BabelFish Money Protocol (Babelfish.money) Stablecoins are bo | Blockchain Whispers ® Official (By D Man) -- The Most Amazing Crypto Channel Ever Created By Mankind!
BabelFish Money Protocol
(Babelfish.money)
Stablecoins are booming and are one of the major building blocks of decentralized finance. They are very important for DeFi, but they have a big problem: Unlike their tangible USD-counterpart, their liquidity is fractured among different stablecoin protocols on different blockchain networks.Here comes BabelFish into play, as it turns these liquidity swamps into a liquidity lake. Think of BabelFish as a convertor, between different USD-stablecoin brands.
Its function is to enable stablecoin exchange 1:1 across chains and survive market distortions. BabelFish's mind-boggling objective is to enhance USD-stablecoin flow and accelerate hyperBitcoinization. The protocol serves 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. It can be seen as a "stablecoin translator", which allows you to use your money anywhere in the decentralised finance space.
It works like this:
- You send stablecoins to the protocol
- BableFish protocol mints convertible stablecoin to user, plus FISH tokens to participate in governance
- The protocol invests collateral in DeFi to earn revenue and create a Bitcoin layer 2 insurance pool for users
- User can redeem stablecoins at any time 1:1
The team behind BabelFish:
BabelFish is very close connected to CementDAO, where Edan Yago from Sovryn is one the leaders. This connection closes the gap to Sovryn, vand this paves the way for BabelFish to be the first money lego on the Sovryn platform.
One of the advisors of the project is IOVLabs (the founding company of RSK Rootstock).
Tokenomics:
$FISH is the native token of the protocol, it is an RSK-token and it grants governance rights and it will accrue value for its holders. The deposited stablecoins will be used for lending and borrowing at Aave, Compound and Venus. The majority of the yield that is generated will be used for insurance fund in rBTC, and the smaller part will be used to reward token holders. Either by buy-backs, token burnings or distributing a portion of the revenue from the yield generation, this is not yet decided that. There will be a total token supply of 420,000,000 FISH.
Conclusion:
The first step for DeFi on Bitcoin is done with Sovryn. The next step in the evolution is aggregating liquidity and building ways to interact with other chains. And this is not just good for Bitcoin DeFi, it is very beneficial for the whole decentralized finance sector, as stablecoins on different chains can be converted in an easy and decentralized way. A real gamechanger and a much needed solution for an emerging problem.
BabelFish will serve as a decentralized Stablecoin Bank with branches across the DeFi multi-chain universe, which will gives the user a way for the seamless conversion of stabelcoins between chains, it gives him additionally security by a bitcoin insurance pool and $FISH tokens to participate in governance.
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Mr. Y
