Full description of 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.
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 (Decentralized Finance) (?) 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 ocean: a decentralized aggregator and distributor of stablecoins that can be upgraded to earn yield on the deposits respective chains. If a user wants to use his/her TUSD on another chain, he/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 he/she has a vote to govern.
FISH is BabelFish.money
Token (?) used to govern the protocol. It is used by the community to properly:
- weigh issuer, custodian and protocol risk,
- weigh proportionate stablecoin allocations,
- research and vote on lending and insurance strategies,
- allocate FISH token treasury to support community development.
BabelFish has already needed and used product - the XUSD, a meta-stablecoin backed 1:1 by stablecoins, was released on RSK mainnet June 2021.
XUSD as-is was developed by the core BabelFish team with early supporters.
At the moment XUSD is a stablecoin with the biggest marketcap on RSK Mainnet.
- Exchange symbol (?): FISH
- Cryptocurrency type (?): Token (?)
BabelFish for developers
BabelFish social sites
Source: NOMICS
