VitaDAO community agreed to fund early-stage cancer research through the launch of a biotech company named Matrix Biosciences.
VitaDAO, a decentralized autonomous organization (DAO) collective dedicated to early-stage longevity research, funded the launch of a biotech company, Matrix Biosciences, which is dedicated to treating cancer and aging diseases.
The initial discussions around the use of high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and pro-longevity effects started in November 2022 and gained majority consensus in March 2023. The proposal snapshot reveals that 35 members cast their votes using VITA tokens.
Out of the lot, 30 members supported the cause, four members abstained from voting, and one voted against the proposal. As an active contributor in decentralized science (DeSci), VitaDAO made an initial investment of $300,000 and plans to carry out further funding through tokenization of intellectual property (IP) in early 2024.
The HWA-HA compound is derived from the tissues of naked mole rats, a rodent with stronger cancer resistance, which is responsible for their higher lifespan.
Speaking to Cointelegraph, a VitaDAO spokesperson revealed that the funds have been provided to Matrix Bio by converting USD Coin (USDC) stablecoins from the community treasury to U.S. dollars and wiring the money to its bank account.
Related: 9 promising blockchain use cases in healthcare industry
Once the first batch of experiments is complete, Matrix Bio will have the option to raise additional funding by issuing IP Tokens (IPTs) in return for sharing governance rights in the ongoing development of the IP. The next fundraising round will commence after the budget for the next development phase is established — expected to be in the first quarter of 2024.
VitaDAO believes modulating HMW-HA appears to be a viable therapeutic candidate in treating a complex disease like cancer. The DAO told Cointelegraph:
“Like most early-stage research, it is too early to know what the outcome of the research will provide. VitaDAO believes there is a high likelihood that the research will be translatable to the clinic.”
While the DAO’s commitment to funding this particular cancer research will depend on the results obtained from the various experiments, VitaDAO’s community treasury has in the past funded up to $1 million of a research project’s needs before enlisting the support of professional investors and pharma stakeholders.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Beyond crypto: Zero-knowledge proofs show potential from voting to finance
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments