Important Staking Updates on SINS and NRG
We have some important updates for you with regards to our Staking Products for SafeInsure and Energi so please read this email carefully.
In addition to this email you may also refer to my recent LIVE video posted on November 27th 7pm Singapore time — GO TO VIDEO
At Pool by Cake we value transparency highly, which is why we want to inform you about some important upcoming changes:
1. Delisting of SINS (SAFEINSURE)
It has come to our attention that Safeinsure is launching their new masternodes program with a replacing coin called SCAP (Safecapital). The main difference in this staking process for this coin is that Masternode funds will be locked in for 1 year.
It is not clear what will happen to existing SINS following this change by Safeinsure and we have therefore made the decision to delist SINS as precaution for our our users until further notice.
For more information about SCAP, see https://www.safecapital.io
For clarification, we will not list SCAP as a staking coin due to the long lockup period of the coins necessary, since we do not want our users to be bound for such a long time in a masternode.
2. Delisting of NRG (ENERGI)
Energi has made the decision to change their system and rebuild on an Ethereum fork (Energi 3.0). With this, we unfortunately have no choice but to delist this staking coin for now due to the complexity and various uncertainties of the upcoming changes which should happen as communicated by Energi at the end of December. Having said that, we would like to highlight that we are open to re-list the new Energi staking coin in the future.
For more information about Energi 3.0, see https://medium.com/energi/preparation-of-energi-3-0-3e68d100f5a
If you are staking any of these coins with us, here is what is going to happen next:
- We will be stopping all SINS and NRG Masternodes by Thursday December 4th 2019.
- All slices (shares of the masternodes) will be converted back to coins and credited to your account. This change will be AUTOMATIC — no action is required on your part, and we will not charge any fees for the automatic change from slices to shares. For earlier sales of shares on your own terms, normal terms apply.
- You will be able to withdraw any bonus shares that you have been awarded (SINS and NRG), the will also be converted to coins and credited to your account.
Withdraw all your SINS and NRG coins by latest 13th December 2019
What else is to know?
SINS: You may choose to hold the coin on your own wallet, switch into SCAP at your own discretion, or decide to exchange it into other coins on an exchange. Cake is unable to offer advice or assistance as it is beyond our control — thank you for your understanding.
IMPORTANT: As far as we understand SafeCapital is conducting the SCAP swap of 40k SINS at a time, we would strongly advise NOT to withdraw SINS directly to SCAP swap address, due to potential mix-ups of refunds. Cake cannot be held responsible to process any refunds from failed SCAP swap.
NRG: You may choose to hold the coin on your own wallet or decide to exchange into other coins. To our knowledge, exact dates for the fork have yet to be announced, but Mid-December was communicated.
IMPORTANT: You will not be able to claim Energi 3.0 if you keep your coins on Cake. Therefore we would like to emphasize for you to withdraw your coins as early as possible. Since we do not have any in-depth knowledge in Energi’s internal processes, please note that Cake cannot help you with any details on the fork.
Should you decide to keep holding any of the coins please make sure to get the necessary information via their Social Media or Support channels on how to secure your coins. We would like to stress that Cake is not affiliated with SafeInsure, SafeCapital nor Energi.
We will stop accepting SINS and NRG deposits from today, 27th November 2019.
We will keep offering staking of DASH, PIVX and ZCOIN and will be looking at adding more staking coins soon.
Also, we have exciting news coming up soon on our exciting product roadmap — so stay tuned.
For any further support please reach out to our team at firstname.lastname@example.org.
Happy Staking at Cake!
CEO & Co-Founder