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bountyportals
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Joined: Thu May 10, 2018 5:48 pm

[ANN] [Public Sale at Sovryn] Babel Fish | Money Protocol

Mon Jun 14, 2021 11:30 pm

BabelFish Tokens are going to be launching at the Sovryn platform in its Origin Sale Launchpad very soon [registration are open at sovryn origin platform], With the success of the Sovryn sales events on its platform and 10x price increase of its tokens I believe the BabelFish tokens sale event won't last for much time, It will be sold out in mins.

About Sovryn Project

* RSK Network has surpassed Lighting Network with over 1,400 in TVL.
* The rise in RSK based DeFi is partly due to the recently launched Sovryn DEX.
* Sovryn launched in April with $9 million in funding.

Now the price of SOV
- Listed at Sovryn Dapp: https://live.sovryn.app/spot

- Listed at Uniswap
How to: https://wiki.sovryn.app/en/sovryn-dapp/uniswap
https://coins.green

Babel Fish Tokens sale is going to launch at Sovryn Origin platform: https://live.sovryn.app/origins

About BabelFish

- BabelFish's mind-boggling objective is to enhance USD-stablecoin flow and accelerate hyperBitcoinization.
- Stablecoin deposits are lent out across the DeFi space and the yield is invested in rBTC for insurance, managed by FISH holders.

BabelFish Money is probably the simplest thing in the DeFi Universe. It replicates the aforementioned flow to serve as a decentralized and chain-agnostic stablecoin aggregator and distributor. It feeds on stablecoins, absorbing all liquidity and excreting the yield to deploy it as protection. The practical upshot of which is that if you stick stablecoins to it, you can neatly cross the language divide between any chains and use your money anywhere to DeFi. Here's how it works in essence:
1. User sends stablecoins to protocol
2. Protocol mints convertible stablecoin to user, plus FISH tokens to participate in governance
3. Protocol invests collateral in DeFi to earn revenue and create a Bitcoin layer 2 insurance pool for users
4. User can redeem stablecoins at any time 1:1

BabelFish is NOT a stablecoin
Today there are five stablecoins with at least $1bn in crypto-USD float, there are many more with less than that...they are different brands with different unique selling points and so do not 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 sub-optimal for the industry. BabelFish turns these liquidity swamps into a liquidity lake.
Think of BabelFish as a translator, or a convertor, between different USD-stablecoin brands. Its function is to enable stablecoin exchange 1:1 across chains and survive market distortions.
We propose a simple solution: a decentralized aggregator and distributor of stablecoins that earns yield on the deposits's respective chains, and re-invests it weekly in a community-owned pool of Bitcoin - the ultimate insurance. Users vote in the direction of the protocol using FISH tokens.
BabelFish is a stablecoin dBank with branches across the DeFi multi-chain universe. DeFi degenerates may use niche- solutions, but these are cumbersome and provide no insurance. If a user wants to use her USDC on another chain, she can stick it on BabelFish and seamlessly get a convertible stablecoin on the other side, backed by a bitcoin insurance pool in which she has a vote to govern.


Establishing Futarchy

Futarchy governance is a priority to build an interest-driven decentralised protocol.
FISH token emission is based on the time and amount of the user's transactions and given to users to vote on the protocol's decision
Any experimenter can join BabelFish.Money's alpha and get symbolic FISH, which will be handsomely rewarded to our community willing to test on livenet for the first month here: https://alpha.babelfish.money
This is an experiment, money is being re-made in DeFi, join us! But be aware of the risks too.


FISH governance supply
The total number of FISH issued by a protocol is arbitrary, we like the number 42 because it is 21x2 and have settled on a total token supply of 420,000,000 FISH 🐡

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