TLDR: Everything is ok, but you need to upgrade your Sai to the new Multi-collateral Dai
If you are wondering where your Dai went and are now seeing Sai in your account, there is nothing to worry about. Everything is okay.
What Happened to My Dai?
Recently, the Maker system has launched it’s Multi-Collateral Dai system, and renamed the old ticker to Sai, while the new token is called Dai. (I know it’s a bit confusing). The new system now supports other assets other than Ethereum. Starting with the addition of BAT token, but more are to follow in the future.
What is Sai?
Sai is the new name of the previous Single-Collateral system. This means that you are holding the outdated, old token.
If you are still holding Sai, you need to upgrade it to the new Multi-Collateral Dai (And ultimately get your precious Dai back) It’s important to upgrade your old Sai token to Dai, as the old system is going to be shut-down in a few months, making the token unusable.
Upgrading your Sai to Dai is a very simple process, but it requires you to have your Dai in your own Ethereum wallet that works with Web3. We suggest to use Metamask on Firefox, Chrome or Brave.
- Withdraw your Sai from your exchange into your own Web3 Compatible Ethereum wallet, such as Metamask. If you are already holding it in a compatible wallet, then move on to the next step.
- Go to MakerDao’s Sai to Dai Migration App
- Connect to the App with the wallet that holds the Sai
- Enter the amount of Sai you want to upgrade
- After the Transaction is complete, you will recieve your new Dai (Takes about 30 seconds)