Brace Yourself For Acceleration: BabelFish’s Q1 Roadmap
As discussed during our first community call of the year, we are excited to jumpstart BabelFish’s acceleration in the development, community and marketing of the protocol. The first six months saw us deliver a minimum viable product (mvp) to aggregate stablecoins from various issuers and chains into a single XUSD, which has proven successful in terms of concentrating liquidity for tighter spreads and better consumer pricing in the Sovryn platform.
We want to highlight that BabelFish’s raison d’etre is facilitating safe and seamless stablecoin flow to/from RSK, and systems are being set in place to make sure liquidity is available where and when needed. However, liquidity issues on ETH and BSC have surfaced and are being looked into by the devs as we speak. This is a temporary hiccup, and a solution will be shared with the community later this week. Whereas before we would just test on mainnet, this has proven to be a stressful mistake, and moving forward everything will be tested first on the staging environment.
The year 2022 is one of maturation, a time to build and ship our original promise: lend collateral, accumulate a bitcoin insurance fund and increase awareness and deployment across more EVM-chains’ protocols. We believe BabelFish is extremely well positioned to build and come out winning out of this bear market. To get moving, it is imperative to get the approval of XUSD and FISH stakeholders , which is why the conversation on BIP-0001 is so important. If approved, BIP-0001 will reward the aforementioned stakeholders with 1.42% of the FISH supply. We expect the remaining bugs to be fixed this week as well as the final parameters before a vote is subsequently called for and advertised this week — so again, go check it out and be part of BabelFish history!
Big moves are in motion to turn BabelFish into the most mind-bogglingly simple multi-chain stablecoin aggregator in the DeFi galaxy, all in Q1 2022, and we are happy to share them with you. Let’s go.
Updated dApp and landing page:
Our portals and content have been very “distributed” and hard to find for those not in the know. We will shortly be releasing a more formalised landing page and an integrated/unified portal to deposit/withdraw, stake/unstake, and govern the protocol.
More EVM-chains and stablecoins:
We’ve been closely monitoring the options to earn yield across the stablecoin ecosystem and are looking to expand the integrations to other chains and stablecoins based on demand. We are listening to your feedback. Crucial to all of this is ensuring the dapp remains safe and seamless.
FISH Liquidity Mining:
We are also preparing to initiate the Liquidity Mining rewards for LPs on Sovryn and other protocols — the parameters for these rewards will be discussed in the DAO with the goal of ensuring the long-term sustainability of FISH. FISH rewards will have a cliff and vesting of at least a year, but will enable stakeholders to vote on parameters and continue earning rewards, reducing circulating supply and creating a flywheel effect. And what will be the benefits for FISH farming? That is where lending collateral in the parent chains’ comes from, and why we believe BabelFish is well positioned for this bear market.
Revenue and Insurance:
We hope to see BabelFish lending at least 50% of its collateral before the end of Q1, and using the proceeds to periodically purchase rBTC for insurance and also to reward FISH stakers with XUSD. Additionally, withdrawal fees can either accrue to FISH stakers or be used to subsidise deposits. Sounds simple enough, but building it ain’t so, which is why we sincerely appreciate your patience as we hunker down to deliver on these promises. We will have more info on this at a later date.
Story School and Marketing:
As the development team makes progress in all of the aforementioned, so too is the story school becoming more agile to properly spread the BabelFish message. The team of dolphins have been doing some house-keeping in order to promote “leader-fluid” activity that will keep community efforts focused. Expect more educational content and competitions relevant to babelfish, stablecoins and bitcoin. We are eager to partner with more influencers in the space to reach a wider audience and also are improving our online reach by having more brand ambassadors and community advocates as part of the team. If you are interested in learning more about these and future initiatives, make sure to join the story school call this Wednesday 26th at 4PM UTC, it will be amazingly amazing!
This is a high-level overview of the major goals for BabelFish in Q1, and maybe some of Q2. We have a ton to accomplish, and there will no doubt be some surprises along the way, but don’t panic! We are excited to have you along as hitchhikers on this journey across the DeFi galaxy!