Going multichain with $FISH

General Discussions
1

I’ve raised this issue already in TG, and I think it’s time to go multichain with $FISH.
Babelfish is getting more attention due to the Bitcoin Defi/Layer2 hype that is going on now with Sovryn.

$FISH is still only tradeable on Rootstock, and this limits it’s growth.
If we check out https://babelfish.money/, the first thing you see is ’ UNIVERSAL MULTI-CHAIN STABLECOIN ', however $FISH is still only tradeable on Rootstock.

For many a step to far or complicated to set up a wallet for Rootstock, get some RBTC for gas fees and start trading $FISH.

Therefore i want to propose $FISH finally going multichain! I want $FISH to start trading on Ethereum next to Rootstock. I want to see a pool being created on Uniswap V3.

I’m not technical, so I cant tell anything about this, but what i do know is that this should not be the most complicated thing to create.

Sovryn and Babelfish are 2 different projects, but very much connected. Sovryn has acquired Babelfish a long time a go, so we can use some DEV time from Sovryn to get this done.

Sovryn has build there own bridge to bridge SOV from Rootstock to Ethereum.
I want Babelfish to start using the same bridge (code, i dont know how this works exactly) as Sovryn. The bridge is battle tested, and so far it’s been safe to use.
Babelfish does not have to invent the wheel here, it’s already done by the team of Sovryn.

I want to propose to create / add the bridge for Babelfish using the same code as Sovryn, but adjusted for the contract of $FISH.

I want to propose a total of $200.000 liquidity for the V3 pool, meaning Babelfish needs to drop $100k of Ethereum and $100k of $FISH in this pool.
I believe with the current marketcap of $FISH, this is for now enough to have a reasonable pool. If this is to low or high, I would like to hear counter offers.

I don’t know the treasury from Babelfish, but i dont think these funds are not available at the moment. $FISH is available, that i know, it’s more the $100k ethereum. @Hyde is this available?

Other idea… if there are no funds.

Let’s do a public sale
10.000.000 $FISH for $0.03

This would aquire $300k, enough to copy paste the bridge from Sovryn, pay for a dev and have enough liquidity to open the pool on uni v3.

Do a 6 months cliff, and 24 month linear vesting

That would release 417k $FISH per month on the market, barely anything.

Because the price is below current market values, I would like to see the cliff. This the ‘risk’ for the public sale buyer.

Do a maximum of $3.000 per wallet, to have a minimum of 100 participants, probably more because not everyone would do max.

Payed in DLLR and XUSD only

If we will have some volume on Sovryn and Uniswap, we could start looking into CEX listings, starting with Tier 2 or 3 exchanges. but for this to happen, we must have Ethereum chain $FISH. because barely any CEX is supporting RSK at the moment.

Let’s dive into the ocean of multichain with $FISH, it was always intended to happen. Now it’s the right time for it!

3 Likes
2

FISH needs more eyeballs on it.

  • Little liquidity.
  • No marketing.
  • No holding/staking incentives
    Taking too long ‘waiting for something to happen’.

Makes you wonder if the team behind it actually wants it to succeed.

The whole ‘build it they will come’ does not work if people DON’T KNOW YOU EXIST.

Incentivise people to use the Babelfish protocol with FISH and XUSD
Go multichain to thet more users interacting with it.
Bring the BIPs needed to promote the protocol and MAKE IT HAPPEN

Babelfish has been around for years. Like what is happening behind the scenes? What are you waiting for??

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3

Not sure what this reply has to do with above, but in general i agree.

4

Why ERC-20? I am interested in BNB or SOL, or preferably both of these blockchains. The low fees are very attractive to small investors and the general public. All the time, I see altcoins traded on SOL making significant gains with over 10,000% growth in a single day.

It is crucial to assess the project’s technical and financial capabilities. I opt for BNB and SOL due to their affordability and popularity, which is attributed to low fees and ease of contract writing on these networks.

1 Like
5

I like the idea and I also think we have to start moving faster because the market sentiment is changing, new active members joined babelfish fam, the impulse and momentum is here - lets build and grow. I agree with proposal that babelfish has to go multichain and ETH is the second biggest chain so it should be the first choice.

2 Likes
6

These gains are only pump and dump scam memecoins. Babelfish is not anything like this.

However SOL and BNB are also good options, but because we do not have a bridge to those chains yet, i dont see this as the first possible option.

Sovryn has a solid and working bridge between RSK and ERC20, it’s battle tested and working for years now.
That’s why my proposal starts with ERC20, because Babelfish can use this bridge as well.
It’s the fastest and easiest bridge to implement right now.

After this bridge is live, they could look into other chains like SOL, BNB and many more.

2 Likes
7

Thanks to everyone for the lively discussion. I appreciate your initiative, @Moeloe, in starting this conversation.

Since this discussion focuses on enabling trading of $FISH on other chains, I have allowed myself to edit the title, as it could otherwise be misleading. We need to distinguish between BF going multichain, which would mean providing our services on there, from simply allowing trading of $FISH on other chains.

Before diving deeper - I believe we should take into consideration that crypto is entering a different narrative with people realizing that DeFi on Bitcoin is becoming reality, Rootstock and Sovryn’s BitcoinOS are positioning BabelFish very favorably.

I wouln’t say that it is too complicated. But I agree - for some users the setup for Rootstock and RBTC can be a bit cumbersome. We’re looking for most efficient ways to simplify this process to make it more user-friendly.

Bridging $FISH to Ethereum, is not a problem for our devs, but it demands careful consideration of efficiency, time, funds, and liquidity. Given Ethereum’s high transaction and DEX’es trading fees, are very prohibitive for many smalle traders, it might not be the optimal choice. It might get even worse in the later phase of the bull run. I personally don’t like Ethereum and I believe that it will lose it’s position in this bull run. But is still will remain big and significant blockchain.

It’s also crucial to understand the benefits and demand for $FISH on Ethereum or any other blockchain. While new listings are often well-received, I believe that our aim should be to avoid short-term hype and focus on sustainable growth. So what are the goals?

Sovryn and BabelFish are indeed two distinct yet closely connected projects. It’s important to note that Sovryn has not acquired BabelFish. Instead, there’s mutual support between the two, with Sovryn developers dedicating time to BabelFish and vice versa. Currently, our collective focus is on Sovryn’s ongoing projects. The direction Sovryn takes is closely followed by BabelFish, cofirming strong partnership. However, I believe that BabelFish has the potential to expand to other chains in the future. This expansion aims not just at enabling $FISH trading on these chains but more significantly, at offering our services broadly to make XUSD a truly cross-chain stablecoin.

Bridging capabilities extend beyond just Ethereum, as a bridge between BNB Smart Chain and Rootstock already exists. In fact, a significant portion of the stablecoin volumes within the BabelFish aggregator originates from BNB Smart Chain. Deploying tokens on either of these chains doesn’t present a significant technical difference.

I cannot answer that question now. Direct control over BabelFish’s funds is beyond my role, but the project’s prudent financial management, especially with Sovryn’s incubation, might enable a capacity for this move. Although from internal discussion that we had not so long time ago - additional funding would definitely help.

The idea of conducting a public sale to raise additional funds is intriguing. This strategy could not only boost $FISH trading liquidity but could also support BabelFish’s expansion to new blockchains. On the other hand it could be wise to hold the public sale on a blockchain where we aim to have the BabelFish aggregator and trade $FISH. By minting $FISH tokens on this network, burning an equivalent amount on Rootstock, and enabling bridging between these chains, we can streamline BabelFish’s growth across ecosystems.

I would say BabelFish’s journey is a testament to the belief that slow and steady wins the race. Reckless actions could cause significant damage. It’s been a long path, but looking at how far we’ve come and what’s happening in the crypto world, I believe we’re doing really well. Remembering that other big projects also took time to grow reminds us not to hurry. There is no need to repeat mistakes of others. We should focus on important steps first, like what you have mentioned - need to attract more users. I know - it’s complicated and we need to have whole picture in mind. From what I’ve seen, things are usually more complicated than they seem at first.

Given BabelFish’s current work with the BNB Smart Chain, it stands as a practical choice, just as much as Ethereum does. The key difference lies in BSC’s more inclusive nature and Ethereum’s higher fees making it a more exclusive option. Nonetheless, we’re also considering other blockchains, assessing their technical compatibility, community interest, and how well they align with our strategy. From my perspective SOL is an interesting option, but it would require much more effort.1

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Just thought - babelfish could potentially become a bridge to other networks. What I mean is that we could add gas refuel aggregator, so that users could send the required native token of a network in a different blockchain using assets from users blockchain. For example, eth/bnb/rBtc. This is the first step towards significantly increasing the number of users and interest in babelfish.

The second step, as I mentioned before, is to allow payment of the bridge fee in babelfish tokens with a substantial discount.

The third step would be to offer a discount for simply contributing to babelfish. I mean a discount based on the amount locked in staking and the lock-up period.

9

The goal is to have more options for trading $FISH, Etherum is even with the insane fees at the moment a very important chain.
I understand this will take away dev time and funds. however it can also be earned back by fees that are being earned by the AMM pool on Uniswap. next to this, more people will be able to trade $FISH. There could become more interest in Babelfish as a project and maybe even suck in more stablecoins as a result.

Because the bridge already exists for SOV, I believe using the same bridge for $FISH is the easiest way to do this with the least time consuming and therefore least funds.

My next proposal in this case would be to open a pool on BSC as well, if you say this is technically almost the same, why not make a bolt move and open up ERC20 and BSC at the same time? this would make trading $FISH so much easier for all degens out there…

and as saidd before, this might bring in much more interest in Babelfish as a whole and will bring in more stablecoins for the aggretor.

I like this idea, do the public sale on ERC20 and BSC, and use those funds directly for the liquidity in the pools.
It’s a win/win.
my question is, how fast can we do something like this?
if we wait an other year, or even months, there is no point.
The market is hot, people are looking for upcoming projects, this is the moment.

1 Like
10

I would like to see that Babelfish also thinks a little bit for themselves. Sovryn should not take away all the dev time right now.

If there will be no development on moving $FISH to other chains until Sovryn is done with BitcoinOS, we can wait for an other year or 2…

That would set us back to an other bearmarket of ‘building’… and than when Bull comes in 5 years, Sovryn probably has something again and we can wait again…

Please dont tell me Babelfish devs are only workong in Sovryn and there is no willingness to work on $FISH getting to ERC20 and BSC in the very near future… its also imortant for the whole project to do this very soon.

we’re waiting for 3 or 4 years now… and still only on Rootstock…

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11

Hey Hyde, i know you’re fully focussed on Sovryn right now. all good and stuff, because we can ask and complain what we want, but nothing will change.

but in what timespan can we expect something from you or dev from babelfish?
Like what direction are we heading to…

i was reading Discord as well… but nothing promising if you ask me

an other month passed. and just nothing happened.