BabelFish’s mission is to enhance USD-stablecoin flow and I think it would increase the use of UST across many chains. I suppose the Devs could reach out to each other and work something out.
I’m not affiliated with them, but I’m using a dApp on the RSK network that uses Babelfish to ingest USDT/USDC/BUSD and DAI and turn them into “the dApp native stablecoin: XUSD”.
This is from their website:
Today there are five stablecoins with at least $1bn in crypto-USD float, there are many more with less than that…they are different brands with different unique selling points and so do not translate 1:1. As stablecoins bloom and DeFi markets grow beyond Ethereum to chains like Avalanche, Binance, Rootstock, Solana, etc. the combined USD liquidity gets fractured further which is sub-optimal for the industry. BabelFish turns these liquidity swamps into a liquidity lake…
It’s a decentralized and chain-agnostic stablecoin aggregator and distributor. It feeds on stablecoins, absorbing all liquidity and excreting the yield to deploy it as protection. The practical upshot of which is that if you stick stablecoins to it, you can neatly cross the language divide between any chains and use your money anywhere to DeFi.
Here’s how it works in essence:
- User sends stablecoins to protocol
- Protocol mints convertible stablecoin to user, plus FISH tokens to participate in governance
- Protocol invests collateral in DeFi to earn revenue and create a Bitcoin layer 2 insurance pool for users.
- User can redeem stablecoins at any time 1:1
What do you think?