Don’t panic! Here is the BabelFish FAQ!
BabelFish is inspired by Douglas Adam's The Hitchhiker's Guide to the Galaxy, a wholly remarkable best-selling book. We recommend you read it during this tumultuous time to learn more about BabelFish, a translation device which enables any species across the galaxies to understand each other.
The project’s foundation derived from CementDAO, a decentralised stablecoin clearinghouse some of the initial contributors helped research and develop in 2018 to create concrete solutions to the inevitable risks and inefficiencies we see today on the maturing stablecoin ecosystem. About 28 USD- stablecoin issuers existed back then with a combined market cap shy of $3bn. It was clear then that a shared standard between stablecoin issuers would significantly optimize our shared goal: enabling mass adoption. To that end, we organised the first stablecoin ecosystem event, bringing together stakeholders across the world to meet at the iconic Reform Club in London to present the first stablecoin ecosystem survey results and open discussions around shared goals.
All stakeholders at the event validated the need for a translation device that could enable stablecoin holders from any (accepted) issuer to trade with each other at 1:1 value, reducing risk and increasing utility. Our timing was a bit early and, unlike Phileas Fogg, we did not succeed -yet.
Protocol upgrade proposals need to be discussed and voted through a DAO that rewards stablecoin research and development. This is a collective experiment to remake and decentralize money and cannot be managed by a central authority, but by an active community of participants.
The need for a "trustless stablecoin translation device" is stronger than ever. Today the top stablecoins (>$10bn market cap) are centralized, 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 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 lake: a decentralized aggregator and distributor of stablecoins that can be upgraded to earn yield on the deposits's respective chains. If a user wants to use her TUSD on another chain, 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 she has a vote to govern.
XUSD, a meta-stablecoin backed 1:1 by stablecoins, was released on mainnet June 07, 2021. Usage is growing organically, currently at over $10.000.000 Total Value Locked. XUSD as-is was developed by the core BabelFish team with early supporters. The DAO will research, develop and market sustainable stablecoin solutions. The smart contract addresses can be explored here and here.
BabelFish currently supports Ethereum (ETH), Rootstock (RSK) and Binance Smart Chain (BSC). Discussion and work is ongoing to deploy to multiple blockchains based on community demands.
BabelFish DAO seeks to lend its stablecoin collateral in AAVE, Compound and other battle-tested lending protocols on the collateral's parent chains. The stablecoin yield earned would periodically be bridged to Rootstock (Bitcoin Layer 2 protocol) to acquire rBTC for the protocol’s insurance. This improvement proposal will require formal research and approved by the DAO prior to its implementation.
“The Answer to the Great Question... Of Life, the Universe and Everything... Is... Forty-two,' said Deep Thought, with infinite majesty and calm.” ― Douglas Adams, The Hitchhiker's Guide to the Galaxy. And since the total number of tokens issued by a protocol is arbitrary, we have settled on a total token supply of 420,000,000 FISH.
It is a token used to govern the BabelFish platform, i.e. to vote on DAO proposals, based on how long it is staked for. The governance model is a fork of Sovryn’s bitocracy, detailed on their wiki. BabelFish needs a DAO to be managed by the community and 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
FISH tokens give you a voice and a vote on BabelFish’s exciting improvement proposals. Funds raised will be used to support BabelFish DAO’s tech and community development. The DAO will research, develop and market sustainable stablecoin solutions for XUSD. Do not buy FISH expecting to make a quick profit, this is a token to govern and build the protocol.
2.5% of raised funds will be allocated for the initial FISH/rBTC market on Sovryn’s trading platform soon after TGE.
There are multiple ways to obtain rBTC, BabelFish recommends using Sovryn or Liquality Wallet. Sovryn facilitates converting BTC into rBTC via FastBTC Relay, or to purchase directly via credit card. More details: Fast BTC Relay | Sovryn Wiki 1 Liquality Wallet allows you to swap BTC for rBTC. Other options include the RSK Bridge, and the exchanges Coinswitch, KuCoin and Bitfinex.
$FISH token is transferable on RSK Network. The native token of RSK is rBTC, a 1:1 bitcoin peg. When you send bitcoin via the RSK Powpeg your bitcoin is locked and the equivalent amount released as rBTC. rBTC is bitcoin on steroids. It enables your Bitcoin to interact with a range of services on a bitcoin sidechain and brings extra security, alongside permissionless transfers. A very big advantages are very low fees for token transfers, speed of transactions
You will need rBTC to move Your $FISH tokens around, participate in governance and pay fees.
While 0.06 GWEI is the standard gas price, as RSK gets more transaction volume the price changes to accommodate the market rate. Since the gas limit of a transaction varies depending on the complexity of the transaction being sent, the total gas paid per transaction also varies.
The total gas fee of a transaction is composed of the gas price (which for RSK is 0.06 GWEI per gas unit) and the amount of gas units that the transaction spends.
A simple transfer transaction takes 21.000 gas units. The gas fee of such transaction on RSK is: 0.06 GWEI x 21,000 = 1,260 GWEIs = 126 satoshis ~ $0.06.
In the case of a complex contract, like the opening of a margin position or initiating the vesting contract, the amount of gas units can vary from 1,600,000 up to more than 2,100,000 gas units. The gas fee for this transaction would be 0.06 GWEI x 2,100,000 = 126,000 GWEIs = 12,600 satoshis ~ $6.
First of all - be sure that You have Your wallet switched to RSK Mainnet.
There are wallets which have $FISH token already added - like Liquality, but in MetaMask, You have to add $FISH token manually.
To add it in MetaMask - go to assets tab, scroll down and press Add Token button. Next switch to Add Custom Token tab and paste $FISH Contract Address into Token Contract Address. Rest will be added automatically. After that the only thing to do is just pressing Next button.
Day 1 Round (25th August) for whitelisted premium members of BCW community: Amount of tokens : 32,508,000 $FISH (7.74% of total supply). Maximal allocation per wallet: approx. 28,571 $FISH for $2,000 / approx. 0.0417 rBTC. Price for 1 $FISH: $0.07 / 0.00000146 rBTC Vesting: 10 months linear with 1 month cliff. After initial claim, each month 10% of the total tokens purchased become liquid and claimable on SOVRYN Origins.
Day 2 Round (26th August) Public pre-sale: Amount of tokens : 19,992,000 $FISH (4.76% of total supply). Maximal allocation per wallet: approx. 27,272 $FISH for $3,000 / approx. 0.0624 rBTC. Price for 1 $FISH: $0.11 / 0.00000229 rBTC Vesting: 50% unlocked shortly after the pre-sale, rest under linear vesting for 10 months. After initial claim and unlock of the 50%, each month 5% of the total tokens purchased become liquid and claimable on SOVRYN Origins.
During Day 1 - 27,312,531 $FISH were sold (84% of max amount for this round). During Day 2 - 19,992,000 $FISH were sold (100% of max amount for this round).
During both pre-sales 4,304,531 $FISH were sold what corresponds to 11,26% of total supply.
In total it was raised approx. 85.658 rBTC worth approx. 4,111,000 USD at that time.
$FISH airdrop is a reward for SOV stakers. All who during the snapshots staked liquid (fully vested) SOV for Voting Power, automatically got $FISH tokens airdropped.
Initially it was meant to have 1% of total $FISH supply (4,200,000 tokens) to airdrop to the SOV stakers. Anybody who staked SOV before 12:00 UTC, August 25th was included in this airdrop.
An additional 0.42% of total $FISH supply (1,764,000 tokens) was airdropped to those who voluntary staked SOV until 21st June 2021. Idea behind it was to reward those who had staked SOV in anticipation of the original sale date in June.
Keep in mind that there is also Vesting schedule for Airdropped $FISH - 50% is liquid and rest will be released every month - with the same scheme as for Public pre-sale participants.