Read this article in Italian here.
One of the most exciting and leading projects in the DeFi space is MakerDAO. They are a Decentralized Autonomous Organization made up of a stable coin (Dai) and collateral loans, completely governed by its community of holders.
Through their currency, platforms and tools, Maker is trying to achieve open and equal access to high-quality financial services, including fair credit for everyone.
On the 18th of November, MakerDAO will implement an infrastructural upgrade, with the entire core of their smart contracts rewritten. This upgrade is designed to bring every Dai holder even more exciting features and functionalities.
The Dai tokens which you hold today will soon be relabelled as Sai (Single-Collateral Dai) and eventually phased out. The new upgrade will introduce Multi-Collateral Dai (MCD).
You will need to convert whatever Sai you hold into Dai.
We will also launch a new swap pair, so you can swap your Ether (ETH) directly for the new Dai.
Multi-Collateral Dai represents the future of digital money. It will afford its holders additional CDP collateral types and the highly anticipated Dai Savings Rate. This Savings option gives all holders the opportunity to earn interest simply by holding Dai. You simply deposit and ‘lock’ your Dai into the Dai Savings Rate smart contract to earn additional Dai. You can follow the exact steps here.
I own DAI/cDAI/iDAI – what will happen and what do I need to do?
You will be prompted through our in-app notifications when it’s time to upgrade next week.
The MakerDAO foundation is phasing out their Sai coins over the next 6 months, so you will have this whole time to upgrade to the new Dai. However, it’s best to upgrade your Dai as soon as possible so you can start enjoying the benefits these new coins have to offer.
DAI holders
If you currently hold any Dai in your Eidoo wallet, you will see it relabelled as ‘Sai’. Please don’t be alarmed, you haven’t lost any of your Dai.
What the DAI in your wallet looks like now.
From 18th November you will see your DAI change to SAI coins in your wallet.
Go to the swap feature in your wallet. You can use this link from next week once you are notified that the new Dai upgrade is ready. This link will take you to the exact swap pair you need (Sai into Dai).
Swap all your SAI coins for DAI coins. You will only be charged for the gas fees.
You should see your SAI balance as 0, and your DAI balance topped up.
Please note that from next week, swaps from ETH to SAI won’t be available. Instead, you can swap your ETH for the upgraded DAI.
Any wire transfer requests for DAI we receive from Friday will be automatically be provided in DAI instead of SAI.
iDAI & cDAI holders
If you currently hold iDAI (Fulcrum) or cDAI (Compound), your tokens will be affected by the Dai upgrade. Both Fulcrum and Compound will be upgrading their tokens, and you will be able to swap your current iDAI and cDAI with these new upgraded tokens.
You have three options for what you can do with your iDAI and cDAI tokens in your Eidoo wallet.
- Continue holding your iDAI or cDAI until these tokens are upgraded, leveraging the interest rate until this time. For iDAI holders, your tokens will turn into iSAI automatically (you will see this in your wallet). You can then follow the steps outlined in Option 2.
What your iDAI looks like in your wallet now
Following the upgrade, your iDAI will appear as iSAI
- Swap your iSAI or cDAI into SAI. You can then swap SAI with the new DAI (follow steps above), and wait for Fulcrum and Compound to activate their new iDAI and cDAI tokens. Please wait for more information from the team on when you can swap your new DAI into iDAI and cDAI.
- If you’d like to continue earning interest on your assets in the meantime, you can swap your new DAI to USDC, and swap them for iUSDC or cUSDC.