“DAI has been renamed to SAI. You will be subject to Emergency Shutdown if you do not upgrade to Multi-Collateral Dai (MCD)”
The long-awaited Multi-Collateral DAI (MCD), MakerDAO’s new innovation, released on November 18. And, as stated prior to the release, this upgrade comes with features such as DAI Savings Rate (DSR), which will allow you to earn interest on your DAI. DSR separates Dai from other stablecoins as it has no counter party credit risks.
Furthermore, the exciting aspect about this new feature is that it can be implemented on the backend of any product that uses Dai.
New collateral types have been identified for their future integration to the system. They are Augur (REP), DigixDAO (DGD), Golem (GNT), OmiseGo (OMG) and 0x (ZRX). However, at launch there is only BAT & ETH.
All these new features have come about with the rewriting of the whole Maker core of smart contracts. With a lot of efforts coming in to improve and add new functionality, Maker will make a cut off to the old single-collateral system and focus entirely on upgrading their newly launched system.
If you are still holding Sai in dYdX or any other exchange, whether its centralized or decentralized, you are subject to a an emergency shutdown or be left with obsolete tokens that are not pegged anyone and will more than likely tank in value almost immediately.
So, it is important to migrate your existing Single Collateral Dai tokens (Sai) to Multi Collateral Dai tokens (Dai) and CDPs to the new system straight away.
- Login to your dYdX account and withdraw your Sai tokens to your Metamask or ETH compatible web3 wallet, to which you own the keys to.
- Go-to the Sai to Dai Exchange App
- Connect with your wallet
- Enter the amount of Sai you want to convert
- Submit your transaction to receive Dai in your wallet as soon as confirmation of the transaction is done. (Usually takes minute)