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What is SAI? Where is my DAI? Migrating to Multi-Collateral Dai

What is SAI? Where is my DAI? Migrating to Multi-Collateral Dai

Don’t panic. Everything is ok. The Maker system has been upgraded to Multi-Collateral Dai. You should see SAI in your wallet instead of DAI. This just means it’s time to migrate your “DAI”, now referred to as SAI, to Maker’s new architecture.

With the launch of Multi-Collateral Dai on November 18th, 2019, the name and ticker symbol of Single Collateral Dai is changing to Sai (SAI). DAI now refers to DAI minted in the new Multi-Collateral Dai system. The term Collateralized Debt Position (CDP) is also being replaced with the term “Vault” under MCDai.

These changes were made to reduce confusion during the transition period where both the Single Collateral and Multi-Collateral Maker systems will run in parallel. During this time, DAI and SAI will exist in the market together.

Each smart contract, platform, or service that previously used DAI is expected to change ticker symbols and upgrade accordingly. And while many services and exchanges plan to transition ASAP, the process isn’t going to be instant. Be careful not to confuse the two tokens and double-check before sending tokens anywhere. Mistakes may result in the loss of your funds.

What changes are coming with Multi-Collateral Dai?

As the name implies, Dai will now be backed by multiple assets instead of just Ethereum (ETH). At launch, the MCD system will support ETH and BAT tokens.

Additionally, the MakerDAO community will continue to assess and integrate new collateral types moving forward as part of the governance process. The following tokens are also being considered: Augur (REP), DigixDAO (DGD), Golem (GNT), OmiseGo (OMG), 0x (ZRX).

The new Dai Savings Rate (DSR) feature will give users the option to lock their DAI into Maker’s DAI Savings Rate contract and earn a variable interest rate in DAI.

One last small change is that the stability fee for borrowing DAI or “opening a Vault position” will now be owed in DAI instead of Maker (MKR).

How do I migrate my SAI to DAI?

Be sure to only attempt to migrate Sai from a wallet where you control the private keys. If you do not control the keys to the wallet where your SAI is stored (like a centralized exchange or locked in a DApp), either withdraw your SAI to your own wallet or follow their instructions for how to migrate to DAI.

To migrate your SAI to DAI:

    1. Navigate to migrate.makerdao.com
    2. Login with your wallet
    3. Click “Continue” on the “Single Collateral Dai redeemer” tab
    4. Enter the amount of SAI to upgrade
    5. Submit your transaction

DONE! You should receive your Dai in your wallet momentarily.

What should I do if…

I have a CDP open

You have two options: migrate using Maker’s Migration App or manually close your CDP. Using the Migration App requires you to pay back any stability fees owed in MKR at the time before migrating to a MCDai Vault.

I use Compound Finance or hold cDAI

Compound has stated that existing SAI markets will continue to function as normal with no changes. “You are individually responsible for choosing when, and how, to migrate to Multi-Collateral DAI.”

Once ready, new DAI will be added to Compound and both markets will be accessible for the foreseeable future. Interest rates for both assets may be volatile during this time. cDAI users can withdraw their SAI and manually migrate to DAI at anytime.

Compound borrowers have the option to pay back their SAI debts and open new positions when DAI is ready. Alternatively, you can read on to learn how to migrate your Compound positions via InstaDApp

I use InstaDApp

InstaDApp is launching the InstaDApp Migration Bridge which allows Compound users to convert their SAI debt to DAI debt in one transaction. Although most users’ debt positions are small enough, migration is subject to how SAI liquidity is available at the time.

I use dYdX

At launch, dYdX’s SAI markets will remain unchanged. dYdX announced that 2–3 weeks after DAI launches any remaining SAI balances, positions, and open orders will be converted to DAI automatically. Although, you can always close your positions, withdraw your SAI, and migrate manually at any time.

I use Nuo Network

Nuo said that it will rename DAI to SAI and all SAI loans, trades, and reserves will continue to exist. Nuo plans to provide a gas-free way to convert all positions by November 25th. Users may choose to either continue with existing SAI positions or convert them into DAI seamlessly on Nuo.

I use Fulcrum or Torque Loans

bZx Network’s transition plan has you covered. Lenders on Fulcrum do not have to do anything immediately but can migrate via Fulcrum in a press of a button. SAI markets will continue to function normally and a new DAI lending pool will be launched. Torque borrowers will to continue to pay their SAI loans in SAI.

Fulcrum traders’ SAI positions “will continue operating for as long as there is lending and exchange liquidity. If we see that the volume of the positions is coming close to exceeding what exchange liquidity for SAI can support, the positions will cease being perpetual and expire on their next rollover date.”

How are exchanges handling the transition?

Each exchange will handle the transition differently. We recommend you do your own research or simply withdraw your SAI and migrate it yourself. Here’s a timeline created by Maker documenting the upgrade and confirmed exchanges.

MCDai will be available to trade on Oasis Trade immediately upon its launch November 18th. Uniswap, Bamboo Relay, and Kyber Network will support both SAI and DAI trading as soon as possible.

DEX.AG renamed DAI to “SAI old DAI (DAI)” in its menus. On Monday Nov. 18th, MCD DAI will be listed as DAI and ready to trade, sourcing liquidity from all available DEXes.

Coinbase and Coinbase Pro plan to automatically convert any SAI you hold on Coinbase to multi-collateral DAI on December 2nd at 9 AM PST.

Still have questions left unanswered? We can help you find answers in our Discord. Also, follow us on Twitter for latest updates on the community’s transition from DAI.


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