What is BabelFish?
BabelFish's mind-boggling objective is to enhance USD-stablecoin flow and accelerate hyperBitcoinization in a product that is simple to use and understand. BabelFish's team developed XUSD, a meta-stablecoin aggregating and distributing stablecoins 1:1. Think of it as a decentralized bank for stablecoins accepting deposits and withdrawals across chains.
As mentioned in BabelFish’s initial proposal on Sovryn’s forum this May, the sale is to jumpstart the DAO and have an open and inclusive protocol from inception. DAO voters will research and vote in the direction of the protocol, rewarding stablecoin ecosystem research and development that improve the product offering and reduce risk.
Why do we need BabelFish?
The need for a "trustless stablecoin translation device" is stronger than ever. Today the top stablecoins (>$10bn market cap) are centralised, and even though there are hundreds of different stablecoins brands with unique selling points, none of these crypto dollars translate 1:1. As stablecoins bloom and DeFi markets grow beyond Ethereum to chains like Avalanche, Binance, Rootstock, Solana, etc. the combined USD liquidity gets fractured further which is suboptimal for the industry.
In the decentralized economy we ought not to rely on one or two issuers of USD-stablecoins but rather enable a thousand stablecoins to bloom and communicate with each other to bring mass adoption. We propose a simple solution to turn stablecoin liquidity swamps into a liquidity lake: a decentralized aggregator and distributor of stablecoins that can be upgraded to earn yield on the deposits's respective chains. If a user wants to use her TUSD on another chain, she can stick it on BabelFish and seamlessly get a convertible stablecoin on the other side, potentially backed by a bitcoin insurance pool in which she has a vote to govern.
When was BabelFish launched?
XUSD, a meta-stablecoin backed 1:1 by stablecoins, was released on mainnet June 07.
Usage is growing organically, currently at over ten million, but we need a DAO.
XUSD as-is was developed by the core BabelFish team with early supporters.
The DAO will research, develop and market sustainable stablecoin solutions.
The smart contract addresses can be explored here and here.
Which chains does BabelFish Money currently support?
BabelFish currently supports Ethereum (ETH), Rootstock (RSK) and Binance Smart Chain (BSC). The community can actively vote on which protocols should be integrated next.
Who is BabelFish?