BIO Genesis (Token Launch)
The design for BIO Genesis 2 was voted on by BIO governance in BIOPSY-10. BIO Genesis is designed to seed the network with liquidity and generate a diversified treasury for the protocol that can be used to support funding, liquidity, governance and incentives for BioDAOs in the network.
The details for BIO Genesis 1 can be found in BIOPSY-7.
Summary
As a part of Vending Machine’s partnership with the BIO Protocol, we have collaborated on parameterizing Auction 2, aiming to strengthen the Bio community, bioDAOs, and the launch of the Bio Protocol.
The proposal introduces the 2nd and final BIO Genesis auction with the goal of acquiring bioDAO assets and ETH for the BIO treasury.
It also proposes a retroactive increase in allocation for Auction 1 from 5% to 7.25%, rewarding early participants and decreasing the average closing FDV of Auction 1 to $85M.
The aim is to ensure fair pricing, reward the early community, maintain demand across auction rounds, and accumulate ETH for BIO’s liquidity needs.
BIO Genesis Auction 2 is proposed to finalise the accumulation of bioDAO assets, and also reach a targeted amount of ETH for essential BIO liquidity provision. Auction 2 allocates 7.75% across the bioDAO assets, and 5% for ETH. There is a cap of 100M FDV for BIO in this auction.
Auction 2 functions with the same mechanism as Auction 1.
The minimum and maximum bioDAO token amounts are determined based on the valuations of $84,882,315.32 and a $100,000,000, respectively. Token prices for each asset to be contributed have been determined using the 30-day TWAP.
These final valuations will fluctuate as the price of bioDAO assets fluctuate.
The Genesis Auction 2 closes after 45 days or once all auctions are filled.
Summary of BIO Auctions
Auction | Allocation | Assets | Target FDV (Subject to change based on asset price fluctuations) |
1 | 7.25% | bioDAOs | Average final FDV of $85M |
2 | 12.75% | bioDAOs (7.75%) + ETH (5%) | Minimum = $85M , Max = $100M |
Below are the asset weightings in Genesis Auction 2:
Asset Weightings
DAO | 30-day twap (Ending 25.09.2024) | Total Token weights | Threshold token allocation until BIO price starts increasing linearly | Total token cap for Auction 2 |
VITA | ~1.08 | 25.015% | 2,516,187 | 2,964,325 |
NEURON | ~0.00021 | 1.810% | 915,405,498 | 1,078,440,774 |
ATH | ~0.38 | 4.830% | 1,377,410 | 1,622,730 |
PSY | ~0.10 | 2.550% | 2,759,736 | 3,251,250 |
RSC | ~0.26 | 0.250% | 104,661 | 123,301 |
GROW | ~0.44 | 9.930% | 2,441,649 | 2,876,511 |
HAIR | ~32.95 | 15.729% | 51,662 | 60,863 |
CRYO | ~0.61 | 0.670% | 118,374 | 139,456 |
ETH | ~2,443.66 | 39.216% | 1,737 | 2,046 |
Total | 100% |
Auction Mechanism Explainer: Using VITA as an example, the closing BIO FDV will remain 85M FDV if there is 3,363,012.85 or less VITA tokens deposited. If there are more VITA tokens deposited, the closing BIO FDV will scale up linearly to 100M FDV, until the full cap of 3,961,971.15 VITA tokens are deposited.
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