BIP-0005: Emergency Deposit Pause Feature
We would like to inform you on the voting on BIP-0005: Emergency Deposit Pause Feature. The voting has been scheduled for 27th April at 7 AM UTC. Final text of the proposal was published on our forum: https://forum.babelfish.money/t/bip-0005-emergency-deposit-pause-feature/289
This feature is a crucial step towards ensuring the security and stability of the BabelFish platform. It allows the BabelFish protocol to temporarily halt all deposits in the event of an emergency and effectively respond to any potential security threats or issues, ensuring that the platform remains safe and secure for all users. The most important part is the automated pause in case of depeg situation, which is greater that 3% and lasts for more than 10 minutes.
We would like to remind you that this proposal has already been implemented on the mainnet as described on our forum. It was also already used in case of RDOC and ZUSD (as announced). If approved, this proposal will remain in effect. If rejected, the proposal implementation will be rolled back to be removed until it is approved by BabelFish Bitocracy.
Please note that new stakes during the voting period will not have any effect on this vote, and the same applies to extending or adding more tokens to existing stakes. Only new stakes, extended or increased stakes prior to the begin of the vote will grant additional voting power. If you intend to increase your voting power — now is the time to extend staking duration, add more tokens to existing stakes, or add new stakes — to do it, just visit https://app.babelfish.money/
We encourage everyone to participate in the voting process and have their say on the future of the platform.
Thank you for your continued support of BabelFish and stay tuned for more updates!