Bio Protocol expands to Solana as its price crash continues

Popular decentralized science network Bio Protocol continued its freefall as it expanded to the Solana network.

Bio Protocol (BIO) price fell to $0.52, erasing 64% of its value from its January 3 high and bringing its market cap to $862 million.

The token’s collapse reflects what’s been happening in the crypto industry as most cryptocurrencies have crashed this week. While Bitcoin (BTC) fell below $95,000, most altcoins experienced steeper declines.

BIO’s decline was also consistent with recent airdrops, which typically rise in the first few days and then decline. Recent airdrops such as Hamster Kombat (HMSTR), Wormhole (W), and Grass (GRASS) have all fallen sharply from their all-time highs.

BIO price dropped even as the network expanded to the Solana (SOL) blockchain through a partnership with Wormhole. This collaboration lays the foundation for Bio Protocol to become a multi-chain platform by allowing users to swap BIO tokens between Ethereum and Solana at lower costs. The project also plans to migrate to Base, the layer-2 network launched by Coinbase.

Bio Protocol hopes to become a leading player in the decentralized science (DeSci) industry. The platform currently hosts eight Bio Decentralized Autonomous Organizations (BioDAOs), with more expected to launch in the coming months.

Some notable BioDAOs include VitaDAO, Quantum Biology DAO, HairDAO, and AthenaDAO. AthenaDAO focuses on women’s health research, while VitaDAO conducts decentralized research to combat aging. BIO Launchpad raised $30.3 million to fund these research projects.

It remains unclear whether the BIO price will recover from the ongoing slump. However, depending on the performance of similar airdrops, recovery may take time. Notcoin is down 80% from its peak, while the wormhole remains 85% below its all-time high. Other recent airdrops such as ZkSync and Hamster Kombat have seen similar drops.