Update on Staking Contract Fix and Upcoming Votes

Babel Fish
2 min readJun 2, 2023

We are pleased to announce that a fix for the paused staking contract has been developed and is ready for implementation. You can learn more about it on our forum. The community will have the opportunity to vote on this proposal next Tuesday. Assuming the vote is successful and the changes are approved, the updated staking contract will be applied on Wednesday, restoring BabelFish Protocol to normal operations and enabling us to proceed with voting on other important developments.

On Thursday, we plan to proceed with the voting process on the Emergency Deposit Pause Feature (2nd approach) and Balancing Curves. We encourage you to review the draft proposals which are published on our forum and provide necessary feedback. Initially, the Balancing Curve parameters will be set to a neutral state, ensuring no immediate effect on existing swaps between stablecoins. However, this sets the foundation for future adjustments based on community preferences and requirements. After the vote, BabelFish’s Smart Contract will be updated accordingly, and a new user interface (UI) reflecting the approved changes will be applied.

Looking ahead to the following week, we plan to hold the first vote on setting parameters for the Balancing Curves, but this vote will only take place if the voting on the Emergency Deposit Pause Feature and Balancing Curves is successful. This vote will allow the community to have a say in determining the specific parameters that will govern the behavior of the curves. Once the vote is successfully completed, the changes to the parameters will be applied, solidifying the foundation for optimized asset balancing within the BabelFish aggregator.

We are excited about these upcoming milestones and appreciate the community’s continued support and engagement. Together, we are building a robust and dynamic protocol that empowers users and shapes the future of decentralized finance.

Stay tuned for further updates and important voting opportunities as we move forward on this journey.

--

--

Babel Fish

BabelFish.money - stablecoin aggregator and liquidity provider. Issuer of XUSD - meta-stablecoin on RSK chain.