Aofex

Cross-chain Stablecoin Protocol BabelFish Launches on RSK

| Updated
by Kofi Ansah · 3 min read
Cross-chain Stablecoin Protocol BabelFish Launches on RSK
Photo: Unsplash

BabelFish combines liquidity from several issuers and chains and has become the largest stablecoin on RSK as the meta-stablecoin XUSD raked in $10 million in deposits within just two months of being live on mainnet.

Cross-chain stablecoin protocol Babelfish has been launched on the RSK network which is secured by the Bitcoin ecosystem. The Babelfish project since its debut on the crypto scene has been lauded by many market experts as one of the key elements to the growth of the DeFi industry.

BabelFish has been improving the use of crypto dollars in different platforms and protocols (dApps) thanks to its parent company deploying different types of stablecoins. The team behind the project aims to facilitate flow and exchange as well as reduce the risks associated with engaging in DeFi and has so far lived up to the task.

According to the team behind Babelfish, this deployment on the RSK network aims at attracting dollar liquidity and would facilitate a 1:1 exchange between different stablecoins and chains in demand. In addition to that, users on the network would be provided with the option of earning interests in rBTC and also FISH tokens. Users can also vote on different proposals connected to the protocol in a bid to make the whole RSK DeFi ecosystem “much more user-focused” which will reportedly contribute to its impressive upward trajectory.

BabelFish combines liquidity from different and several issuers and chains and has since become the largest stablecoin on RSK as the meta-stablecoin XUSD raked in $10 million in deposits within just two months of being live on mainnet, showing the heavy demand for one of the hottest digital currencies in the DeFi space.

BabelFish’s impressive growth has been linked with Sovryn, one of the most popular DeFi projects on RSK and the first digital project to integrate the XUSD digital currency into its bridge, simplifying UI/UX for users. This integration also led to deeper stablecoin liquidity for users in this network.

“Our focus here at Babelfish is on stablecoins as a catalyst for the decentralized financial system. That is why, our core mission is to facilitate its flow and exchange, as well as reduce the numerous risks and secure users’ deposits. BabelFish adds and distributes various stablecoins, facilitating and improving the use of crypto dollars in different protocols (dApps). Our aim is to add the liquidity, market, and access of the different stablecoins that are abstracted in XUSD.

The priority of this alpha product is to attract dollar liquidity to Rootstock (RSK), but in the long term, we will facilitate 1: 1 exchange between various stablecoins and chains in demand, with the option to save and earn interest in rBTC and FISH. We’re excited to announce the support of RDOC to the Babelfish stablecoin protocol!” reads an official statement from BabelFish on their website after the launch.

Altcoin News, Blockchain News, Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

Related Articles