https://blog.stablegains.com/were-discontinuing-the-stablegains-service-please-withdraw-your-remaining-funds-405e6bfb89c4 Get unlimited access Open in app Home Notifications Lists Stories --------------------------------------------------------------------- Write Stablegains Published in Stablegains Kamil @ Stablegains Kamil @ Stablegains Follow May 21 * 4 min read We're discontinuing the Stablegains service. Please withdraw your remaining funds. This post includes urgent updates for all Stablegains users, an anticipated timeline for the coming weeks, as well as important news regarding our service. 1. As of Sunday, May 22, 2022 -- we will no longer provide support for Anchor Protocol. 2. At this time, to ensure users can recover as much of their funds as possible, we are recommending them to withdraw their remaining assets from the platform as soon as they can. Please note, per the Terra team's proposal, there is a high chance that all UST will no longer exist on the new Terra blockchain and/or be tradeable for anything else after May 27, 2022 -- therefore, we encourage users to withdraw funds before then. 3. Finally, as a result of recent events, we have decided to discontinue the Stablegains service beyond the end of June 2022. Details and anticipated timeline: 1. Stablegains is not accepting any new users or any new deposits on our platform. At this time, please DO NOT use your deposit addresses as any funds sent might not be recoverable. 2. We will stop support for Anchor Protocol on Sunday, May 22, 2022 -- from that point daily UST interest will stop accruing in Stablegains. The last UST daily interest payment will take place on May 22nd at 3pm PDT/6pm EDT. After that point, we will withdraw all users' UST from Anchor into our custodial Terra wallet from where we will facilitate withdrawals. 3. As long as it's technologically feasible and no later than 3pm PDT/6pm EDT on June 30, 2022, UST will continue to be available for withdrawal from Stablegains directly on the Terra blockchain, as well as USDC, ACH and wire (converted at the market rate). 4. Over the coming weeks, we will be regularly reaching out to people that continue to hold assets in Stablegains to remind them about the upcoming June 30 deadline. 5. Again, please note, per the Terra team's proposal, there is a very high chance that all UST will no longer exist on the new Terra blockchain and/or be tradeable for anything else post May 27. We will keep users updated on these options, but once again, we are recommending users to withdraw as soon as possible. 6. On July 1, 2022, we will stop supporting the Stablegains service. The mobile app will be delisted from App Stores, the web interface will be taken offline, and it is very likely we will not be able to support withdrawals after that time. Please note, this has been an unprecedented event, and the details and timeline are subject to change based on further developments. Regarding the reporting for tax purposes that some users asked about, we are investigating how to best be helpful here and will provide more information on this to everyone over the next weeks. Additionally, the Terra community is considering ways to compensate people that lost funds due to the UST depeg. Our current understanding is that it's best to withdraw UST by May 27th to a non-custodial wallet. See our guide here. ##### Finally, we would like to share a message from the Stablegains team explaining these developments and the rationale for the actions we are taking: When we started Stablegains, we wanted to help expand the exciting innovations in decentralized finance (DeFi) and make them accessible to people all over the world -- our guiding intention has always been to build a service that will serve people for generations to come. We officially launched Stablegains in mid-2021 -- integrating with Anchor Protocol, one of the most anticipated tools in the DeFi world -- for many months, the protocol was highly profitable, without any subsidies. We continue to think the way it used staking rewards from loan collateral to pay for higher yields was a brilliant innovation. Our users appreciated the simplicity we brought to accessing the yields on Anchor, as the protocol grew to become one of the largest across all of DeFi. Inspired by the possibilities across DeFi, our aim was to go beyond Anchor and to integrate with multiple protocols so that users could have easy access to multiple tools and allocate their assets across all of them based on their judgment of the benefits, costs, and risks of each option. Unfortunately, we didn't get there in time. Of course, as we witnessed many times over the past many years, investing with crypto assets, decentralized finance, even stablecoins, comes with numerous risks. While we have informed users that there are no absolute guarantees against risks, the UST depeg event was unprecedented and the outcome was extreme. The depeg happened too quickly and at such a scale that the Terra community's systems failed to resist. Immediately after being notified of the depeg issue on May 10, our team has been working around the clock to fully address the situation. When converting UST to USDC/USD on a 1:1 basis became impossible, that same day we enabled a feature giving users the ability to withdraw UST directly. We also provided users with relevant guides and kept in daily communication. Then, as we continued processing UST withdrawals, we also enabled USDC and USD withdrawals enabling users to convert at the UST market rate, which unfortunately continued to slip. At this moment, we are continuing to process withdrawals multiple times per day and will continue doing so as long as we can. Now, as it becomes apparent that UST is not what we all had hoped it would be, our app no longer provides users with the value it had over the past year. As such, we are asking all of our customers to take their remaining funds out as soon as possible, before we close down our current service and look to the future. We are deeply sorry and devastated to be writing this to you. We will continue to do our absolute best to process all withdrawals until at least the end of June -- assuming it is technologically possible -- and will remain available to answer support queries from all users. While our vision for Stablegains was met with an untimely and unfortunate end, we are incredibly grateful for the kind support we received from many of our users over the past year and those who have shared in our vision even now. Sincerely, Team Stablegains -- -- -- More from Stablegains Stablegains.com -- 15% APY savings tool. Take control of your financial future. 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