it challenging to provide stable funding for long-term research. However, DeSci's liquidity exit mechanism offers flexible funding guarantees for research projects and has indeed helped some research teams at the funding level, bringing tangible funding results. Other benefits include:

Cultural Dissemination and Promotion: DeSci memes serve as a cultural output and promotional tool, effectively directing the attention of the crypto community to DeSci and the field of scientific research.

Incentive Mechanisms: DeSci memes create a positive value cycle by allowing funders to participate in gamified incentives and speculative games, increasing both the liquidity of funds and the engagement and interests of investors.

3. Hot Project Introductions

(1) BIO DAO BIO DAO is a launch and acceleration platform focused on decentralized science (DeSci), bringing together scientists, patients, and investors to disrupt traditional research funding models using blockchain technology. Through the BIO protocol, a financial infrastructure, BIO DAO provides on-chain organizational tools, financing support, and intellectual property (IP) tokenization solutions, creating a transparent and efficient research funding ecosystem. Since its establishment, BIO DAO has promoted the development of 6 BioDAOs, with a total valuation exceeding $180 million, and has put over $10 million of research IP on-chain through the Molecule platform.

BIO DAO's funding capabilities have garnered significant attention: it completed strategic financing in 2024 (investors include Binance Labs) and a Genesis auction (raising $6.22 million). Its core technologies include the IP-NFT and IPT token mechanisms, empowering the trading and sharing of research results. Additionally, BIO DAO supports projects like HairDAO (hair loss treatment) and CerebrumDAO (brain health research), showcasing the powerful potential of decentralized research models. In the challenging yet opportunity-filled DeSci field, BIO DAO is paving new paths for research funding through innovative models and interdisciplinary collaboration.

(2) VitaDAO

VitaDAO is a groundbreaking initiative aimed at extending human lifespan, focusing on supporting early-stage longevity science research projects globally. Unlike traditional research funding models, VitaDAO leverages blockchain technology and a DAO governance mechanism, allowing ordinary investors and professional institutions to participate together, providing more open and diverse investment opportunities. The platform's core governance token, $VITA, supports token holders in participating in funding decisions, intellectual property management, and other key matters, ensuring community transparency and fairness through on-chain voting processes. VitaDAO's investment cases in the longevity field, such as support for Turn.bio, highlight its keen insight into frontier scientific investments.

VitaDAO executes DAO-voted decisions through its Canadian entity, VitaDAO Global Services, Inc., ensuring that the execution of project funding is concentrated within a protected entity while providing legal protection for token holders. This structure allows for the refusal to execute DAO decisions in extreme cases and enables stakeholders to seek legal remedies. Additionally, VitaDAO is advancing the development of candidate drug ARTAN-102 in collaboration with Lonza and has launched the VitaLabs scholarship program to further promote global research talent innovation in the field of longevity. In the future, VitaDAO will continue to bring more breakthroughs to longevity science research through decentralized funding and governance models.

(3) PumpScience

Pump.Science is a decentralized science (DeSci) platform launched by Molecule DAO, aimed at providing funding support for longevity research through cryptocurrency and gamification mechanisms. The platform transforms anti-aging research into participatory prediction games, encouraging the crypto community to fund scientific experiments by purchasing and trading tokens. Users can track experimental progress in real time and assess the value of experimental results through token appreciation or depreciation. Through this innovative model, Pump.Science hopes to carve out new paths in the DeSci field, promoting the commercialization of longevity science and accelerating the transformation of research results.

The operational model of Pump.Science includes drug developers submitting experimental proposals and paying SOL tokens as experimental fees, followed by fundraising on the platform through token issuance. Experiments are divided into multiple levels, from nematode experiments to mouse experiments, unlocking different research progress based on token sales. Experimental data is live-streamed and updated, allowing participants to engage and evaluate research outcomes. The platform provides flexible and continuous funding support through token incentive mechanisms, breaking through the limitations of traditional research funding. Although ethical review and experimental design still need improvement, its gamified and decentralized model brings new momentum to the research field.

(4) Sci-Hub

Sci-Hub, created by Kazakhstani graduate student Alexandra Elbakyan in 2011, aims to bypass the paywalls of academic publishers to provide free access to scientific research papers. By February 2021, it had stored over 85 million academic articles, becoming an important resource for the global academic community, especially in institutions that cannot afford high subscription fees. Despite its operations leading to multiple legal disputes with publishers like Elsevier, Elbakyan insists that many research results are government-funded and should be open to the public. Recently, Sci-Hub launched the SCIHUB token to maintain platform operations and promote community participation, but this token has also sparked controversy over its fundraising methods.

The launch of the SCIHUB token aims to raise funds through cryptocurrency to sustain Sci-Hub's operations and promote the platform's ecosystem. Founder Elbakyan can sell up to 1% of the tokens (about 10 million) each month, with a goal of raising $20,000. However, some believe that raising funds through memecoin speculation contradicts the original intention of supporting research, arguing that the token lacks real value and even accusing it of "insider trading" issues. Nevertheless, supporters argue that this approach is an innovative fundraising model that can increase community engagement, similar to a lottery concept, stimulating more people to support research. The future applications and value of the SCIHUB token remain to be further developed and validated.

(5) ResearchHub

ResearchHub (RH) is a decentralized research platform co-founded by Brian Armstrong, CEO of CoinBase, aimed at breaking the closed nature of traditional peer-reviewed journals. The core idea of RH is to ensure that research results are no longer hidden behind paywalls, allowing scientists to publish, like, and comment on research results on the platform, similar to HackerNews in the scientific community. Additionally, RH pays $150 for each article's peer review fee, which is particularly welcomed by researchers in developing countries. Since its establishment, RH has completed 2,800 peer reviews, with turnaround times far lower than traditional journal systems. As U.S. legislation requires federally funded research to be open access, RH announced plans to expand into a journal platform, launching free preprints, open access publishing, and paid peer review services.

ResearchHub is not just a decentralized science platform but also part of the "open science" movement. By providing open peer review and rapid article processing, RH greatly enhances research efficiency. One of RH's core innovations is the introduction of prediction markets, which promote the reproducibility and verifiability of research results by allowing pre-registration and prediction of outcomes. RH plans to redefine the "truth" of research standards through this innovative mechanism, especially under the funding and time pressures commonly faced in academia, providing researchers with a more efficient and equitable working environment.

(6) Life Network

Life Network is an emerging platform focusing on biotechnology, longevity, and artificial intelligence, dedicated to promoting research and innovation in genetic data through DAO and platform mechanisms. The project's core mechanisms include: DAO mechanisms that incentivize researchers to conduct necessary gene and health-related research through blockchain, promoting scientific exploration of genetic data. Platform mechanisms allow users to upload their DNA data to the network, enabling researchers and developers to conduct research or develop AI-driven applications based on this data. Life Network aims to maintain long-term user engagement by continuously providing services and analyses, promoting ongoing data contributions.

With DNA sampling and sequencing technologies maturing, companies like 23andMe have amassed over 14.8 million users, driving rapid growth in the global genomics market. Life Network occupies a position in this rapidly evolving market by providing decentralized genetic data storage and privacy protection solutions. Its core products include: Life Network, a decentralized platform that empowers users to manage their DNA data and ensures data ownership and privacy protection through GeneNFTs, while providing researchers with data access transparency. Life App, an attractive mobile application that offers personalized genetic analysis and health recommendations, and provides customized health services to users through the Life Marketplace. This project maximizes the commercial potential of genetic data while ensuring the privacy, security, and transparency of user data through blockchain technology, driving innovation in healthcare, nutrition, and behavioral health.

4. Challenges and Risks in DeSci Development

OKX Ventures believes that while Decentralized Science (DeSci) demonstrates enormous potential, it still faces numerous challenges in its development process. Although its innovative protocols and models have garnered widespread attention in the research field, whether it can successfully capture value and achieve sustainable operations remains to be seen.

In terms of intellectual property management, DeSci faces significant challenges in commercialization. The uncertainty of research results makes the model of tokenizing intellectual property through IP-NFTs fraught with risks. If the community cannot effectively convert these intellectual properties into sustainable income sources, the economic structure of the projects will be affected. Additionally, collaboration with traditional research institutions often means relinquishing most IP rights, which requires DAOs to invest substantial resources in complex negotiations, increasing operational costs.

In terms of verifiability, decentralized identity and data verification protocols are still in their early stages. Researchers may forge qualifications to obtain funding or even engage in illegal research, increasing risks. Meanwhile, the proportion of false papers in open access journals is relatively high, affecting the credibility of research and leading to varying scientific quality. Therefore, there is an urgent need to establish a robust reputation and governance system to ensure the reliability of research results.

Although open and verifiable methods help enhance the reproducibility of research, DeSci currently lacks sufficient incentive mechanisms to promote reproducible research and verification work. At this stage, support for verification research in the scientific community is relatively weak, directly impacting the robustness and reliability of scientific discoveries.

Compliance issues also pose a significant challenge to DeSci's development. Decentralized storage protocols may not fully comply with data privacy regulations such as GDPR and HIPAA, meaning that projects must work closely with regulatory agencies to ensure compliance. Additionally, many open science platforms struggle to maintain low-cost operations, limiting their attractiveness to more researchers and affecting the long-term sustainability of projects.

Furthermore, gender imbalance issues also restrict the further development of DeSci. Currently, the research field remains male-dominated, which may lead to the neglect of certain research directions, particularly issues related to women's health. Promoting diverse participation in terms of gender and background is crucial to ensuring the comprehensiveness and fairness of scientific research.

Despite these numerous challenges, DeSci still holds great potential for development. To achieve its goals, DeSci must make breakthroughs in addressing the commercialization of intellectual property, strengthening data verification systems, establishing incentive mechanisms, ensuring compliance, and promoting diverse participation. As these issues are gradually resolved, DeSci is expected to bring profound changes to global research.

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