Thread by @Route2FI

You already know that I like $TIME and $OHM.

Here is a new DeFi 2.0 protocol that is launching on Solana that I think will challenge the top 3.

It's called @BabylonDAO (⏳,⏳)

Let me explain why this isn't just a copy-pasta fork of $OHM and why it offers unique value.

/THREAD

@BabylonDAO has used a long time on their launch, and for a good reason.

Let me present 3 points on why BabylonDAO is unique, and we will go through them in detail later in this thread.

1. Super strong community and solid roadmap

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2. Babylonswap: building their own DEX (the goal is to have all trading pairs)

3. Babylon is not looking at being an $OHM fork it’s looking at being the reserve currency of the whole internet.

Okay, let's start.

BabylonDAO is a...

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decentralized autonomous organization that aims to build the reserve currency on the Solana network.

All $BBY is backed by a basket of assets (e.g. USDC) that produces an intrinsic value that it cannot fall below.

So far so good, we already know this concept from...

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other rebase tokens.

Why is there a need for Babylon?

1. Bitcoin is too volatile to use as a payment.

2. Dollar-pegged-stablecoins suffers from inflation

3. By incorporating a DEX, the team has added a potentially massive stream of revenue straight into the treasury.

4/

I guess you already know DeFi 2.0 game theory, but if you don't I recommend you to read this article that explains it:

medium.com/@MutMinty/how-…

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On Babylon you can do 3 things:

1. Stake ⏳,⏳

2. Bond ⏳,⏳

3. Sell

Staking and minting are considered beneficial to the protocol, while selling is considered detrimental.

The best scenario is that we stake --> APY up

The worst scenario is when we sell --> APY down

6/

Let's start with the details:

1. Community and roadmap:

Babylon DAO is launching on Sunday 28th November, and without any marketing, they have already 38,000 Discord members and 16K followers on Twitter.

A part of the reason for the high activity in the Discord channel...

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is due to the token-launch $BBY.

Compared to other DEFi 2.0 launches, Babylon wants to have a fair launch where the most active members in the Discord channel are rewarded.

$BBY tries to only whitelist people who will put in effort and time in the project.

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The $BBY token will have an initial supply of 38,220 $BBY and the tokens will be allocated in this manner:

-Initial Prayers: 28,200 (73.8%)

-Team: 7,000 (18.3%)

-Advisors: 2,000 (5.2%)

-Further development of Babylon projects and grants: 1,020 (2.7%)

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Why are they launching in this way?

Because there’s too much capital in abundance.

-If you whitelist on the basis of who was first, they will inevitably dump when the price goes 100X.

-If you whitelist VCs, they will inevitably dump too (we’ve seen lots of cases).

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But if you only whitelist people who’ve put in the effort, then you’ll find the true diamond hands who believe in the product, the vision, and the team.

Additionally, with so many forks around, we’ve seen liquidity move from 1 project to another super fast...

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In such an environment, how do you build a strong community?

-By having shared rituals

-Having a sense of purpose within the community.

I've been in the Discord and it's almost like a cult in there (pretty unique IMO).

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So many rooms with rituals like prayers, codes and ofc general rooms like gm, gn etc.

They have rooms like ideas, trading, alpha and by spending some time there I actually picked up some other crypto ideas.

Could this become...

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a huge alpha group of like-minded Twitter people for free?

Not only for DeFi 2.0, but like a huge community for sharing crypto ideas.

My recommendation is to have a look for yourself in their Discord.

I haven't seen anything like this since $OHM and $TIME.

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2.Babylonswap

If you've followed me for a while you know that I love DEX over CEX.

Solid decentralized exchanges are one of the biggest innovations in crypto IMO.

On a DEX any new crypto project can launch its token, provide some startup liquidity...

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with their token, and then have the rest of the liquidity provided by the community.

The drawback: As easily as your community can add funds, they can take it away.

BabylonSwap is a decentralized exchange using DEX-owned liquidity.

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The era of having liquidity miners seek yield across the metaverse and endanger those that would want to use protocols for their futures has come to an end.

Imagine the amount of value capture we’ll see with the combined power of...

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an OHM-like community of stakers alongside a DEX fueling the astronomical rise of DEFI on Solana.

Uniswap alone has generated more than 1 billion dollars in revenue. Imagine if that was going straight into the $BBY treasury…

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3. $BBY - The reserve currency of the Internet:

Okay, so will $BBY beat $OHM/$TIME?
We've seen toomany launches of DeFi 2.0-products lately, and the question is:

"Who will win?"

The answer: The winner will be the one with the most liqudity in the market.

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$OHM has some obvious drawbacks, and eg. the liquidity in between the rebases.

$BBY solves this by punishing people who unstakes.

If you unstake, you are not allowed to stake again immediately.

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You can only stake again at a random time (you have to wait between 1 and 60 hours from your unstaking). This improves liquidity and makes the protocol more GameFI alike.

From what I've seen from the team on Discord, this is a team that...

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wants to innovate DeFi 2.0 by changing the rules and making improvements to the protocol that it's the best for the community.

Another aspect, there are several forks of $OHM now. Why another one?

$BBY is launching on Solana which has high speed and very low fees.

Yes, $IN already exists, but this is just a 100% copy-pasta of $OHM, no originality, and that's why I haven't got in there myself.

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So to summarize:

-Solid roadmap

-Strong community

-Team that dares to think different

-DEX

-Punishment for unstaking to improve liquidity

-Culture in Discord (look for yourself to see what I mean).

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How do I play his?

I already have $OHM and $TIME and a couple of other forks, but this will go into my portfolio in the top 3 biggest ones.

Token launch:

Starting on Nov 28th (day 1)

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Uruks (day 1): The holiest people (most active in Discord, only 282 people) can buy a max. of 100 $BBY tokens for the price of $500 USDC ($5 per token).

Assyrians (day 2): Token price is $25. Only the soldiers of Babylon are allowed (see Discord).

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General Babylonian (day 3): Token price $25+. All members of Babylon are welcome.

There are more rules, but this is a really cool concept and vibes to my gamer-heart!

You can read the rules here: docs.babylondao.finance/technicalities…

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Also by only letting people buy for $500 on launch makes this a pretty fair launch IMO.

You buy $BBY on Raydium (raydium.io).

But that's it for now, folks!

Let's continue to participate in (3,3) and (🎩,🎩) , but let's give (⏳,⏳) a warm welcome.

I think this will sail up as a top 3 contender based on the uniques game theory, DEX, and cult look-alike vibes I got in the Discord.

Use this thread and make your own decision.

NFA and DYOR.

If you liked the thread, I would love it if you shared the first tweet so that more people will see it:

https://twitter.com/Route2FI/status/1462824989825146888?s=20