🐡Tokenomics
Here you find the breakdown of the tokenomics of Babelfish
Understanding the characteristics of cryptocurrencies is the subject of tokenomics. So what are tokenomics? The term itself is a combination of the words "token" and "economics" and discribes the economics of the token. There are many factors that make each cryptocurrency differ from the other through their design and usage, but also through tokenomics. Think of factors such as:
Allocations
Distribution
The circulation supply
Total supply
The token model
The above variables make each cryptocurrency unique, but also create the need to have an in-depth understanding of each project. Babelfish finds it very important that everyone has the chance to clearly understand the tokenomics of Babelfish.
The $FISH Token
FISH is BabelFish 's governance token to vote on protocol improvement proposals. The governance model is a fork of Sovryn’s bitocracy, detailed on their wiki. FISH should enable the BabelFish DAO to:
Research issuer, custodian and protocol risk
Develop proportionate stablecoin allocations
Research and vote on lending and insurance strategies
Allocate FISH token treasury to support community development
IDO
The IDO was conducted over two days on Sovryn’s Origin platform. Participation in the first day (August 25th) was for an already pre-approved list of addresses and the second day (August 26th) was the public sale.
BabelFish aimed to raise ~USD 2,200,000 worth of RBTC on the public sale and ~USD 2,275,000 worth of RBTC on the pre-sale, which it did successfully reinforcing the belief and trust form the community in BabelFish.
Why was a sale needed?
This is a collective effort to remake and decentralize money and needs to be managed by an active community of participants akin. The sale was held to jumpstart the DAO and have an open and inclusive protocol from inception. Funds raised will be used to support BabelFish DAO’s tech and community development. BabelFish's purpose is to build sustainable cross-chain stablecoin solutions that can scale and aim for longevity. To achieve this a long term survival of the platform must be secured.
Do not buy FISH expecting to make a quick profit, this is a token to govern and build the protocol.
When was the Token Generation Event?
The Token Generation Event (TGE) was on 28th of August, 2021.
$FISH Contract Address
The fish contract address is 0x055a902303746382fbb7d18f6ae0df56efdc5213. You can verify the address here: Contract Address Explorer
What are the sale vesting conditions?
Tokens purchased during the private pre-sale are under 10 months of linear vesting. That means each month 10% of the total tokens purchased become liquid. Tokens purchased during the public pre-sale have the same vesting schedule as the private sale, but 50% of the purchased tokens will be liquid after the sale.
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