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STEP 3

Here are some quick solutions.

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Babelfish is a protocol which enhances stablecoin flow by serving as a multi-chain stablecoin aggregator and distributor. It feeds on stablecoins, absorbing all liquidity and excreting the yield to deploy it as protection. The practical upshot of which is that if you stick stablecoins to it, you can neatly cross between any chains and use your money anywhere to DeFi.

1. An user deposits an accepted stablecoin on BabelFish protocol (through Sovryn platform).

2. Protocol issues XUSD, its convertible stablecoin backed 1:1.

3. That user can use XUSD on accepted protocols, bridge between chains, and redeem back at any time.

The aim for Babelfish is to have a translation device for stablecoins, which works cross-chain, and allows the fragmented liquidity pools formed by various stablecoins to join as one larger and thus more liquid stablecoin pool.

XUSD token, is a meta-stablecoin aggregating and distributing stablecoins 1:1, providing a simplified and unified user experience for interacting with stablecoins.

Any user with FISH governance tokens can come forward with an idea for the improvement of the protocol. However, those improvement ideas will need consensus from the DAO. To get consensus, a draft detailing the improvement proposal has to be posted on the Babelfish’s forum to create a public discussion, and after receiving enough feedback the proposal can be adjusted and formally submitted to be moved to the voting stage. On the voting stage, any holder of the governance token can cast their vote, weighed by the amount that person holds. When the quorum is reached, the vote has passed and the DAO must implement the proposed change to the protocol.

The FISH token is used for the governance of the protocol, allowing holders to propose and vote on protocol improvements, and fund research and development efforts. The governance model is a fork of Sovryn’s bitocracy, detailed on their wiki.

BabelFish currently supports Ethereum (ETH), Rootstock (RSK) and Binance Smart Chain (BSC).

Yes, you will need to have rBTC in your wallet.

You will need to set up a Web3 or Mobile wallet that is compatible with the RSK chain. You can also use Ledger or Trezor hardware wallets.

For Web3 wallets, suggested are Liquality or Metamask. They work as an extension on your browser.

For Mobile wallets, suggested are D’Cent, Math, rWallet, and Defiant. Just get the chosen one from the store of your smartphone, install it and set it up.. Then you can connect your wallet using WalletConnect, which is an open protocol for connecting Dapps to mobile Wallets using end-to-end encryption by scanning a QR code.

NOTE: Always remember that you should save both your password and the 12 recovery words and never share them with anyone.

Yes. You can find what happened and what is coming for BabelFish here.

For BabelFish’s related issues, reach out to the BabelFish’s Discord Channel or the BabelFish’s Telegram.