Babel Finance, one of cryptocurrency lending firms shaken by the bear market of 2022, is exploring new restructuring opportunities involving minting a new token.
Babel co-founder Yang Zhou is planning to build a new decentralized finance (DeFi) project in order to generate revenue to repay debts owed to creditors, Bloomberg reported on March 5.
Called Hope, the potential DeFi project aims to mint a new stablecoin serving as a “recovery coin” for Babel, according to Yang’s restructuring proposal.
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