DeSci: The New Opportunity for Research Empowered by Web3.0

Source: Jishi Communication

Abstract

The allocation of traditional research funding is often controlled by small, closed, centralized groups, which have certain limitations in regulation and efficiency, further affecting the output efficiency of research results and the exploration of value potential. In response to these issues, the decentralized science movement, (DeSci), has recently emerged in the industry, aiming to build a public infrastructure for fairly and equitably funding, creating, regulating, confirming, storing, and disseminating scientific knowledge using Web3.0 systems. In the simplest terms, DeSci provides solutions with a more Web3.0 mindset for fundraising, regulation, auditing, advancing scientific research, and timely decision-making in scientific research. Completely different from the operational model of traditional scientific research, users in the Web3.0 world become the drivers of scientific research, and the market becomes the core driving force. This is a new opportunity in the industry. Of course, as a new phenomenon, the risks of DeSci are also evident, such as data falsification during the research process, platform security, and other external risks (such as external attacks), which can have immeasurable impacts on research quality and risk spillover.

Pumpscience promotes longevity research and has become a recent representative of the DeSci industry. Currently, Pumpscience allows anyone to conduct longevity experimental research, providing an idea for an intervention (drug or multiple drugs) to be tested, along with token incentives based on the Solana platform. Drug developers can raise funds for experiments, and others can bet on which intervention will extend the lifespan of different model organisms being tested. To fund experiments for a specific intervention, drug developers launch a token that represents partial rights to the drug mixture, which can be sold to cover experimental costs. The rights to the interventions developed on the platform can be licensed, and these interventions can be sold to chemical suppliers as supplements or research chemicals. All projects on Pumpscience go through a fully decentralized process from initiation to implementation, with the DeSci model structured at all stages. At each stage: funding preparation, decision-making, regulation, and market operation are driven by the role of the cryptocurrency market, and are conducted in a fully developed and decentralized manner.

The core of Pumpscience is the cryptocurrency market as the driving force, utilizing market power in terms of funding (and funding thresholds), creativity, regulation, and decision-making to fully explore the market value of every link and promote rapid development in scientific research. For example, compounds can be formulated into final products at any stage of the research process (if the relevant enterprises have the willingness). This is also very imaginative; we can think openly: in the research experiments of biosciences and even other fields, some intermediate data and products may have a certain application market. For instance, although they are not the ultimate ideal target chemicals, they may be compounds (catalysts or other intermediate products required for production) needed by other manufacturers. Relevant enterprises can purchase tokens in the token market to drive up prices as an intervention method, providing a milestone foundation for potentially effective products in the next stage. At the same time, they can buy out the production/sales authorization of related products. Although this is not the final goal of the experiment, the market value of the intermediate processes has also been well released.

It can be said that DeSci decentralizes the creativity/leadership, promotion process (as well as decision-making at each stage), and regulation at every step of the industrial transformation of scientific research. This flywheel model will undoubtedly fully unleash the efficiency and energy of Web 3.0.

Risk warning: The development of blockchain technology is not meeting expectations; uncertainty in regulatory policies; the implementation of Web3.0 business models is not meeting expectations.

1**. Core Concepts**

The allocation of traditional research funding is often controlled by small, closed, centralized groups, which have certain limitations in terms of regulation and efficiency, thereby further affecting the efficiency of research output and the potential for value discovery. Of course, these groups have significant influence in processes involving relevant property rights transfer and productization, and this influence can sometimes also suppress the efficiency of research output. In response to these issues, a decentralized science movement, DeSci, has recently emerged in the industry, aimed at building public infrastructure using Web3.0 systems to fund, create, regulate, confirm, store, and disseminate scientific knowledge fairly and equally. Unlike decentralized crowdfunding for funding in earlier years, DeSci possesses considerable openness in terms of funding, ideas, research approaches, and even market support, embodying a more Web3.0 mindset that fully explores the efficiency and output of research while sharing benefits with the dispersed Web3.0 ecosystem users.

Of course, as a new phenomenon, the risks of DeSci are also evident, such as issues like data falsification in the research process, platform security, and other risks from external sources (such as external attacks), which can have immeasurable impacts on research quality and risk spillover.

This article introduces the operating model of typical representative projects in DeSci and analyzes their development potential.

2. DeSci: Empowering Scientific Research with Web3.0

Decentralized Science ( DeSci ) is a movement aimed at building public infrastructure for the fair and equal funding, creation, regulation, confirmation, storage, and dissemination of scientific knowledge using Web3.0. In simpler terms, DeSci provides a more Web3.0-oriented solution for funding scientific research (as well as regulation, auditing, and various forms of support), meaning that Web3.0 becomes a new accelerator for scientific research. Completely different from the operating model of traditional scientific research, users in the Web3.0 world become the driving force behind scientific research, and it is conducted in a decentralized manner.

2.1 The advancements of DeSci compared to GitCoin: A fully decentralized structured project process

Gticoin is a decentralized collaboration platform built on Ethereum, providing a development collaboration space for developers and a donation platform (cryptocurrency donations) for investors. It can be simply understood as a crowdfunding and sharing platform for project code and funds. Project token airdrops are given to funders as a reward, which is a financing method highly characteristic of Web 3.0, representing an early decentralized financing and incubation model.

During the implementation of the funding program, projects require not only one-time funding but also different rounds of financing arranged according to the various stages of project development. A single round of financing can stimulate the interest of funders, but a coordinated multi-round financing strategy is essential for establishing sustained engagement and attracting long-term builders. By prioritizing financing rounds based on established goals (milestone achievements), projects can attract a continuous stream of funders and co-builders while continually adapting to changing demands.

Taking the project Sei as an example, Sei's goal is to combine the development standards of the Ethereum Virtual Machine (EVM) with the performance of Solana, allowing ecological applications to flexibly expand across the two public chains. Depending on the different stages of development, Sei's financing plan includes four rounds, raising a total of $1.3 million allocated to various projects within the Sei ecosystem. The TVL (Total Value Locked) of the Sei ecosystem saw significant growth between July and October, more than doubling to over $200 million. During this period, the number of active users surged dramatically, peaking at about 65,000 per day.

It is clear that GitCoin is an earlier Web3.0 decentralized crowdfunding platform, which primarily addresses the personalized financing needs of projects at different stages, and provides a more decentralized and market-oriented approach to matching financing needs with funding supply. On the other hand, DeSci not only provides early support for scientific research (projects) in terms of funding but also decentralizes various aspects such as project (research) content, creativity, and decision-making, rather than being limited to just crowdfunding for funds. This is an innovation that embodies a more Web3.0 mindset. Additionally, in terms of the openness of development potential, the scientific research supported by DeSci has broader commercialization potential, which is also a prominent feature of this innovation.

In the following analysis, we will see that DeSci essentially decentralizes the process of scientific research projects.

2.2 DeSci: Deconstruction of the Entire Research Process

DeSci aims to create an ecosystem that encourages scientists to openly share their research and gain recognition and rewards in return, while allowing anyone to easily understand and contribute to the research. This is significantly different from traditional scientific research, where funding distribution is often controlled by small, closed centralized groups. These groups face certain limitations in regulation and efficiency, which can further affect the efficiency and value potential of research outcomes. Of course, these groups have a high level of influence in the processes of related intellectual property transfer and commercialization, and this influence can sometimes suppress the efficiency of research output. To address these issues, DeSci is trying to create a more decentralized and transparent scientific research model by obtaining funding, scientific tools, and communication channels in a decentralized manner, creating an environment where new and non-traditional ideas can thrive. Clearly, under the DeSci model, Web3.0 users will deconstruct the authority of traditional research funding providers, regulators, and even experimental operators, making the entire process from the initiation of research experiments to product realization more developmental and possessing different potentials.

DeSci has become a recent rising trend, represented by the Pumpscience platform. Currently, Pumpscience allows anyone to conduct longevity experimental research by providing an idea for an intervention to be tested (a drug or multiple drugs) along with token incentives based on the Solana platform. Drug developers can raise funds for experiments, while others can bet on which intervention will extend the lifespan of the different model organisms being tested. To fund experiments for a specific intervention, drug developers have launched a token that represents partial rights to the drug mixture, which can be sold to cover experimental costs. The rights to interventions developed on the platform can be licensed, and these interventions can be sold by chemical suppliers as supplements or research chemicals. All experimental tests on Pumpscience (currently) aim to extend lifespan. The entire process from project initiation to implementation is decentralized, and the DeSci model is structured at various stages, with funding preparation, decision-making, regulation, and market operations driven by the cryptocurrency market, all conducted in a fully developed and decentralized manner.

The specific workflow of Pumpscience includes:

1. The drug developer submits interventions for testing and pays X USD in SOL to cover the experimental costs;

2. Issue tokens on pump.fun and use the raised funds to purchase the first batch of tokens:

3. If the market value of the token reaches a certain threshold, the token will be automatically sold to fund the experimental development of new phases.

4. These interventions were tested on the nematode ( C elegans ) on the Wormbot of Ora Biomedical, and on flies using the FlyBox from Tracked Biotechnologies, with more experiments to be conducted in the future;

5. Data is transmitted to users at fixed time intervals, allowing users to assess the effectiveness and value of the interventions;

6. Chemical suppliers can purchase the right to intervene from token holders.

On a practical operational level, Pumpscience currently has research projects that design DeSci as a "game" aimed at identifying chemical substances that extend human lifespan in the most time-efficient and cost-effective way. To quickly and economically generate meaningful high-quality data, Pumpscience first tests on short-lived model organisms with lower experimental costs, establishing evidence in simpler organisms before moving on to more complex and costly organisms. This includes three levels:

1. Worms: Let's start with worms, which are small nematodes about the size of an eyelash. Worms have a lifespan of only 20-30 days in the lab, allowing for quick observation of the effects of potential lifespan-extending chemicals. High-quality drug screening for worms costs about $300-500.

2. Drosophila: Next, tests will be conducted on fruit flies, which can survive for about 3 months in the laboratory. The cost of culturing fruit flies is relatively low (around 2-3 thousand dollars per experiment), and they provide more complex biological insights than nematodes. Although they lack a spinal cord, their low cost and rapid life cycle make them an ideal experimental subject.

3. Mice: Promising chemical drugs will subsequently enter the mouse testing phase. The lifespan of mice is approximately 2-3 years, and the experimental costs range from $30,000 to $60,000, depending on the environmental setup. Due to the longer lifespan and higher costs, only the most promising candidate drugs can enter this phase, where more expensive, time-consuming, but more human-relevant data can be collected.

To fund the game, Pumpscience proposed a fundraising protocol based on a cryptocurrency platform. This protocol will allow for the raising and allocation of funds for each intervention, ensuring that only the most promising interventions can progress. Through transparent and decentralized funding, donors can directly support the development of chemical compounds that may extend human life in the future.

When researchers (developers) submit new interventions, participants purchase tokens linked to their interventions on the platform. This financing in different stages is based on cryptocurrency market cap milestones: as the token market cap grows, tokens will be sold at key milestones to pay for increasingly advanced testing fees:

1. Worm: Sold $500 worth of tokens when the market cap of the token was $70,000;

2. Fly: Sell $2,500 worth of tokens when the token market cap reaches $1 million;

3. Mouse: Sell $20,000 worth of tokens when the token reaches a market value of $3 million.

Anyone can submit tests for corresponding compounds at a price of less than $100 without needing permission. Keeping costs low and eliminating barriers to entry for potentially valuable products in the market will further increase the number of ideas submitted. The more ideas that are submitted, the more likely those ideas are to result in valuable products that extend healthy lifespans.

The longevity experiment with flies involves feeding a compound or placebo control to a tube of flies (about 15 flies per tube). The flies receiving the compound are placed in one tube, while the flies receiving the placebo are placed in another tube. Your goal is to predict whether the compound will make the flies live longer than the flies receiving the control. To predict this, you must monitor the flies, which will be uploaded to Pumpscience as they are recorded. You can view the flies in the test tubes. The flies in each tube either receive the compound or the control, the latter of which is labeled at the top of the tube.

At the end of the experiment, there will be a final score: Percentage of Life Extension (PLE). This indicates how much longer the lifespan of animals taking the drug is compared to the control group. The goal of the game is to find more compounds that can increase the PLE of all tested organisms. Once the experiment is completed, if the market value of the compound tokens reaches the next milestone threshold, the next experiment will be funded and executed.

The future development plan of Pumpscience is to launch more scientific research test content, business plans, and even the introduction of AI agents. Currently, there has been no substantial progress in this area, but the deconstruction and innovation brought by Web 3.0 are expected to yield more interesting results.

The game above seems quite complex and interesting, but the core is the cryptocurrency market as the driving force. It utilizes market power in terms of funding (and funding thresholds), creativity, regulation, and decision-making to fully tap into the market value of each link and promote the rapid development of scientific research. For example, compounds can be formulated into final products at any stage of the research process (if the relevant enterprises are willing). This is also very imaginative; we can open our minds: in the research experiments of biological sciences and even other fields, some intermediate data and products will also have a certain application market. For instance, although they are not the final ideal target chemicals, they could be compounds (catalysts or other intermediate products needed for production) required by other manufacturers. Relevant enterprises can purchase tokens in the token market, driving up prices as an intervention method, providing a milestone foundation for the possible effective products in the next stage. They can also buy out the production/sales authorization of relevant products. Although this is not the ultimate goal of the experiment, the market value of the intermediate process has also been well released.

It can be said that DeSci has decentralized the structure of every step from the creativity/lead, the advancement process (as well as decision-making at various stages), to the supervision of industrial transformation. This flywheel model will undoubtedly fully unleash the efficiency and energy of Web 3.0.

Risk Warning

Blockchain technology research and development is below expectations: The blockchain-related technologies and projects underlying Bitcoin are in the early stages of development, posing a risk of research and development not meeting expectations.

Uncertainty of regulatory policies: The actual operation of blockchain and Web3.0 projects involves multiple financial, network, and other regulatory policies. Currently, regulatory policies in various countries are still in the research and exploration stage, and there is no mature regulatory model, so the industry faces the risk of uncertainty in regulatory policies.

The implementation of Web3.0 business models is below expectations: The infrastructure and projects related to Web3.0 are at an early stage of development, which poses a risk of business models not meeting expectations.

This article is an excerpt from the report "DeSci: The New Opportunity for Scientific Research Empowered by Web3.0," published on November 28, 2024. For more details, please refer to the relevant report.