Releasing is similar to abandoning, but it's only possible for frozen hatchlings and adults. When done, the dragon (or drake, dino, etc.) loses its name and description, and it goes to live in the wild. This is sometimes done if the user wants to restart their scroll, wants to remove messy or inbred dragons, or has other reasons for releasing.
The official description of releasing is: "Release the dragon. It will still be alive, but will no longer be owned by you. This action is irreversible, and will cause the dragon to lose its name." Users are required to verify the action before their dragon is released.
Once the action is verified, this text is displayed: "You cross out (name's) information on your scroll and leave it to survive on its own."
Wild dragons cannot be adopted onto a scroll, and TJ09 has stated this will never be possible.