Get your towel and prepare to be beamed onto BabelFish’s DAO spaceship. XUSD has been running for three months on Sovryn’s platform, simplifying UI/UX and providing deeper USD liquidity by aggregating stablecoins from Ethereum, BSC and RSK chains. We can go fast alone, but to get far we need to work together with the larger community of stakeholders. To support and enhance our community and product developments, it is now time to have a token generation event and FISH sale.
This is a collective experiment to remake and decentralize money and needs to be managed by an active community of participants akin to the example being set by Sovryn. As mentioned in BabelFish’s initial proposal on Sovryn’s forum this May, the sale is to jumpstart the DAO and have an open and inclusive protocol from inception.
There is much to build and much to discover in the world of pegged assets. The main objective of BabelFish’s DAO is to incentivise the research and development of all stablecoins that could potentially be integrated in the protocol. We believe there is an army of stablecoin stakeholders out there interested in creating interoperability standards. If we wish to successfully compete against CBDCs or the IMF’s Global Coin, we need to self-regulate and leverage each other’s liquidity and communities.
DAO participants will weigh the risks involved with issuers, custodians and protocols. We also expect proposals on different insurance models that reward risk takers, DAO2DAO partnerships, adjusting the reserve ratio to lend efficiently on DeFi, and even FISH tokenomic amendments. We need all hands on deck if we are to achieve BabelFish’s mission: enhance stablecoin flow and accelerate hyper-bitcoinization.
Originally the crowdfunding raise objective was $7,175,880, but given market conditions and community feedback, we've adjusted the raise total to $4,475,560 in exchange for the same allocation of 12.5% of the total $FISH supply. It will be conducted over two days on Sovryn’s Origin platform. Participation in the first day (August 25th) is for an already pre-approved list of addresses, the second day (August 26th) is the public sale.
BabelFish aims to raise ~USD 2,200,000 worth of RBTC on the public sale. The FISH purchased on the public sale will vest linearly for 10 months, with 55% immediately liquid the first month. FISH Price: $0.11, Purchase Limit: $3,000
For a comprehensive view of BabelFish’s token emission schedule, see here (subject to change)