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Cake Group Drama, DFI Crash and new developments

Author

Patrick Hammel
December 11, 2023

In todays edition InTheMarket:

  • Cake Co-Founder U-Zyn wants to dissolve the Cake Group

  • Javsphere listed on DMC Universe

  • Vanilla Farm is live

Read time: 4 minutes

Hey,

Welcome to a new edition of the InTheMarket newsletter! There are exciting news and developments in the world of DeFiChain. Let's get started right away!

Cake co-founder U-Zyn wants to dissolve the Cake Group

What happened?

Internal challenges:

  • Conflict with co-founder: U-Zyn, co-founder of Cake, has filed a petition to liquidate the company. This is based on management disagreement, not the financial position of the company.

  • Public discussion: CEO Julian Hosp regrets that internal matters are being discussed publicly and apologizes for this. He was informed only one day before the motion was filed.

  • Legal action: The Cake Group intends to take legal action to have the winding up petition dismissed. It should be noted that this can be a common tactic in disputes between business partners.

Cake Group's response and future plans:

Confirmation of company position: despite the internal challenges, Hosp confirms that Cake Group is financially strong and solvent, as evidenced by the latest public financial reports in Singapore.

Here is the balance sheet of Cake:

  • The mission remains unchanged. Hosp reaffirms his commitment as CEO and co-founder - and his commitment to DeFiChain.

  • Strategic direction: Leadership is aligned with Hosp's vision.

    It is emphasized that customers can expect new experiences soon, especially via the Bake app.

Further developments:

  • Operational achievements: Despite the internal challenges, Cake Group has made significant progress, such as launching a major update to the Bake app and supporting the launch of MetaChain on the DeFiChain blockchain.

Concluding words from Hosp: Despite the current challenges, Hosp remains focused on developing new experiences for customers and emphasizes the opportunities of the next growth cycle.

All information taken from the official Cake Group statement.

Disclaimer: The article contains a disclaimer stating that the information is for general information purposes only and should not be relied upon as financial advice.

DFI crash to $0.16

In response to the announcement that the Cake Group would close, the DFI price fell to $0.16. Many panic sales took place and there was uncertainty in the community. On the same day, a DeFiChain Community X Space was held in the evening, where Fabio and Ferhat (both Community Managers of Bake) shared their insights and answered questions. On Saturday there was also another English community space, where Julian was also present and went into the situation again. Be sure to listen to the spaces!

My personal take of the situation

My personal assessment is that the Cake Group will still be around next year, with new products and a restructured team. When I think back to the time in April when I was in the Cake Office in Singapore, I can say the following:

Of course it's very sad to see how things have turned out, especially because I experienced everything differently. I met Uzyn, Julian and the Cake team and was warmly welcomed by ALL of them. I only have positive memories and they will stay with me no matter what happens. But things are what they are and we have to move on.

The DeFiChain is not dead and the projects will continue to be built. The MetaChain is live, people are building projects, and DeFiChainLabs was born. VanillaLabs, Ebox, Blackswan, Jellyverse and more projects are here and will continue! DMC Universe will be an important player to navigate the MetaChain ecosystem! In January, the DeFiChain community meeting will take place with over 200 people.

The last week has been tough, even for me, but we keep going. No one ever said it was going to be easy. This is MAX Pain. But the DeFiChain community is stronger than ever! Let's keep building and supporting each other instead of spreading FUD and negativity.

We will get through this!

Javsphere listed on DMC Universe

Javsphere is now listed on DMC Universe and provides a simplified platform for accessing the world of the DeFi Meta Chain (DMC).

Key features of Javsphere:

  • Intuitive user interface: easy access to DMC products.

  • Smart liquidity management: Effective capital deployment options.

  • Maximize DMC rewards: All benefits in one centralized location.

Javsphere products:

  • StakeX

  • CryoVault

  • Yield Fusion

  • AutoPilot

  • Booster

$JAV Token: Serves as both a reward and utility token for Javsphere's products.

DUSD Staking & Career Opportunities:

  • DUSD Staking: This week, DUSD staking goes live at Javsphere, which offers users attractive yield opportunities.

    I recorded a detailed interview with Sebastian which is available on Youtube as well as a podcast on ApplePodcast, Spotify etc.

  • Open jobs: Two open jobs offer the opportunity to become part of the Javsphere team.

For more information and updates, visit the Javsphere page on DMC Universe and follow the profiles on social networks.

VanillaFarm Live on DMC-Mainnet

VanillaSwap has launched its new VanillaFarm feature on the DeFiMetaChain (DMC). Here, users can stake their $VAN tokens and receive $DUSD as a reward.

Important Details:

  • Staking period: 120 hours.

  • Yielding period: 120 days.

  • Maturity period: After the end of the yielding period.

  • Cap: 1,785,000 $VAN.

  • Yield: $DUSD 166 per day for the farm.

  • Pool exit: Possible after the staking period.

  • Staking conditions: Staking only possible during the staking period.

  • Payout/withdrawal: Only possible during the yielding period and thereafter.

  • Payout of the full yield: Only if you stay until maturity; leaving earlier leads to lower daily $DUSD yields.

Here you can access the farm:

🎧 Dive Deeper with InTheMarket Podcast and YouTube Channel

Want to explore more about DeFiMetachain? Check out our podcast episodes on Spotify and Apple Podcasts, and don't miss our YouTube video where we discuss DMC in detail:

💬Share Your Feedback with Us

That's all for now! Thank you for being with us on this exciting journey. Don't forget to share our DeFiChain newsletter with your friends and colleagues. Let's grow this community together!

We understand that blockchain and DeFi might not be the only topics that you're interested in. In a world increasingly dominated by technology, AI and machine learning are two more key areas that are becoming ever more relevant.

If you're interested in learning more about AI, particularly on how you can effectively utilize it in your studies or content creation, you might find this e-book helpful:

Best regards, Peddy