Community Call: February 7th, 2022

It’s amazing how quickly time goes by when building cool stuff with people from around the world, and the third bi-weekly community call of the year 2022 brought exciting updates on the latest developments and goings on. You can listen to all previous community calls on YouTube.

First off, we are happy to share with you that we now have an updated landing page! It’s definitely a departure from the stealthy and scrappy notion page we had until now, making the information more clearly laid out for the uninitiated. Please let us know what you think in the discord or telegram channels, this is the result of your feedback and we hope you’ll like it.

The development team also quickly fixed the liquidity issue raised on the previous community call, when a number of wallets drained the stablecoin liquidity in Ethereum and BSC chains, leaving XUSD backed 1:1 mostly by rUSDT. Due to this event, the BIP-0002 must deal with balancing curves and withdrawal fee parameters to maintain properly hedged stablecoin baskets across chains. Please note, the analytics page is currently not up-to-date due to an issue with the Covalent API, but you can always see XUSD’s collateral distribution in the RSK explorer.

The development team has been focused on fixing the bugs on the governance and staking fork of Sovryn’s bitocracy so we can proceed with voting as soon as possible, ideally no later than the end of this week. A fair amount of time to discuss and comment on BIP-0001 has now been given and, pending confirmation from devs that we are good to go, we believe it is time to start voting. Once again, we invite you to check out the forum and actively participate in the DAO.

As we get to the middle of Q1, we are still trying to optimise our operations as a distributed organisation. The first Story School call of the year happened last week, we shared a public trello tracking the creative work done by the community, discussed a new content calendar, and began to brainstorm a system to better assign resources and continue nurturing new talent. Expect new bounty campaigns to be shared soon once they are updated on the gitbook (specifically around influencers and successful referrals (i.e. product manager)) — and if you think you can help us: reach out and tell us how!

Slowly but surely, XUSD is being adapted by the growing ecosystem of dapps in RSK, and the latest example being Tropykus Finance, which launched January 31st to serve the hispanic market with Bitcoin DeFi solutions. We are super bullish on emerging markets, and it is our responsibility to make sure XUSD provides its users with a hedged USD-stablecoin that is also (soon to be) insured. We are also excited to share with you that a new multi-currency algorithmic stablecoin project, Blindex, will also be submitting a BIP in the coming weeks to aggregate BDUS into the basket of RSK stablecoin collateral and we are looking forward to learning more about it.

Finally, we shared with the callers a brief report on the progress and expenses of bounty campaigns that have been running since April 2021 across all teams and schools. Expect a more detailed report at the end of Q1.

It’s time for BabelFish to jump out of the aquarium and travel across the DeFi galaxy. We often joke about deadlines whooshing by and the speed of time travel, but eventually the stars align, and that moment is ever-closer, can you feel it?

Until the next community call: so long and thanks for all the fish!




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Babel Fish

Babel Fish - stablecoin aggregator and liquidity provider. Issuer of XUSD - meta-stablecoin with biggest MC on RSK chain.