USDC and DAI Deposits Restored

We are happy to share that deposits for USDC and DAI stablecoins on our aggregator are now available again, following a brief suspension due to the recent turmoil around Silicon Valley bank and stablecoin issuer Circle. We are pleased to report that the situation has stabilized, and our users can resume depositing these stablecoins with confidence.

As always, the security of our protocol is our top priority, which is why BabelFish Multisig signers have activated the automatic element of the Emergency Deposit Pause feature. This will enable us to respond even more efficiently to any potential loss of peg of aggregated stablecoins to the dollar in the future. If there is a peg loss above 3% for more than 10 minutes, the feature will automatically disable the possibility of depositing problematic stablecoins, providing an additional layer of protection for our users.

We are confident that these measures will strengthen our platform and further enhance the trust of our community in our protocol. We value our users’ feedback and hope that, whenever possible, a community vote will confirm that the path we have taken is the right one. We remain committed to providing the best possible experience for our users and will continue to work tirelessly to ensure that our platform remains secure, reliable, and user-friendly.