SIP 0018 - BabelFish Token Sale

Fellow Sovryns,

We want to make sure that Bitocracy participants know what they are voting for. Based on community feedback, some changes have been made for clarity’s sake. BabelFish seeks to be open and inclusive from inception and are working hard across time-zones to present a clear proposal for the benefit of both Sovryn and BabelFish. Being open and democratic can be a loud and chaotic process which can lead to misperception, but the ultimate source of truth which will go for a vote is now on GitHub’s SIP-0018

Thank you for your patience and support throughout this bitocratic process

Introduction

I hereby submit SIP-0018 to leverage the upcoming Sovryn Origins platform as a launchpad to do the first token sale in Sovryn for BabelFish. We see the Origins platform as the first Bitcoin layer-2 IDO platform, and would like to follow in Sovryn’s moon boot footsteps to showcase this, ideally setting a precedent for future teams seeking to launch Bitcoin DeFi projects.

No platform exists today to support projects seeking to launch DeFi projects on Bitcoin. Sovryn is uniquely positioned to provide this launchpad as demonstrated by the successful Origin sale of SOV. The intention of putting forth this SIP for a Bitocracy vote is to permit BabelFish’s use of the Origins platform to perform a token sale. (Additional details about the Sovryn Origins platform will be released by the Sovryn team at a later date.)

Reasoning

If this vote passes and BabelFish conducts a successful token sale, it would demonstrate the Sovryn Origins platform’s capability to serve as a launchpad for future Bitcoin DeFi projects.

This could bring an inflow of innovative decentralized product experimentation to be bootstrapped on Sovryn and initiate a virtuous cycle of innovation and a flywheel effect for SOV.

Background

BabelFish aims to be the first money lego built on Sovryn with the mission of bringing deep stablecoin liquidity to the ecosystem. This will also be convenient in terms of UI/UX inside Sovryn’s portfolio, as users won’t have to choose between a growing myriad of USD-pegs, instead, all USD-pegs can be deposited and withdrawn 1:1 via a single xUSD.

Tokenomics

The purpose of FISH tokens is to jumpstart its DAO. This is a collective experiment to remake and decentralize money and needs to be managed by an active community of participants akin to the example being set by Sovryn. For a comprehensive view of BabelFish’s token emission schedule, see here (subject to change).

We propose a capped initial token sale of 12.5% of the FISH supply. In addition, Sovryn will receive 2.5% to provide liquidity to the DAMM, and 1% will be airdropped to stakers pro-rata. Ultimately, stablecoin users who use BabelFish to bring liquidity to Sovryn will also earn FISH rewards for governance.

Token Sale Day One (Exclusive to Premium BCW members):
FISH price: $0.11
Tokens for sale: 32,508,000
Percent of supply: 7.74%
Vesting: 10 months linear
Wallet limit: $2,000
Accepting: RBTC

Token Sale Day Two (Public):
FISH price: $0.18
Tokens for sale: 20,000,000
Percent of supply: 4.76%
Vesting: 10 month linear with 50% immediately vested
Limit per wallet: $3,000
Accepting: RBTC

Airdrop to Sovryn’s Governance Stakers:
1% pro-rata to fully-vested SOV stakers by voting weight
Vesting: 10 month linear with 50% immediately vested

Listing on Sovryn AMM:
Tokens for Sovryn: 10,500,000
Percent of supply: 2.5%
Pool to be created: FISH/RBTC

Additional Links

Website
Discord
Telegram
Twitter
YouTube

40 Likes

Good stuff.
I believe it would be sound to have a public statement on why you chose to keep the sale of the first day exclusive to Blockchain Whispers. (Myself I understand why, and I applaud it)

11 Likes

Why is BCW so privileged? As a potential investor it has me concerned. This update is highly unpleasant.
I propose that those who disagree on the big disadvantage that the rest of the community has in this sale. Vote no for this until the sale conditions are fair.

13 Likes

I have posted on this in the original discussion thread. Let me reiterate my perspective:

TL;DR: BCW are good holders and talented community, that empower the projects they get involved with. Their involvement is beneficial to good projects and thus healthy for all holders.

Engaged communities is important, and they must be treated well, but for a project to succeed in the sense that it appreciates in price, you need people onboard that can HODL until the fair price.

For instance, we valuate Sovryn at a billion dollars marketcap.
Therefore, we don’t really sell tokens before we have reached the fair price. This is because we believe this is the minimal fair value of the project.

Without disciplined and visionary holders, Sovryn might got frontrun by shortsighted fools and speculators.
Instead, a considerable amount of the circulating supply is in safe custody of strong holders that will not dump.

We enter Sovryn early because we believe, and we hold until our believe has manifested in a product that is worth much more than when it was at the early, experimental stage where we onboarded.
At the point where the value is realized, and the product is much safer and clear to others, they can pay us for our trust and risk by buying SOV at a fair price of the time.

If you look at venture capital and compare it to blockchain whispers, blockchain whispers is decentralized.
We are not suit and tie mofos, we are a loving bunch. Many of us trade in our underpants. That’s our degree of non-institutional.

To secure that the project is in this kind of custody is the reason why premium whispers onboard the presale. We need to have most of the tokens, since we cannot vouch for the hand quality of public channel. It is home to aspiring premiums though.
Public channel is a great place to get word of great projects and join in carrying them to full fruition. Many amazing people join here, once premium has established the foundation. The public channel secures a steady inflow once it is safer for the project to onboard more people.

This is the value blockchain whispers brings to a project. Where will the casuals be when things take an unexpected turn and their investment is 50% in minus? Probably panicselling.
I can tell you where blockchain whispers will be: we will be holding. For years if necessary. In deep minus, strong in the storm. Ask bzx community if you want proof.

This is the value blockchain whispers bring. We are there in storm and sunshine, and we see good projects to fruition. You cannot achieve the same quality of holders if you randomly distribute to a bunch of degenerates in a raging bullmarket.

I am both a Blockchain Whispers Premium and a Sovryn Genesis holder. Of course I will be interested in a good allocation in Babelfish, but I have no particular stake in it. I don’t need it - I have Sovryn, this turned my life around already. I am trying to argue what is good for the project.

From that transparent perspective, it is easy to say that if I cannot take an advantageous position, that lowers my stake in a project. It is less safe for me to enter, more difficult to hold. My threshold for pain is lower, meaning the price has less space to drop before it reaches the point where I have to sell.

Aside from entering in early stages of development, here is the argument for giving a particular group a discount: the sheer value they add by holding with discipline. Good holders is part of the fundamentals for a project to develop on the market.

22 Likes

The correction is for worst.Not only did they keep the first day exclusively for a private paying group outside sov stakers, but also they put the rest of us in a basket.You could buy sovs even today,not stake them, and you would buy in the same price as a staker!!! Unbelievable.For God sake give us a break!If the first version was insulting, and a bad joke, I really don’t know what to call this!!!No,no,no fellow stakers please do not vote yes.No is the only way. Unacceptable!!!

12 Likes

Sovryn doesn’t stand for closed groups beeing prioritized in my opinion. What I see here is a “bribe” in form of an airdrop for voting yes. BCW could get FISH for almost 40 % less.
Pomp bought into SOV at a higher price than genesis and origin sale plus his SOV are locked. That was fair in my opinion.

8 Likes

Mate, you realize that the team that create this thing is from BCW? To them it is not an outside group, it is their foundation…
First it was limited to Sovryn stakers, then they wanted it to be more inclusive, now it’s not fair.
In reality I believe what people want is just to have the largest cut or advantage, and they will argue whatever for it. I hope we can keep this thread free of too much of this, since it was all over the last discussion.

10 Likes

What is fair for You? 50% relased after the sale is not good? BCW will hold it longer. Don’t You see an advantage here?

8 Likes

BabelFish’s core team, and subsequent community growth and support is derived in large part from Blockchain Whispers. As mentioned in our previous two calls, BabelFish is the overlap between the two communities, who are here to build products we want to use ourselves for the immediate and long-term.
With this final SIP we are opening the second sale to the <15% of the community that is not part of either community, and balance the exclusive sale to BCW with a free FISH airdrop to SOV stakers and providing the initial DAMM supply.

13 Likes

5b59145ed9cf4.image

6 Likes

Excellent summary - could not agree more.

Initial support for a project in alpha is vitally important for the development team, longevity and growth of the project.

Distributing the (hope for) value around many individuals (not all are wealthy) who support the project from inception and not accepting investment from centralised bodies must NOT be seen as a negative.

4 Likes

Ok so if BCW is the group behind babelfish and they are so powerful in the sovryn community…so there should not be a problem in passing the sip of yours.Yoy don’t need us.Vote it yourself .The premiums I mean .

3 Likes

Everyone is entitled to their opinion, but I believe you need to put into words why you are so offended by the BCW group?

3 Likes

I suggest : 1st day bcw, 2nd day sov stakers, 3rd day everyone.

6 Likes

I don’t think you’ve read properly. BCW investors have a linear 10 month vesting in exchange for the discount, whereas second day buyers get 50% immediately vested. If that’s not a fair deal to bootstrap this project’s development, I don’t know what is.

9 Likes

Just adjust the price of the two sales and I’d vote yes :slight_smile:

2 Likes

I thought that BCW already has a home token!!!..the Tasha token wasn’t it?I don’t really remember! Maybe we should vote for it too!lol

I’m voting yes. If you haven’t personally contributed to the development of the Babelfish platform why would you feel you’re entitled to some great windfall from its inclusion on Sovryn? Just because you hold a little bit of SOV? What value is that to the success of the Babelfish project? The Sovryn platform would be here with or without your SOV holdings. This is good for the platform and therefore good for SOV. If you think FISH is great then $.18 a token is likely to be an incredible steal 12 months from now. If you think FISH is a dog then don’t buy it. To me the only rational reason to vote No is if you think Babelfish is somehow detrimental to the Sovryn platform.

11 Likes

Voting yes here. Everything sounds amazing, so onboard of this intergalactic spaceship!

9 Likes

Great work guys. Most people will be happy. You can’t make everyone happy. Don’t pay attention to the people who think the world owes them something. If they don’t like it they shouldn’t participate.

8 Likes