BABELFISH
BABELFISH
UNIVERSAL MULTI-CHAIN STABLECOIN
BabelFish's mind-boggling objective is to aggregate and distribute stablecoins, enhance flow, and push hyperBitcoinization.
ABOUT
BabelFish DAO Money Protocol is the simplest and most mind-bogglingly useful thing in the DeFi Universe. It absorbs, aggregates and distributes USD-pegged stablecoins across chains; the practical upshot of all this is that if you stick stablecoins to it, you can neatly cross the language divide between any chains. BabelFish's meta-stablecoin, XUSD, is backed by the underlying aggregated stablecoins to leverage and enhance their combined flow and utility across protocols and users. FISH holders can vote on improvement proposals, such as which stablecoins to accept, or what percent of collateral to lend.
Learn More About It
What It Does
What It Does: Since the big bang of DeFi in the crypto galaxy, many stablecoin projects have been created to meet the demand for USD. Different stablecoin brands with unique selling points are competing to represent the same dollar, but they do not translate 1:1, and crypto dollar liquidity is fractured between issuers and protocols. As DeFi markets expand beyond Ethereum to multiple chains, stablecoin liquidity is fractured further by the bridges used, which is suboptimal for the industry. BabelFish abstracts away these differences by aggregating stablecoins from multiple isolated liquidity lakes and providing users with access to the combined ocean of crypto-dollars available. Think of it as a translator or a converter: if a user wants to use crypto dollars on another chain, she can stick it on BabelFish and seamlessly get a par-value equivalent on the other side.
What Is The FISH DAO
The BabelFish DAO Money Protocol is ultimately directed by the will of FISH token holders participating in governance. From protocol improvement proposals to budget allocation and partnerships, it is the community that will be able to decide on the direction of the protocol. If you are passionate about the stablecoin ecosystem, this is the DAO for you. Help define protocol rules and parameters around the collateral accepted, discuss community incentives, manage risk, and much more. The future of BabelFish depends on active FISH holder participation.
Help build, shape and enhance the stablecoin ecosystem.
Participate in stablecoin collateral management.
Be rewarded for staking and actively participating with FISH in governance.
Mind-Bogglingly Useful
XUSD is collateralized 1:1 by a hedged basket of accepted stablecoins across chains, which enables users and protocols to tap into the combined liquidity and utility of the underlying collateral and also enhances stablecoin flow across the ecosystem.
User deposits an accepted stablecoin on BabelFish protocol.
Protocol issues XUSD, its convertible stablecoin backed 1:1
User can use XUSD on accepted protocols, bridge between chains, and redeem back at any time
What Moves BabelFish
The need for a "trustless stablecoin translation device" seems painfully clear. The accelerated growth and velocity of crypto dollars is unstoppable, we expect demand for programmable money to continue accelerating as we onboard the first billion users. But the market remains fragmented, two players dominate >80% of the total USD-stablecoin float, and systemic and idiosyncratic risks abound. In the decentralised 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. For BabelFish DAO Money Protocol it is important that our first product, XUSD, is the safest, easiest and ultimate stablecoin instrument out there in crypto space.
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BABELFISH
