Hi Community, as you know, CAKE is managing the collateral for

Question

Hi Community, as you know, CAKE is managing the collateral for

all DATs (like dBTC) on the Defichain:
https://blog.defichain.com/how-crypto-assets-are-guaranteed-on-defichain/

There is no alternative to get BTC, USDT/C etc directly on the defichain without the CAKE and their necessary KYC process and up to 72 hours delay in transactions. Even DFX uses CAKE to wrap their bought BTCs to dBTC - but probably without the 72 hours delay 😉

KYC is necessary for a company like CAKE, but is it necessary for a DAO like the defichain project?
https://blog.defichain.com/defichain-transitions-into-a-dao/

And if it would be legally possible, wouldn't it be better to add the existent and proven wrapping/unwrapping process to the wallets instead of spending developer time on atomic swaps and EVM?

Looking forward to your comments on https://www.reddit.com/r/defiblockchain/comments/py6eg7/legally_possible_add_dat_wrappingunwrapping_to/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

#blockchain #cryptocurrency #defichain #english

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29.09.2021

4 ответов

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Mark76 Автор вопроса

Via a (new) API provided by CAKE... example: To deposit Bitcoins you get a bitcoin address ("managed" by cake), every bitcoin send to that address is wrapped at cake and send to your wallets dfi address as dBTC.... to withdraw: the recipents BTC address is send to CAKE via the API, the API generates a defichain address as response, all dBTC send to this address are unwrapped to BTC by CAKE. Of course, CAKE is and stays the central bank for dBTC, dUSDT etc like this... and if you read U-Zyn's comment on reddit on that topic about new tokens... it is pretty sure for me, that this will not be changed in the future... but at least it would be a way to wrap/unwrap the CAKE Tokens without KYC (if legally possible)...

0

30.09.2021

Bernd Mack

All right understood, I see the problem that no matter what you do with the actual wrapped tokens. You need Cake and here I am almost too sure. That if Cake provides such an API or something it won't work without KYC. The API is basically the same as what Cake currently offers, just without the GUI. Without KYC Singapore will be angry for sure 😂

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30.09.2021

Mark76 Автор вопроса

I suggest to switch to reddit.. :) but my guess is, that CAKE will keep the control over the "official" defichain tokens like dBTC... and only EVM will bring a bit more decentralization... but that is only my interpretation of this comment: https://www.reddit.com/r/defiblockchain/comments/py6eg7/comment/het54li/?utm_source=share&utm_medium=web2x&context=3

0

30.09.2021

Bernd Mack · Accepted Answer

Bernd Mack

How exactly do you plan the process of (un)wrapping in the wallet?

0

29.09.2021

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Hi Community, as you know, CAKE is managing the collateral for

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