Babelfish

Overview

BabelFish DAO is a DeFi Protocol that absorbs, aggregates and distributes USD-pegged stablecoins across chains. The practical upshot of this is that by adding stablecoins to this protocol users can neatly cross the language divide between any chains. BabelFish's meta-stablecoin, XUSD, is backed by the underlying aggregated stablecoins to leverage and enhance their combined flow and utility across protocols and users. FISH holders (BabelFish official crypto token) can vote on improvement proposals, such as which stablecoins to accept, or what percent of collateral to lend.

Challenge

Since the big bang of DeFi, many stablecoin projects have been created to meet the demand for USD. Different stablecoin brands with unique selling points are competing to represent the same dollar, but they do not translate 1:1, and crypto dollar liquidity is fractured between issuers and protocols. As DeFi markets expand beyond Ethereum to multiple chains, stablecoin liquidity is fractured further by the bridges used, which is suboptimal for the industry. BabelFish abstracts away these differences by aggregating stablecoins from multiple isolated liquidity lakes and providing users with access to the combined ocean of crypto-dollars available. Think of it as a translator or a converter: if a user wants to use crypto dollars on another chain, she can stick it on BabelFish and seamlessly get a par-value equivalent on the other side.

Solution

Our team has created the Web3 decentralized application (dApp) that connects the SmartContracts in charge of powering the DeFi protocol on the RSK network. Users can connect their crypto wallet, select a source stablecoin in a particular chain and seamlessly swap to the destination chain. The technology stack includes a ReactJS frontend with web3 and ethers js libraries backed up with Solidity SmartContracts running on the RSK EVM compatible Blockchain.

Team

• Gonza → Frontend & SC
• Guzman → Frontend