How to Convert SAI to DAI in 3 Easy Steps – Block-Mountain
MakerDAO’s highly anticipated upgraded protocol has been released on November 18th, which includes several several new features, along with some name changes.
Single Collateral Dai has been renamed “Sai,” while Multi-Collateral Dai has taken on the existing name “Dai.” Furthermore, the Collateral Debt Positions (CDPs) will now be known as “Vaults”
MakerDAO users now have the ability to collateralize their debt with multiple different tokens other than Ethereum with is currently limited to to Brave’s Basic Attention Token. Other tokens will be added as voters decide the other tokens to add that way include Augur and 0x next.
Another exciting new feature of Multi-Collateral Dai is the new Dai Savings Rate, which allows holders to earn interest on their Dai without using 3rd-party services.
The entire core of smart contracts had to be rewritten to support these new functionalities and Maker has stated that the new Multi-Collateral Dai will render the old system obsolete and encourages people to convert their Sai to Dai as soon as possible.
Depending upon your platform and use case for Dai, you need to follow certain steps to migrate Single-Collateral Dai (SCD) to Multi-Collateral Dai (MCD).
If you have SAI currently sitting your wallet, Maker has made the conversion process extremely simple. As as long your wallet is ERC-20 and Web3 compatible, you are good to go. If it’s sitting on a platform or an incompatible wallet, you need to move your SAI to one that does.
Wallets that fit this criteria include:
- Brave Browser
- MetaMask
- CoinBase Wallet
- Trust Wallet
- Portis
- Fortmatic
- Authereum
- Dapper
- Opera
- Go to Migration Tool and connect with your wallet
- Choose how much SAI you would like to convert to Dai
- Submit your transaction and wait for confirmation
Your migration should now be finished and your SAI will be converted to the new Multi-Collateral Dai in the same wallet.
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Published at Sun, 08 Dec 2019 03:11:09 +0000
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