DeSci: A New Opportunity for Scientific 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 efficiency of research output and the potential value discovery. In response to these issues, a decentralized science movement, (DeSci), has recently emerged in the industry, aiming to build a public infrastructure for fairly and equitably funding, creating, regulating, certifying, storing, and disseminating scientific knowledge using Web3.0 systems. In simple terms, DeSci provides a Web3.0-based solution for fundraising, regulation, auditing, advancing research, and timely decision-making in scientific research. Unlike the traditional operational model of 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 apparent, such as data falsification in the research process, platform security, and other risks from external sources (like 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 by 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 the experiments, while others can bet on which intervention will extend the lifespan of different model organisms being tested. To fund the experiments for a specific intervention, drug developers launch a token that represents a partial right 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 by chemical suppliers as supplements or research chemicals. All projects on Pumpscience undergo a fully decentralized process from initiation to implementation, with the DeSci model structured at various stages, where funding, decision-making, regulation, and market operations are driven by the role of the cryptocurrency market and are conducted in a fully developed, 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, fully exploring the market value of every link to 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 are willing). This is also very imaginative; we can open our minds: in the scientific research experiments of biological sciences and even other fields, some intermediate data and products may also have a certain application market. For instance, although they are not the final ideal target chemicals, they may be compounds (catalysts or other intermediate products needed for production) required by other manufacturers. Relevant enterprises can purchase tokens in the token market, pushing the price up as an intervention measure, providing a milestone foundation for possible effective products in the next stage. At the same time, they can buy out the production/sales authorization of relevant products. Although this is not the final goal of the experiment, the market value of the intermediate process has also been well released.

It can be said that DeSci decentralizes the structure of every step from the creativity/leadership of scientific research, the advancement process (as well as decision-making at various stages), to the regulation for industrial transformation. 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; the uncertainty of regulatory policies; the implementation of Web3.0 business models is not meeting expectations.

1**. Core Viewpoint**

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 the processes of related property transfer and productization, and this influence can sometimes also inhibit the efficiency of research output. In response to these issues, the decentralized science movement, DeSci, has recently emerged, aiming to build public infrastructure for fairly and equally funding, creating, regulating, certifying, storing, and disseminating scientific knowledge using Web3.0 systems. Unlike the decentralized crowdfunding of a few years ago, DeSci has considerable openness in terms of funding, ideas, research approaches, and even market support, embodying a more Web3.0 mindset that fully taps into 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 obvious, such as issues like data falsification in the research process, platform security, and other external risks (such as external attacks), which can have immeasurable impacts on research quality and risk spillover.

This article introduces the operational 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 Web 3.0. In simplest terms, DeSci provides a Web 3.0-based solution for funding scientific research (as well as regulation, auditing, and various forms of support), making Web 3.0 a new accelerator for scientific research. Completely different from the operational model of traditional scientific research, users in the Web 3.0 world become the drivers of scientific research and do so in a decentralized manner.

2.1 Progress of DeSci Compared to GitCoin: Fully Decentralized Structure Project Process

Gticoin is a decentralized collaboration platform built on Ethereum, providing developers with a development collaboration platform while offering investors a donation platform (cryptocurrency donations). 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, and this financing method is very much in line with the Web3.0 style, 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 different stages of project development. A single round of financing can spark the interest of funders, but a coordinated multi-round financing strategy is essential for establishing sustained engagement and attracting long-term builders. By sequencing the rounds of financing according to established goals (milestone achievements), projects can attract a continuous stream of funders and co-builders while continuously adapting to changing needs.

Taking the Sei project 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 scale between the two public chains. Based on different stages of development, Sei has planned four rounds of financing, raising a total of $1.3 million distributed among various projects in 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, peaking at around 65,000 per day.

It is clear that GitCoin is an earlier Web3.0 decentralized crowdfunding platform, primarily addressing the personalized financing needs of projects at different stages, and it provides a more decentralized and market-oriented way to match financing needs with capital supply. In contrast, 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 capital. 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 possesses 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 research projects.

2.2 DeSci: A Comprehensive Deconstruction of the Research Process

DeSci aims to create an ecosystem that incentivizes scientists to openly share their research and, in return, gain recognition and rewards, 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 that have certain limitations in oversight and efficiency, which in turn affects the efficiency of research output and the potential for value discovery. Of course, these groups have a considerable influence in areas such as relevant intellectual property transfer and commercialization processes, and this influence can sometimes inhibit the efficiency of research output. To address these issues, DeSci is attempting to create a more decentralized and transparent model of scientific research, obtaining funding, scientific tools, and communication channels in a decentralized manner, thus creating an environment where new and non-traditional ideas can thrive. Clearly, under the DeSci model, Web3.0 users will deconstruct the permissions of traditional research funding providers, regulators, and even experimental operators, making the entire process from research initiation to product realization more developmental and possessing different potential.

DeSci has become a recent rising trend, with the Pumpscience platform as its representative. Currently, Pumpscience allows anyone to conduct longevity experimental research, providing an idea for an intervention (medication or multiple medications) to be tested, 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 the experiments for a specific intervention, drug developers launch a token that represents a portion of the rights to the drug mixture, which can be sold to pay for the experimental costs. The rights for the interventions developed on the platform can be licensed, and these interventions can be sold to chemical suppliers as supplements or research chemicals. All experimental tests on Pumpscience (currently) are aimed at extending lifespan. The entire process from project initiation to implementation is decentralized, with the DeSci model structured at various stages, where funding preparation, decision-making, regulation, and market operations are driven by the role of 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 new stage research and development of the experiment;

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. More experiments will 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 intervention rights from token holders.

At the operational level, Pumpscience currently has research projects designed for DeSci as a "game", aiming to identify chemical substances that extend human lifespan in the most time-efficient and cost-effective manner. To quickly and economically generate meaningful high-quality data, Pumpscience first conducts tests on model organisms with shorter lifespans and lower experimental costs, establishing evidence in simpler organisms before transitioning to more complex and higher-cost 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, making it possible to quickly observe the effects of potential lifespan-extending chemicals. High-quality drug screening for worms costs about $300-500.

2. Flies: Next, we will test 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 do not have a spinal cord, their low cost and rapid life cycle make them an ideal experimental subject.

3. Mice: Promising chemical drugs will then enter the mouse testing phase. Mice have a lifespan of about 2-3 years, and experimental costs range from $30,000 to $60,000, depending on the environmental setup. Due to their longer lifespan and higher costs, only the most promising candidate drugs can enter this phase, where more expensive and time-consuming but more human-related 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, decentralized funding, donors can directly support the development of chemical compounds that may extend human lifespan in the future.

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

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

2. Fly: Sell $2,500 worth of tokens when the market cap reaches $1,000,000.

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

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

The longevity experiment on flies involves feeding a compound or a 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 allow the flies to live longer than those receiving the control. To make this prediction, you must monitor the flies as they will be uploaded to Pumpscience when recorded. You can view the flies in the test tubes. The flies in each test tube either receive the compound or the control, 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 animals treated with the drug live compared to the control group. The goal of the game is to find more compounds that can increase the PLE of all test organisms. Once the experiment is completed, if the market value of the compound tokens reaches the next milestone threshold, then the next experiment will be funded and executed.

The future development plan of Pumpscience is to introduce more research and testing content, business plans, and even the introduction of AI agents. Currently, no substantial progress has been seen in this area, but the deconstructive power 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 extract the market value of every 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 point is also very imaginative; we can open our minds: during the research experiments in biological sciences or even other fields, some intermediate data and products can also have certain application markets. For instance, although they may not be 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 to drive up prices as an intervention method, providing a milestone foundation for potentially 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 been well released.

It can be said that DeSci has decentralized the structure of every step from the creativity/leadership of scientific research, 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 risks of research and development falling short of expectations.

Uncertainty of regulatory policies: During the actual operation of blockchain and Web3.0 projects, multiple financial, internet, and other regulatory policies are involved. 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 has not met expectations: The infrastructure and projects related to Web3.0 are in the early stages of development, and there is a risk that the business models will not materialize as anticipated.

This article is excerpted from the report "DeSci: The New Opportunities for Scientific Research Empowered by Web 3.0," published on November 28, 2024. For specific content, please refer to the relevant report.