An open letter to Daniel Fogg, CEO of IOVLabs

An open letter to Daniel Fogg, CEO of IOVLabs: This letter is also published on the Sovryn forum at An open letter to Daniel Fogg, CEO of IOVLabs

Dear Mr. Fogg,

I am known by the pseudonym Sacro and speak on behalf of Sovryn in this matter.
Recently Sovryn made a statement via an on-chain vote (“SIP”). You can see the content here: Sovryn Zero

In Sovryn’s opinion, it is essential to encourage the inflow of stablecoins into the rootstock sidechain. We believe that the entire rootstock economy could benefit from this.

With the Incentive Curves, Babelfish has now created a system that financially rewards this inflow of stablecoins when there is an imbalance, as is currently the case.For details and analysis, please refer to the SIP and the discussion URL provided there.

We therefore ask IOVLabs to consider supporting this mechanism and to support Babelfish with 50,000$ for the Incentive Curves.

We believe that IOVLabs and rootstock could also benefit from this investment through increased utilization in the form of higher transaction revenues.

IOVLabs has recently very generously sponsored 2 trading competitions for Sovryn. We are very grateful for this. We hope that the measure outlined here will be even more successful.

We hope that you could find the time next week to reply to this letter in the following forum post




The letter was CC’d to myself, yago, and Bruno Almeida, IOV’s head of marketing. I hope a conversation will start here soon.


I messaged Daniel to make sure he knows he is invited to join in conversation here.

Here’s the answer from Daniel:

Hi Sacro,

Thanks for the email and for the on-going commitment of the Babelfish community to build out a DeFi ecosystem on Rootstock.

Some of the IOV Labs team have already reached out to our contacts in the Babelfish community to discuss if we can help here.

From my memory of past conversations, the KYC/compliance requirements of IOV Labs treasury management process were limiting factors in providing support for previous request. I hope we can get into those details with your community members and see if we can find a way to address this hurdle.

Many thanks,

Daniel Fogg


Hey Sacro,

I hope all is well. I was just wondering if you were able to respond to Daniel or not. Is he planning on addressing this here on the Forum?

Stay Sovryn!

We have pointed to this thread but it’s up to IOVLabs to respond here. If they prefer mail,that’s fine.This is my response from just now:

Hi Daniel,

Many thanks for the feedback and for taking the initiative so quickly! I would also like to thank you for pushing Layer2 solutions for bitcoin.

We really hope that you can work with Babelfish to find a solution to the issues described. We would be very happy to receive feedback once the discussions with Babelfish have taken place.

Best regards,


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Is there an update on this?

Hello Sovryn Community!

I’m Richard and I lead the Partner Success team at IOV Labs. Over the past week we’ve thoroughly reviewed the proposal with Sovryn and Babelfish. Following this, our internal teams are in the process of assessing it.

Earlier this month IOV Labs provided an injection of capital in Babelfish’s marketing campaign (Turbocharging Rootstock’s Stablecoin Liquidity), to support their efforts. Hopefully, and if successful, this can continue and increase in value. The campaign concludes on Dec 13th, and we’ll include its results in our analysis of this proposal.

We appreciate your support in building the DeFi ecosystem on Rootstock and will keep you updated. Thank you!