Migration to Multi-Collateral Dai (and phasing out Single-Collateral Dai)
On November 18th, MakerDAO will be launching the long-awaited Multi-Collateral Dai (MCD). MCD will be introducing new features to the Maker Protocol, which includes the Dai Savings Rate (DSR) and additional collateral asset types. With this launch, the existing Single-Collateral Dai will be replaced by MCD.
As such, we will be referring to the existing Dai(Single-Collateral Dai) as SAI, and the new MCD-generated Dai as DAI, as suggested by Maker. This will help everyone get accustomed to the new terminology.
To prepare the Kyber ecosystem for this important update, we are updating several components in the network. Kyber’s components will also be adapting to the new terminology. We plan to make this migration as smooth and seamless as possible for everyone involved.
Below is a summary of how the Kyber protocol and KyberSwap are handling this migration:
- The new Multi-Collateral Dai contract address will be listed on the network scope.
- Users and DApps will be able to get token conversion rates for both Sai and Dai.
- Users and DApps will be able to trade Sai and Dai against ETH or any other token.
- The protocol will be supporting Single-Collateral Dai (Sai) until it is phased out.
- KyberSwap (both the website and mobile apps), the KyberWidget, and the Kyber RESTful API will support both Sai and Dai.
- Sai and Dai will be using their respective new logos.
- Support for Sai will continue until it is phased out by the protocol contracts.
- There will be a link in the header of KyberSwap to direct users to Maker’s migration portal.
- We recommend developers to use the new /gas_limit API endpoint to get the recommended gas limit for Dai trades.
- We will be supporting and market making for both Sai and Dai, and as such, we will be committing liquidity to both Sai and Dai in order to support integrations that are migrating their users from Sai to Dai gracefully.
- Market making for Sai will be supported until it is phased out.
KyberSwap Users
For users of KyberSwap, you are able to swap your Sai to Dai directly in KyberSwap. However, since market making for Sai and Dai are done separately, the conversion rate from Sai to Dai (and vice versa) may not be 1-to-1 during this transition period.
There will be a link in the header of KyberSwap to direct users to Maker’s migration portal to convert their Sai tokens to Dai. We recommend users to use this option to migrate their Sai to Dai. Users are individually responsible for migrating their funds from Sai to Dai.
Developers / Integrations
Use the new Dai address for querying rates and performing trades instead of the Sai token address. We strongly recommend for developer and integrations to migrate to MCD as soon as possible. Funds managed by integrated parties are individually responsible for the migration to Dai.
Reserves
Reserves that are not managed by Kyber and support Sai should coordinate with the Kyber team if and when they decide to migrate to Dai.
For more information on migrating to MCD, please visit the documentation provided by Maker: https://github.com/makerdao/developerguides/blob/master/mcd/upgrading-to-multi-collateral-dai/upgrading-to-multi-collateral-dai.md
We will announce more specific timelines close to MCD’s launch date via Telegram, Twitter, and on KyberSwap. Please reach out to our team on our Kyber Network and Kyber Developer Telegram groups should you have any questions. We hope to make this migration as seamless and smooth as possible for all our users, reserves, and integrated DApps!
Published at Mon, 11 Nov 2019 13:16:14 +0000
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