Tezos Capital is closing it’s Bakeries on August 5th.
After an epic run of baking on the Tezos blockchain since day 1, the team at Tezos Capital is turning off their ovens. In conjunction with the likely upgrade to Granada on August 5th, Tezos Capital will be discontinuing its baking services. All delegates are encouraged to move their baking rights to one of the many fantastic Tezos bakers. This includes the Tezos Capital Legacy baker: tz1TDSmoZXwVevLTEvKCTHWpomG76oC9S2fJ and the Tezos Capital baker: tz2PdGc7U5tiyqPgTSgqCDct94qd6ovQwP6u.
As a thank you to our over 1100 delegates, we took a snapshot during cycle 374 and will be sending all delegates who had at least 1 XTZ baking in our bakers a share of 100,000 STKR tokens that we have accumulated. Distributions will be made prior to our shutdown.
We’d like to thank everyone who has trusted us with their baking rights, and we hope that we have made a positive impact on Tezos over the years. We have very much enjoyed the baker community and working with our delegates and wish everyone great fortune in their Tezos endeavors.
We’ve prepared a few answers to questions that will no doubt come up. As always you can reach us at @tezoscommunity on twitter.
Q: Why are you shutting down?
A: Our team has been following the rise of DeFi and NFTs on Tezos and we believe that we can generate superior returns with our XTZ on these emerging platforms vs. our baking returns. There are many high quality bakers with loer fees than Tezos Capital, and we feel confident that the baker ecosystem is being left in 💎🙌. We plan to use our bonds to bolster our support of StakerDAO and other long term value creators across the Tezos ecosystem.
Q: I am delegating to Tezos Capital / Tezos Capital Legacy, what should I do?
A: You should change your delegation to another baker. There are many great bakers to select from. We helped the Tezos Nodes team get their start with their baker rating system and would recommend any of their top rated bakers. https://www.tezos-nodes.com/ We do not recommend “corporate” bakers or bakers from centralized exchanges. Not your keys, not your coins!
Q: When do I need to change my delegation?
A: We intend to stop our operations at the launch of Granada, on or about August 4th. We will discontinue paying rewards at that time. We recommend you begin looking for a new baker now so that you can receive your rewards uninterrupted. We do not plan to upgrade either our baker or our payout system to support transactions past Granada’s launch.
Q: What happens if I don’t change my delegation in time?
A: When we shut down our bakers, we will no longer be baking or endorsing blocks, and will therefore no longer be generating rewards for you. You will be missing opportunities to earn baking rewards and to support another baker with your delegation.
Q: What will happen to Tezos.capital and the @tezoscommunity twitter accounts and .tez addresses?
A: Team members behind Tezos Capital plan to continue to contribute to the Tezos ecosystem. Some of us are working on StakerDAO, and others have a new venture in mind. The Tezos.capital website will be shut down, but the @tezoscommunity twitter account will be maintained as a pro-Tezos account.
Q: How can I contact you if I have questions?
A: You can send us an email at support@tezos.capital, contact us through the chat feature on tezos.capital, or drop into the @tezoscommunity DMs on Twitter. We expect to turn off the Tezos.Capital site shortly after we finalize our bakery shutdown in August.
