Sovryn, Babelfish, & RSK Network... oh my! [#GetInMyDeLorean]
babelfish on rsk network

Sovryn, Babelfish, & RSK Network... oh my! [#GetInMyDeLorean]

By NOVAX | Block To The Future | 19 Apr 2021



The memes are coming friends. I feel the need, the need to meme! It's funny but it's true. Any Hitchhiker's Guide To The Galaxy fans reading this? Give this post a thumbs up because you'll be very pleased to learn about a future giant project which is presently in its infancy on the RSK Network. It's called, Babelfish and they are doing the sort of next level genius stuff that basically only happens on RSK Network.

This post is not intended to follow the form of many of my exhaustively long crypto blogs. I probably won't include it in the book I'm going to write after I become a crypto-bajillionaire. I just want to give you the relevant "deets"... the executive overview, okay? First, RSK Network is a huge breakthrough for the cryptoverse. We now have DeFi on Bitcoin layer-2. It's literally just happening now with Sovryn, the first DEX on RSK Network (read my post about Sovryn trading going live). It's brand new and it's beautiful. They built it and people are coming. But there's about to be a deluge of traffic and liquidity on the RSK Network. The network has the potential to grow to surpass Tron Network, Binance Smart Chain, and potentially even Ethereum. It's that special (read my post on getting started with DeFi on the Tron Network).

Now, just to review for those who are absolutely new to this information... we've got a new decentralized layer-2 network on the BTC blockchain, enabling the conversion of BTC to rBTC "smart bitcoin". Now the rBTC is your base currency. It's value fluctuates slightly against BTC and there are opportunities for arbitrage. But rBTC is your base currency for the network. Like ethereum, binance coin, or tron... rBTC is needed to pay gas fees on the network. The RSK Network gas is very modest compared to Ethereum, but definitely higher than BSC and TRX chains (read my post, DeFi 2.0: JustLend & Sun.io on the Tron Network). However, the significance of what RSK Network represents is on a whole new level. 

It's as though Ethereum has been a sort of test-net for Bitcoin all along, just helping BTC to become "sentient". Using rBTC, we now have the ability to deploy smart contracts on Bitcoin layer-2. DeFi lives on the Bitcoin blockchain. It's not on Litecoin, Bitcoin Cash, Monero, Dash, Doge or Ripple... yet. So DeFi on Bitcoin network is very exciting with unlimited potential. There are obvious questions as you begin interacting with the network and it's still very early in the grand scheme of things. There's only a handful of tokens on RSK Network right now. But the universal Ethereum-RSK bridge has already been built and the first DeFi platform on RSK is live for trading! If you're familiar with my thesis on Meta Market Cap, then you can see the potential for native RSK projects to grow rapidly as the network grows. So get familiar with Sovryn because that's where most of the early trading is going to happen on RSK Network. 



Now we've introduced RSK Network and Sovryn... it's time to talk about Babelfish and Hitchhiker's Guide To The Galaxy memes. Babelfish is a project in its infancy on RSK Network. It recently came to my attention in the context of a Twitter interaction I recently had with the Sovryn account.  I was just commenting on Yago's appearance on Coindesk and I mentioned the impending challenges stablecoins face. That's when the wizards running the Sovryn twitter account dropped a little diamond at my feet.

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This was the first I had heard of Babelfish... that they are about to integrate with the Sovryn DEX. Naturally, I'm very curious about what these guys are doing. It's that moment when you know something is going to be enormous and you're so early you can hardly believe it's real. I mean look at this genius fish! That huge DAO brain, that lovely cross-chain navigator tail, the scalability gill... how can you not love this fish? And also, how can anyone understand it? Maybe that's part of the reason for the name, Babelfish, which makes reference to the subliminal brainwave consuming "universal language translator" fish from the cult-comedy, The Hitchhiker's Guide To The Galaxy. I feel like I may need a babelfish in my ear to fully comprehend the genius of what these guys are doing. It's like they're taking crypto's greatest vulnerability and turning it into its greatest strength. 


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The #Stablefish diagram is pretty amazing, but it really raises a ton of questions which are answered on the website. Babelfish protocol eats USD stablecoins and it generates immense value in a variety of ways. Here's a simple description from the, "How does it work? Don't Panic!" page:

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So we get 1:1 stablecoin swaps, free $FISH governance tokens (which are not stablecoins), and some sort of wizardry with investing collateral in DeFi to create a Bitcoin layer 2 insurance pool for users! What?! That sounds crazy and I need to know more! What sort of insurance protocol are we talking about? Insurance against government regulation of all of my stablecoin holdings, or just the convertible stablecoins minted by Babelfish? Hmmmm, interesting, obviously only insurance for the convertable stablecoins issued by Babelfish. This means that the babelfish stablecoin could end up becoming the meta stablecoin insurance protocol which gobbles up the ~$70 Billion stablecoin market cap. I haven't even finished reading through the docs yet and I 'm already getting that tingling feeling. I don't think Babelfish is trying to insure against investment losses. It seems like they are working to collateralize the crypto stablecoin market to make it more resilient against the risk of the impending "Fed Coins" and regulation of non-Fed Coin stablecoins as "digital counterfeits".

So, I'm pumped. I am ready to meme. I am become meme. Join me brothers and sisters, let us seek to convey the potential value of Babelfish with simple Hitchhiker's Guide memes. Well, this post got sort of long again. I don't know that I can avoid it, guys. I'm trying. There's just too much to say about this stuff. It's such an exciting time! I'm starting up a super simple crypto investing consulting business to help people learn about crypto and how to use the tools required to access these markets and the new horizons they open up to all of us. So keep an eye out for my consulting sign-up promotions. If you're relatively new to crypto, all of the things I'm talking about here with RSK Network require some foundational skills and tools in order to get started. I want to help people get involved! If you're a blockchain veteran, you may simply enjoy my blog posts and telegram channel for the time being. 

Thanks for reading! I look forward to engaging with your comments below. Please like, tip, and subscribe if you found value in this post!

#GetInMyDeLorean #FluxCapacitorHyperGrowth #LowCapValue #MetaMarketCap #B2TF #BlockToTheFuture




-NOVAX

 

Read my previous post: Coinbase stock to 100x in 5 years. $COIN "IPO" went live yesterday [Part 2 of 2]

 

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Block To The Future Referral Links

Coinbase (necessary evil for buying crypto with USD)
Phemex (alternative to coinbase to buy and trade crypto, barely used so far)
FTX (synthetics market for trading stock-pegs on the blockchain)
Kucoin
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Binance (used to love it, now, not so much)
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Robinhood (get free stock for signing up then dump Robinhood when we have a good blockchain synthetics market)
Coinseed (awesome way to buy crypto with your debit card transaction round-ups)
OpenSea (huge NFT auction site)
Internxt (cloud storage service. just started using it. will let you know how it goes. interface is a little rough with no image previews on desktop)
SALT (crypto lending platform. haven't used it much yet. will report how it goes)


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NOVAX
NOVAX

Cataloging my discoveries from the fringes of the crypto economy. Finding deep value in decentralized small caps. Block To The Future blog author & Vaxxed World contributor. Tracking innovations in multi-chain defi, yield farming, nodes, and staking.


Block To The Future
Block To The Future

Get in my DeLorean. I'm looking for deep value in small cap blockchain projects and cataloging my discoveries on the fringes of the crypto economy. This crazy old man gave me a copy of Novax's 2050 Crypto Almanac so now I just need to place the right bets and I'll be rich.

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