TL;DR
- Bio Protocol expands to the Solana blockchain through a collaboration with Wormhole, despite a 64% drop in the price of its token, BIO.
- The price of BIO has dropped to $0.53, with a loss of over 10% in the last 24 hours, while trading volume has decreased by 15.4%.
- The expansion to Solana aims to establish Bio Protocol as a multichain platform, with plans to also integrate with the Base network.
Bio Protocol, the decentralized science-focused network, has announced its expansion to the Solana blockchain, despite its native token experiencing a significant market downturn.
The price of BIO has fallen to $0.53 after losing over 64% from its peak on January 3. In the past 24 hours, the drop has surpassed 10%, while trading volume has decreased by 15.4%. It’s worth noting that losses are being observed broadly across the market, mainly due to Bitcoin’s (BTC) decline, which has fallen below $95,000.
The expansion to Solana is being carried out through a collaboration with Wormhole, a bridge that will facilitate the swapping of BIO tokens between the Ethereum and Solana networks. This integration, which will allow transactions at lower costs, aims to position Bio Protocol as a multichain platform. Additionally, the project plans to expand to the Base network, the layer-2 solution developed by Coinbase.
Bio Protocol Will Attempt to Recover Despite the Negative Outlook
Despite the challenges faced by its token, Bio Protocol continues with its growth plan. Currently, the platform hosts eight Bio Decentralized Autonomous Organizations (BioDAOs), including projects such as VitaDAO, focused on aging research, and AthenaDAO, which focuses on women’s health. These initiatives aim to solve health issues through decentralized research and crowdfunding, supported by Bio Launchpad, which has raised over $30 million to fund these projects.
Although the decline in Bio Protocol’s token price raises uncertainty about its immediate future, the history of similar projects suggests that recovery could take time. Recent airdrops from Wormhole and Notcoin have resulted in significant losses from their all-time highs, indicating that BIO may follow a similar trajectory.
