Who is it that can bring together Web3 giants like CZ and Vitalik Buterin? Who can garner public praise from the prestigious international journal Nature? By the end of 2024, decentralized science (DeSci) is stepping into the spotlight of the Web3 stage, shedding its previous low-key and mysterious image:

· On November 6, 2024, Binance Labs announced an investment in the DeSci project BIO Protocol (BIO);

· On November 13, 2024, at Binance's Bangkok DeSci Day event, CZ and Vitalik discussed the development direction of DeSci together;

· On December 11, 2024, one of the world's most cited scientific journals, Nature, published an article introducing the DeSci protocol ResearchHub;

· On December 19, 2024, Binance Alpha announced the third batch of 10 projects, two of which are MEME coins related to the DeSci concept;

·…..

At the same time, the DeSci sector of the crypto market is thriving. On December 26, according to SoSoValue data, the DeSci sector rose against the trend, standing out in a declining crypto market. So, what kind of revolution is brewing in the DeSci track? What is the current state of industry development? Lawyer Mankun will explain it all from a compliance perspective.

DeSci Reshaping Research Models

DeSci, short for Decentralized Science, aims to build a decentralized platform through blockchain technology and smart contracts, establishing a decentralized model for funding, data sharing, and results distribution in scientific research.

How is it decentralized? DeSci relies on three key components:

· Token Issuance. DeSci provides a global fundraising channel for research projects through token issuance (such as MEME coins). Researchers no longer rely on government grants or large foundation funding but can directly issue tokens or NFTs to global investors to raise research funds.

· Data On-Chain. DeSci utilizes blockchain to store research data on a distributed network, ensuring data integrity, traceability, and the ability to secure research results, making the circulation and trading of research data and patents more transparent and compliant.

· DAO Governance. DeSci projects are managed by DAO organizations, where token-holding investors and researchers can jointly decide on funding allocation, research direction, and resource distribution, achieving community-driven governance and decision-making. This not only enhances decision-making transparency but also reduces bias in the research process.

In simple terms, DeSci is a research organization operated by a DAO that finances through token issuance, with their results data ultimately shared on-chain. The benefit of this model is that it breaks down traditional barriers to research funding, data silos, and centralized decision-making, providing a more open and flexible ecosystem for research innovation.

In fact, DeSci is not a newly born concept; this track has existed for a long time, but research has not been able to quickly commercialize. Therefore, current DeSci projects are all quietly cultivating their fields.

Overview of DeSci Projects

In 2024, the DeSci concept gained popularity, and many previously dormant research projects entered the public eye.

ResearchHub: Web3 Research Collaboration Platform

ResearchHub is a DeSci project supported by Coinbase founder Brian Armstrong, dedicated to reshaping the collaboration and publishing processes of scientific research. ResearchHub offers a new decentralized publishing and review pathway and introduces a reward mechanism, allowing researchers to submit papers, comment on research results, and earn native tokens $RSC as incentives. This mechanism has successfully attracted a large number of researchers and review experts to participate in discussions and improve research results, earning recognition from the journal Nature.

BIO Protocol: On-Chain Science Version of "Y Combinator"

BIO Protocol focuses on the biotechnology and pharmaceutical fields and is known as an "on-chain science incubator." The project provides services such as fund management, experimental resource integration, and research result incubation through DAO governance and token incentive mechanisms, and it puts research results on-chain, securing them through IP-NFTs, promoting the marketization and circulation of research results.

It is worth mentioning that the explosive popularity of BIO Protocol is partly due to its issued MEME coin $BIO. The project quickly completed financing by leveraging the market heat and speculative sentiment around MEME coins, breaking down traditional barriers to research funding and providing a more flexible and efficient funding solution for decentralized science.

VitaDAO: Anti-Aging Research Under DAO Governance

VitaDAO is a decentralized research project focused on anti-aging and extending human lifespan. It raises and manages research funds through a DAO governance model. Researchers can directly apply for funding from the community, while community members participate in decision-making by holding tokens $VITA, jointly promoting project progress. This model not only lowers the funding threshold for research but also makes the flow of research funds more transparent and controllable.

As of 2024, VitaDAO has funded over 20 early research projects related to longevity and has attracted support from pharmaceutical giants like Pfizer. The project also utilizes NFTs to secure research results, promoting the marketization of intellectual property. In the high-investment, long-cycle field of life sciences, VitaDAO provides a new path for research funding and result transformation, becoming a landmark project in the DeSci track.

It is noteworthy that some current DeSci projects, such as $URO and $RIF, are characterized by their MEME coin issuance. Through this path, these projects have completed rapid financing in a short period, showcasing breakthroughs in fundraising and research models under decentralized approaches.

Compliance Challenges of DeSci

The explosive growth of DeSci is attributed to its disruptive research model and the financing effect driven by MEME coins. However, like all Web3 tracks experiencing "growing pains," DeSci also faces dual challenges of compliance and security behind its decentralization and open innovation.

1. Regulatory Challenges of MEME Coin Financing

Currently, DeSci projects generally rely on issuing MEME coins for early financing. Some analysis reports, such as the MV Global report, suggest that the DeSci track can leverage MEME coins to achieve industry breakthroughs. While this method is feasible, the reality cannot be ignored: most MEME coins that were popular in 2024 have already "died." Ensuring that MEME coins can be recognized long-term is a key issue.

Moreover, the compliance issues surrounding token issuance always loom over all Web3 projects like the sword of Damocles. Not to mention countries with strong regulations against token issuance, such as China, even in crypto-friendly countries like the United States, token issuance inevitably touches regulatory red lines.

Currently, the U.S. FIT21 Act is promoting the establishment of a regulatory framework for digital assets. Once the bill is passed and takes effect, it will provide clear compliance standards for tokens like MEME coins. For example, the FIT21 Act explicitly states that only tokens meeting specific conditions will not be classified as securities, thus avoiding strict SEC regulation. This means that if DeSci projects want to finance through MEME coins, they must strictly distinguish between "utility tokens" and "security tokens," ensuring that token design meets the "functionality first" standard.

Additionally, the EU's MiCA Act is about to be implemented, which imposes strict regulations on the issuance and marketing of high-volatility assets like MEME coins. This will also create certain obstacles for DeSci projects in Europe seeking to finance through token issuance.

2. Legal Gray Areas of DAO Governance

DeSci projects widely adopt the DAO (Decentralized Autonomous Organization) governance model to manage research funds and decision-making processes in a community-driven manner. However, this "code is law" autonomy logic faces many compliance challenges in practice.

First, the legal status of DAO as a legal entity remains controversial. Although DAOs emphasize decentralization and member autonomy, their governance structures have not been explicitly recognized under current legal systems. This leads to legal gaps in financial management, tax compliance, and contract fulfillment for DAOs. While Wyoming in the U.S. has taken the lead in recognizing DAOs as a special form of limited liability company (LLC), most countries worldwide still lack similar legal frameworks, leaving DAOs facing uncertainties in cross-border jurisdiction for international business.

Second, the funding management model of DAOs is prone to regulatory scrutiny. Most DAOs manage funds through smart contracts, which, while enhancing transparency, also increase the risk of fund misuse or money laundering. According to the latest guidance from the FATF (Financial Action Task Force), decentralized organizations involved in fund flows must still comply with anti-money laundering (AML) and know your customer (KYC) regulations. This means that DeSci projects must find a balance between decentralization and compliance regulation.

Summary by Lawyer Mankun

From CZ and Vitalik's endorsements to Nature's praise, DeSci has opened a new window for research funding with MEME coins and DAOs. However, scientific research is a long-term experiment, and the next step for DeSci is not just to continue telling the story of "decentralizing research," but also to answer a practical question—how long can a flame ignited by short-term speculation burn?

Whether exploring programmable financing mechanisms or promoting the establishment of legal identities for DAOs, the DeSci track must find a fulcrum between innovation and compliance. On this path, Lawyer Mankun will continue to monitor the progress of the DeSci industry, helping research innovation go further and stand more firmly.

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