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IS IT MONEY PRINTING TIME AGAIN, ALREADY?
I recently began conducting a bit of market research into the #MetaMarketCap of various world markets, including fiat, stocks, and crypto. In my initial post on #MetaMarketCap, I wrote about the enormous size of the blockchain stablecoin market and the fact that the US Federal Reserve is likely to make a move into a blockchain digital fiat and they will likely attempt to regulate non fed-coin stablecoins. I was sharing my thoughts with one of the core Sovryn contributors, Edan Yago, on Twitter and the Sovryn Twitter page responded by dropping a little teaser about the forthcoming Babelfish cross-chain 1:1 stablecoin protocol.
I have written briefly about Babelfish in the post, "Sovryn, Babelfish, & RSK Network... oh my!" Looking back at that title... I really dissappointed myself there. That is an absolute crap title. I apologize for that, but I don't want to update it now because it will break my links. Anyway, I didn't go into too much detail about Babelfish in that post, because I didn't know very much yet. I had just learned about the revolutionary stablecoin protocol in development and I wanted to share my excitement and then come back later with some better information for you guys. Well, I'm back now. It's time for an update.
The Babelfish project and community are as awesome as I had expected. They are among the very first projects starting up on RSK Network. Coming from the Sovryn community on the game-changing Bitcoin layer 2 RSK Network, I was curious to learn more about these first new token launches that the Sovryn community is preparing to deploy. As a Sovryn presale participant, I think I may even get early access to some of the presales and token launches on the Sovryn DEX. So, hopefully that means I'll have first dibs on the $FISH governance token, which is not a stablecoin by any means. That is going to be a moon coin. That's why I depicted it as a moon in this artisanal meme I crafted with MS Paint this afternoon:
The Babelfish protocol isn't live yet, but it's coming very soon. There's already some buzz surrounding the project beginning on social media. You can get involved by joining the Babelfish Discord, which seems to be where most of the public project coordination is happening at present. It's very early in this project so the opportunity is still massive. The concept is brilliant because it solves a myriad of problems and contributes considerably to the entire blockchain community.
Think of Babelfish as the stablecoin protocol to rule them all. Babelfish can consume any stablecoin on any network. Then it excretes a 1:1 exchangeable universal stablecoin. The deposited collateral is invested in DeFi to earn yield to fund the Bitcoin layer 2 stablecoin insurance protocol. This is how I understand the vision at this point. It may not be entirely accurate and it may change during development. However, given the excitement among the next-level crypto wizards building and using RSK Network and the Sovryn DEX, Babelfish is going to be a extraordinary project.
As I’m beginning to understand the project more, I’m looking for the most concise ways to communicate the unique value proposition of the Babelfish stablecoin protocol. Every time you feed the Babelfish stablecoins, you earn $FISH governance tokens, so you can vote in the futarchy. This is a true decentralist’s domain. This project has gained the trust of some of my personal heroes in the crypto community, so I have a more implicit trust in the integrity of the initial core development team.
Moreover, I'm looking forward to participating in the governance of the project. But I'm also really excited for the functionality Babelfish will contribute to the Sovryn platform and the stability and utility it promises to contribute to the entire crypto community. Babelfish is presently holding a competition to design a logo for the Babelfish‘s universal stablecoin which is called xUSD. I'm most excited about Babelfish building $xUSD Babelcoin bridges for $USDJ on the Tron Network and $UST on the Terra Network.
So remember we have a stablecoin protocol which consumes stablecoins and emits xUSD universal 1:1 dollar-peg tokens. These are stablecoins with new cross-chain utility, insurance utility, and 1:1 exchangeability. But we're not going to make a fortune simply by holding $xUSD stablecoins. $xUSD are stable dollar pegs. However, the $FISH governance token will increase in value as the Babelfish stablecoin protocol community begins to gain momentum. You'll be able to buy $FISH sometime very soon. Hopefully we'll know more after the community call coming up on Monday. Babelfish community calls are each Monday at 5pm GMT in the Discord Voice Channel. Let's jump on the call this week and share our excitement about the protocol.
Let's summarize the key points. Babelfish is a novel cross-chain stablecoin protocol which produces 1:1 exchangeable stablecoins as well as insurance for the protocol's $xUSD 1:1 exchangeable stablecoins. I've been calling these "Babelcoins" since before I knew they actually had a name. So Babelfish's universal stablecoins are called $xUSD. This insurance provides that if any of the collateralized stablecoins that were fed to the Babelfish (and converted by the protocol to the DeFi insurance pool), happens to collapse due to government regulation of stablecoins or some other factor... it wouldn't collapse Babelfish's $xUSD stablecoins because they are safely insured by non-stablecoin crypto DeFi investments.
Can you see how powerful that is? Everyone has concerns about how the Federal Reserve and Central Banking cartel will try to crush stablecoins. Decentralized stablecoins, like DAI, are a great place to start. However, Babelfish is taking things to a new level. Babelfish adds considerable stability and utility to DAI as well as any other stablecoins on any blockchain network.
The protocol has 1 input and 2 outputs. The input can be any stablecoin on any network. The outputs are 1:1 $xUSD stablecoins and you also get a some $FISH governance tokens for using the protocol. You can't buy or mint $FISH or $xUSD yet. However, it may become available for the first time on RSK Network's, Sovryn platform. Thanks for reading! I look forward to engaging with your comments below. Please like, tip, and subscribe if you found value in this post!
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