Genesis FAQ
Q: What is the BIO Token Generation Event (TGE)? A: The BIO Token Generation Event (TGE) is the process through which BIO tokens will be distributed to participants. This event will occur through a series of auctions where participants can swap specified tokens for BIO tokens.
Q: How can I participate in BIO Genesis?
A: You can participate by swapping any eligible DeSci tokens for BIO using BIO’s front-end interface app.bio.xyz/genesis.
Q: When does the BIO TGE start? A: The first auction of the BIO TGE will start on August 8, 2024, and will run for 11 days or until all token deposit caps of the 8 individual auctions are reached, amounting to approximately $5M depending market conditions and bioDAO token prices. Subsequent auction dates will be announced on the BIO governance forum.
Q: What is the purpose of the BIO TGE? A: The purpose of the TGE is to distribute BIO tokens to the community and raise assets for the BIO treasury to support liquidity and meta-governance activities in leading DeSci DAOs.
Q: Why should I participate in BIO Genesis?
A: This is the first opportunity for the public to acquire BIO tokens prior to BIO tokens becoming transferrable. During BIO Genesis, the price per BIO is determined by the demand from holders of eligible DeSci tokens. Once BIO tokens are freely traded, the price per BIO may be different from the price per BIO in BIO Genesis.
Q: What is the incentive for holding BIO?
A: As the native token governing BIO’s network of DAOs and IP, BIO enables broad exposure to the DeSci economy. BIO may be used by holders to signal which bioDAOs to support, get priority access to their funding rounds and products, vote on future BIO issuance or distribution, and implement programs for the development of bioDAOs and IP assets in the BIO ecosystem. Q: Which DeSci tokens are eligible for BIO Genesis?
A: VITA (Vita DAO), NEURON (Cerebrum DAO), HAIR (Hair DAO), GROW (Valley DAO), ATH (Athena DAO), CRYO (Cryo DAO), RSC (Research Hub), PSY (PsyDAO). These DAOs were either incubated by or closely affiliated with the bio.xyz ecosystem, and as such are expected to play an active role in the future development and governance of the BIO protocol.
Q: How many BIO tokens will be distributed during the TGE? A: A total of 664,000,000 BIO tokens (20% of the initial supply) will be issued across four sequential auctions. Q: What is the maximum valuation for the first auction of the TGE? A: The maximum valuation for the first auction is $100M fully diluted valuation (FDV).
Q: How will the auction process work for the TGE? A: There will be four sequential auctions, each with 5% of the BIO token supply. Participants can swap their tokens for BIO during these auctions. After participating, users will need to come back to claim their unlocked and locked BIO tokens, after an auction has ended.
Q: What happens if the deposit cap for a token is reached? A: Once the deposit cap for a token is reached, no further swaps will be accepted for that token in the current auction. Participants will need to wait for the next auction or use another eligible token whose cap hasn't been reached.
Q: Where can I find updates and detailed information about the TGE? A: All updates, detailed information, and announcements will be available on the BIO forum and the BIO Telegram group.
Q: Where can I reach out to for troubleshooting regarding the Genesis Swap ? A: You can reach out to us via telegram or discord
Q: When and how can I claim my tokens? A: You just come back to Swap App, where you'll be able to claim post auction closing.
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