Bake to Discontinue dCrypto Unwrapping Service Amid Regulatory Changes

Regulatory Compliance and Service Discontinuation

As part of its efforts to comply with evolving regulatory requirements, Bake has announced that it will discontinue its dCrypto unwrapping service on February 28, 2025. This change affects all dCrypto tokens, including dBTC, dETH, dUSDC, dUSDT, dLTC, dEUROC, dDOGE, dBCH, dMATIC, dSOL, dSUI, and dDOT.

Who Is Affected?

The discontinuation of the dCrypto unwrapping service only affects users who hold dCryptos on the DeFiChain blockchain. If you are a Bake customer who does not own any dCryptos on DeFiChain, you do not need to take any action, as you are not affected by this update.

Reason for Discontinuation

The decision to end dCrypto unwrapping services aligns with regulatory requirements that restrict Bake from continuing to offer unwrapping services for dCrypto tokens. As a result, the functionality to unwrap dCryptos will no longer be available after February 28, 2025.

Impact on Unredeemed dCryptos

Unredeemed dCryptos will remain tradable within the DeFiChain ecosystem. However, Bake will no longer provide a mechanism for redeeming or unwrapping dCryptos after the deadline.

Liquidity Mining Update

As of December 23, 2024, all Liquidity Mining positions on Bake, including fixed-term positions, will be automatically deallocated. If you’re holding any active positions, the underlying tokens will be returned to your wallet.

Next Steps for Users

If you wish to unwrap your dCryptos through Bake, we recommend doing so before February 28, 2025. After this date, unwrapping will no longer be supported on the platform. To unwrap your dCryptos, follow these steps:

1. Log in to your Bake account.
2. Navigate to the Deposit section.
3. Select the asset you wish to unwrap.
4. Choose the DeFiChain network as the transfer option.
5. Follow the on-screen instructions and deposit your dCrypto to the provided deposit address.

Future Developments

GSTechnologies, the new owner of Bake, will explore the possibility of introducing a new bridging service in the future, pending further evaluation and market considerations.

Conclusion

In summary, Bake will discontinue its dCrypto unwrapping service on February 28, 2025, due to regulatory changes. Users who hold dCryptos on the DeFiChain blockchain are advised to unwrap their tokens before the deadline. If you have any questions or need assistance, please don’t hesitate to contact Bake’s support team.

Source: Blog.bake.io

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