Babelfish Community Update — September 2022
In our last Community announcement, we outlined the plan to participate in an incubation period with Sovryn. These plans have been put in motion and things are going well. Our mission remains the same. To enhance stablecoin flow and accelerate hyperbitcoinization.
Babelfish has sought the help of the Sovryn team to become better at structuring the organization and processes. The two DAOs are working toward a coordinated effort to function as a well-oiled machine. Lack of organizational capacity and focused technical roadmap, prior to the Sovryn incubation, delayed product delivery and hindered Babelfish’s potential in the DeFi ecosystem.
The Babelfish team is being brought up to speed on the Sovryn way of doing things — integrating into their workflows and processes. Of course, Babelfish is, and will remain, an independent project, governed by and for the benefit of FISH stakeholders. We truly believe the incubation period with Sovryn will help the protocol develop to reach its full potential.
What’s happening now
For now, our main focus is on building.
- We’re finishing work on the new Babelfish UI and preparing the BabelFish subgraph backend for deployment.
- We’re implementing an automated emergency deposit pause mechanism to protect the protocol from stablecoins that significantly lose their peg.
- We’re also implementing a new fee mechanism with the goal of maintaining a balance between stablecoins in the aggregator.
While still in a conceptual phase, we are exploring ways to provide passive yield to XUSD holders. The main goal is to incentivize stablecoin deposits and HODLing XUSD, which will generate liquidity for active BabelFish users.
The proposal to add ZUSD to the BabelFish XUSD aggregator, has been voted on and implemented. The ZUSDaggregator balance has since grown to roughly 2.1M ZUSD. At the time of writing, this represents roughly 94% of the ZUSD supply, proving BabelFish a valuable part of the Zero user experience.
An AMA hosted by Yago will be scheduled in the near future. We encourage you to come join us and ask any questions you might have.
Until then, so long and thanks for all the fish!