BabelFish, a stablecoin aggregator on Rootstock, has successfully completed a total of US$5.8 million in financing through its listing on Sovryn’s Origins Launch pad, The first organization to do so.
The funds raised will enable BabelFish users to vote on protocol upgrades, reward the community for work done, and conduct research and development to sustainably increase AUM and integration.
Sovryn Origins is a place where new projects can expand their communities and raise funds to build an economic and financial ecosystem around Bitcoin. Unlike other launch pads, Sovryn Origins is driven by the Sovryn community, which reviews all projects and funds can be obtained from local BTC.
As early as March 2021, Sovryn itself used the Origins launchpad to improve Pre-sale of 10 million USD tokens.
BabelFish aims to solve the problem of stablecoin liquidity fragmentation through cross-chain aggregation and standardization of stablecoins, so as to evolve into the ultimate stablecoin translator.
The listing was carried out after several months of cooperation between Sovryn and BabelFish. BabelFish launched the XUSD alpha version on Sovryn in the first week of June to prove the value of the simplified UI and deep dollar liquidity.
Facts have proved that XUSD stablecoins are easy to aggregate and distribute, which makes XUSD quickly become the world’s most liquid stablecoin. RSK networkTherefore, FISH tokens and XUSD have been added to Liquality and Defiant wallets by default, and will soon be available in other Rootstock projects.
“We would like to thank the Sovryn community for accepting the XUSD proof of concept as soon as possible, and for helping BabelFish launch FISH as the first project in the Origins launchpad. This is the beginning of a long journey. Through DAO, everyone will be able to participate in shaping the direction of the agreement. Enhance the flow of multi-chain stablecoins and contribute to the adoption of Bitcoin.”
—— BabelFish spokesperson
BabelFish adopted a fork of Sovryn’s bitocracy, which uses secondary voting to better govern as part of its Decentralized Autonomous Organization (DAO) structure, in which the parameters of the protocol are determined by votes of FISH token holders. Babelfish’s FISH tokens can also be purchased on Sovryn’s exchange or obtained as a reward for contributing to the development of the project.
The Sovryn protocol extends the functionality of Bitcoin by using the same proof of work. It is mined and protected by Bitcoin, and transactions on Sovryn are paid to Bitcoin miners in BTC to extend this security. Sovryn expands by adding additional technical layers to Bitcoin’s simple blockchain. This is different from building on Ethereum, where modifications to the base layer will increase complexity and cost.
“BabelFish and Sovryn share a common vision for a Bitcoin-based financial and monetary system, and our support for this sale proves the appeal of this vision we have seen both inside and outside the community. We are very pleased to see proposals to improve the protocol And voting, and bring us closer to the common goal of accelerating the hyper-bitcoinization of the two projects.”
—— Itami Yago, Sovryn’s core contributor