Kraken supports the DAI upgrade
Stable Coin

Kraken supports the DAI upgrade

By Marco Cavicchioli - 15 Nov 2019

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Kraken has officially announced full support for DAI’s upgrade. 

In fact, on Monday, November 18th, 2019, the DAI decentralised stablecoin will undergo a major upgrade. To date, DAI is only collateralised in ETH, whereas from November 18th it will be multi-collateralised. 

Considering that it is based on a smart contract that currently only provides for collateralisation in ETH, it will require a proper upgrade. 

The old stablecoin collateralised only in Ether will be renamed to SAI, while the name DAI will be transferred to a new multi-collateralised stablecoin. 

Therefore, on November 18th, MakerDAO will launch a series of new smart contracts, to which all DAI users will have to adjust. 

The exchange has informed that it fully supports this upgrade, so that those who hold DAI on their wallets will not have to do anything, as customer funds will be updated automatically between November 19th and December 2nd. 

Kraken expects most users to migrate to the new version and advises those who have DAI on their wallets and do not want to migrate to withdraw them by November 18th. 

In fact, on this date, all DAI deposits and withdrawals will be suspended, and all DAI tokens deposited on their wallets will be migrated to the new version. 

DAI’s deposits and withdrawals will be reactivated at the end of the update, which will take place by December 2nd.

Since all the DAI on Kraken will be migrated to the new multi-collateralised version, the exchange invites not to send the SAI tokens to their wallets when the deposits are reopened, because they will not be credited and it will not be possible to guarantee that the SAI sent can be recovered. 

Other exchanges and wallets will obviously also have to decide how to behave. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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