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BabelFish is a cross-chain protocol that aggregates stablecoin liquidity from multiple issuers and chains into XUSD. Since its introduction via Sovryn, the aggregated token XUSD has reached over $10m worth of deposits, becoming the largest stablecoin on Rootstock. The protocol currently accepts major stablecoins from Rootstock, Ethereum and Binance Smart Chain.
We all know DeFi has grown exponentially over the last year, seeing the liquidity of many stablecoins over several networks rise with it. This has resulted in numerous off-shoots of digital USD liquidity, each with its own token and network, meaning there is extremely high stablecoin friction and liquidity inefficiency in the DeFi space as it stands. BabelFish aggregates these isolated liquidity pools into one single token, backed by every underlying token from each network. This provides far deeper liquidity and a simpler interface in which users can move stablecoins at a 1:1 ratio between any other supported token and chain. If a user wants to use their stablecoin on another chain, they can use BabelFish to seamlessly convert it to an equivalent stablecoin using smart contracts, no exchanges, no middlemen.
“Because XUSD is aggregating USD stablecoins, it assists Sovryn in aggregating liquidity for USD pairs, leading to lower slippage and thereby better prices for traders. In addition, it allows us to swap between different stablecoins in its basket.” - Ororo Pickpocket, Sovryn
$FISH is the governance token of the Babelfish protocol. It is used to vote on governance decisions that coordinate the direction of the Babelfish protocol. Babelfish is much more than a cross-chain stablecoin converter; the collateral collected by the protocol will be invested into various yield-generating DeFi opportunities to earn revenue and create a layer 2 insurance pool for users. This activity has two advantages:
Users of XUSD are subject to less systemic risk because the insurance fund will provide a level of financial backing security to the XUSD token beyond the assurances offered by the underlying stablecoin providers.
The return on the collateral invested will also provide revenue to $FISH token holders. This is important to incentivize strong and responsible governance. Similarly to the incentivization mechanics that power the Sovryn Bitocracy, revenue opportunities for $FISH token holders will reward voters for their participation in decision making, naturally incentivizing longer-term sustainable decisions.
“Ethereum has been a dominant blockchain historically. Alternative and more efficient blockchains continue to come online that ultimately hope to compete with and grab market share from Ethereum. As development continues to take place on these alternative chains, users will demand solutions to seamlessly move from one chain to another in order to engage in different applications. BabelFish is attempting to develop a solution that tackles this problem with a focus on stablecoins allowing users to seamlessly move their stablecoins between Ethereum, RSK, and BSC.” - Max Shapiro, CADENZA CAPITAL MANAGEMENT
BabelFish aims to raise ~USD 2,200,000 worth of RBTC from the public sale through the sale of 19,992,000 $FISH tokens on Thursday, August 26th, 2021. 50% of the $FISH purchased in the public sale will undergo 10 months of linear vesting, with the other 50% being immediately liquid. Additionally, 1.42% of $FISH’s total supply will be airdropped to Sovryn Bitocracy stakers, but more on that later. Funds raised will be used to support the decentralised team and integrate with more stablecoins, bridges and protocols.
$FISH Public Token Sale:
“Babelfish launching on Origins with XUSD demonstrates the vitality of the ecosystem forming around the Sovryn Protocol, and reinforcing it as the operating system for defi on bitcoin” - Edan Yago, Sovryn
Babelfish is the first external project to launch on the Sovryn Origins Platform, a launchpad for new and early-phase projects on Rootstock aimed at accelerating the growth of DeFi on Bitcoin. Origins began as the platform that facilitated the public sale of SOV back in spring 2021. It has since been upgraded to enable other projects to launch using the system.
As the first of many external projects to be launched on Origins, the Babelfish sale will act as a catalyst for further innovation and expansion in the Sovryn ecosystem we have built over the last year on Rootstock. This sale opens the path for other projects, like Mintlayer, to begin launching on the Origins platform, further extending the framework for the next iteration of modern finance - DeFi on Bitcoin.
“$FISH is the first governance token to launch on the Origins Launchpad, the set of smart contracts Sovryn’s founding team wrote to launch its native token, SOV, enabling them to develop, deploy, and govern the financial primitives that form the basis of Sovryn’s Bitcoin-native defi. Sovryn looks forward to additional Origins launches which will provide value to SOV stakers and grow the ecosystem of projects with interlocking positive-sum financial and governance incentives to power exponential growth.” - ExiledSurfer, Sovryn
To purchase $FISH tokens in the sale you must have RBTC in your wallet ready to deposit on the Origins platform. You can get RBTC via fastBTC, the fiat on-ramp, KuCoin, Bitfinex, Bisq, Liquality’s atomic swaps and exchanging different tokens for RBTC in Sovryn Swap.
The sale begins at 14:00 UTC on August 26th, at which point users will be able to deposit RBTC in the Origins Platform to participate in the sale.
There is a limited token amount of 19,992,000 $FISH for sale, these tokens will be sold on a first-come, first-served basis until all tokens have been accounted for.
There is a maximum participation limit of $3,000 RBTC per wallet address.
Since the sale is taking place on Sovryn’s Origins Platform, there will be an airdrop of $FISH tokens to Sovryn Bitocracy stakers. These tokens will be distributed between fully vested, voluntary SOV stakers based on voting power. This means vesting SOV tokens are not eligible for the airdrop. Only SOV that was previously liquid and has been manually staked will earn a share of the $FISH tokens. 50% of the $FISH from the airdrop will be liquid immediately, with the other 50% subject to 10 months of linear vesting. Airdropped $FISH tokens will be sent directly to eligible addresses.
A snapshot of Bitocracy stakers will be taken on August 25th, one day before the sale.
1% of $FISH total supply, equal to 4,200,000 tokens will be airdropped to stakers identified in that snapshot.
Therefore, anybody who stakes SOV before 12:00 UTC, August 25th will be included in the airdrop! Remember, the tokens will be distributed based on voting weight, meaning stakes with higher voting weights will receive a higher share of the $FISH. To increase a stake’s voting weight, one can either increase the amount of SOV being staked or increase the duration of the stake.
To stake SOV in the Bitocracy, head to https://live.sovryn.app/stake and hit “Add new stake”. If you are already staked but want to increase your voting weight, you can extend your stake to get more $FISH. Use the full guide to staking on the Sovryn Wiki here.
An additional amount of 0.42% of $FISH total supply, equal to 1,764,000 tokens will be distributed between fully vested, voluntary SOV stakers based on voting power. However, the snapshot for this amount is in the past, June 21st 2021. This means that only those who had SOV staked before June 21st will be eligible for a share of this amount. This additional airdrop will reward those who had been staking ahead of the original planned token sale date.
“We want to be transparent in our communication and fair and equitable with our community, therefore we increased the airdrop size to fairly reward those who had staked in anticipation of the original sale date in June and those staking SOV today”. - Dark Knight, Babelfish
So what are you waiting for? Get ready to expand the Bitcoin DeFi economy with the first external sale on Origins. Prepare your wallet with RBTC to buy some $FISH in the token sale before public trading or stake some SOV to get $FISH for free!