Redeeming wrapped Bitcoin works differently depending on the provider:
> cbBTC requires KYC verification before redemption.
> WBTC requires locating an OTC dealer to process the redemption.
> zBTC can be redeemed directly and immediately, with no identity verification or intermediary required.
The redemption process is often the clearest indicator of how "wrapped" an asset really is.
fragBTC Withdrawal Update
We’re happy to share that fragBTC withdrawals are now fully available.
The withdrawal delays related to the underlying asset withdrawal process have been resolved, and all users can now withdraw their fragBTC in full.
As fragBTC is being wound down, users who have not yet submitted a withdrawal request are encouraged to withdraw their fragBTC at their earliest convenience.
We sincerely apologize for the delay and appreciate the patience of our community throughout this process.
Thank you for your continued support.
Clarification on Fragmetric’s Operations
We’ve seen some confusion following our recent F Points announcement and want to clarify a few important points.
Fragmetric is not sunsetting the protocol.
The recent announcement applies only to the F Points program. Fragmetric, fragSOL, and our core protocol operations remain active and continue to operate as usual.
Fragmetric also continues to conduct FRAG buybacks as part of our ongoing commitment to the protocol and its ecosystem.
Separately, some users are currently experiencing delays with fragBTC withdrawals. These delays are unrelated to the F Points announcement or the operation of the Fragmetric protocol.
As part of the fragBTC wind-down process, Solv Protocol is processing the withdrawal of the underlying assets into zBTC. This process is taking longer than initially expected, which has resulted in delays for fragBTC withdrawals. We are actively coordinating with the Solv team and will continue to process withdrawals as the underlying assets become available.
To reiterate:
• Fragmetric is not shutting down or sunsetting the protocol.
• Only the F Points program has been discontinued.
• FRAG buybacks are continuing.
• The current fragBTC withdrawal delays are operational delays related to the underlying asset withdrawal process with Solv Protocol.
We understand the importance of clear communication and apologize for any confusion caused by the earlier announcement. We will continue to provide updates on fragBTC withdrawals as the process progresses.