The decentralized autonomous organization (DAO) community, VitaDAO, has taken a pivotal step towards advancing early-stage cancer research. The community has not only championed the cause but also funded the establishment of a dedicated biotech entity, Matrix Biosciences, focused on combatting cancer and age-related diseases.
Genesis of the Initiative and Collective Support
The genesis of this initiative traces back to November 2022 when discussions commenced on the potential anti-cancer and pro-longevity effects of high molecular weight hyaluronic acid (HMW-HA). They reached the consensus in March 2024 and it marked a significant milestone. This was with a decisive vote involving 35 members utilizing VITA tokens.
Impressively, 30 members wholeheartedly supported the cause, emphasizing the commitment of the VitaDAO community to decentralized science (DeSci). However, not without diversity of opinion, four members abstained, and one member voted against the proposal.
Financial Backing and Future Plans
Venturing beyond words, VitaDAO actively contributed by injecting an initial investment of $300,000. Future funding endeavors are envisioned through the tokenization of intellectual property (IP) in early 2024.
The key to this research lies in a compound derived from the tissues of naked mole rats, creatures known for their enhanced cancer resistance and prolonged lifespan. High hopes are pinned on the therapeutic potential of this compound, HWA-HA.
Practical steps have been taken to materialize the financial aspect of this venture. VitaDAO converted USD Coin stablecoins from its community treasury to U.S. dollars, facilitating the transfer of funds to Matrix Biosciences’ bank account.
Tokenization for Progress and Anticipated Outcomes
As the experiments unfold, Matrix Bio will have the option to secure additional funding by issuing IP Tokens (IPTs). This will further offer contributors governance rights in the ongoing development of the IP. The subsequent fundraising round will hold in the first quarter of 2024. Also, it is contingent on the budget for the next development phase.
Notably, VitaDAO maintains a cautious optimism, recognizing the complexity of treating diseases like cancer. While acknowledging the early stage of the research, the DAO expresses confidence in the translatability of the findings to clinical applications. The outcomes will play a pivotal role in determining VitaDAO’s sustained commitment to the funding of this groundbreaking cancer research.