Decentralized finance has emerged as the hottest trend in crypto in the past year, and deservedly so. After all, one of the most promising applications of blockchain is its capacity to transform global access to financial opportunity.
The introduction of Multi-Collateral Dai marks a big step in the development of DeFi. By giving users more flexibility in choice of collateral, MakerDAO is significantly increasing accessibility to its financial products and encouraging adoption across the ecosystem.
Today, we are excited to introduce support for Multi-Collateral Dai in MEW. Read on for information about upgrading your old (original) Dai to the new Dai, migrating existing CDPs to, managing new CDPs (now called Vaults) and creating new Vaults.
When you navigate to MEW’s Dapps page, you will see two MakerDAO Dapps.
The Single Collateral MakerDAO Dapp is the older version and will continue to be available in MEW for now. You can still manage old CDPs here, although you should migrate them to MCD as soon as possible. Also, for CDPs under 20 Sai, you will need to close the CDP, upgrade the Sai to new Dai, and then create a new Vault if you like. This is because CDPs under 20 Sai can’t be taken through the process of CDP migration.
As you explore the new Dapp interface, note the changes in terminology. The original Dai is now called Sai, and that’s how these old tokens will be displayed in your MEW token balances. The new token will take the Dai name from now on. Collateral debt positions (CDPs) are now called Vaults.
Once inside the new MakerDAO Dapp, there are five options for interaction: upgrade your old Dai tokens to the new ones, migrate old CDP to the new multi-collateral vault, manage your vault, create a new vault, and create a Dai savings account. Let’s examine them one by one.
In the Upgrade section, all you need to do is enter the amount of Sai (‘old’ DAI) that you would like to upgrade (or choose Entire SAI Balance) and click Upgrade. You will see a confirmation screen with two transactions (one of them is an approval, and the other calls the contract to convert Dai). After the transaction is completed successfully you should see the new Dai as DAI in your token balances, and your SAI balance should be reduced by the amount of SAI you chose to upgrade.