The Best Method to Convert Sai to Dai In Under 2 Min

Multi-Collateral DAI (MCD), MakerDAO’s new innovation, is set to be released this month, after a vote. The traditional DAI is now called SAI and the new Multi-Collateral DAI will be referred to as DAI. The reason behind the change is that the upgraded Multi-Collateral DAI can be made up of various assets while the previous DAI is single-collateral DAI which only supported Ethereum.

The change in terminology is created to bring about awareness of the distinctions between DAI and MCD. The traditional DAI is established by sticking Ethereum in a contract. To redeem the Ethereum, you needed to pay the DAI equal to the amount that you received along with the interest.

You could only create DAI with Ethereum in the traditional system. That’s way Maker decided to reflect this functionality with the change in name. SAI is used instead of DAI to emphasize the singularly-collateralized version of the product.

But, with the upcoming release of the upgraded MCD, you will be able to create DAI with more than just Ethereum, hence “multi-collateralized”.

This new version of the Maker system, Multi-Collateral Dai, comes along with new and exciting features, such as support for new CDP collateral types and Dai Savings Rate. The whole Maker core of smart contracts had to be rewritten to support these new functionalities.

So, users and partners interacting with Single-Collateral Dai (SCD) must migrate their existing Single Collateral Dai tokens (Sai) to Multi Collateral Dai tokens (Dai) and CDPs to the new system. Additionally, companies or projects integrated with Sai and CDPs must update their codebases to point to the new smart contracts, and refactor their code to support the updated functions.

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).

That’s why the guide is divided into sections so as to facilitate different users and partner types in this transition. The process will involve the Sai to Dai migration tool.

The process is pretty simple and involves an open-source migration tool that interacts with the smart contracts to exchange your old Sai to Dai.

Maker has not listed support for specific wallets, but as long as it is ERC-20 and Web3 compatible, you should be good to go. We recommend using Metamask on Chrome, Firefox or Brave.

1. Go to Sai-to-Dai Migration Tool

2. Log in with your wallet

3. Choose how much SAI you would like to convert

4. After confirming, DAI will appear in your wallet

This applies to all exchanges such as Coinbase, Kraken, HitBTC, Uniswap, Oasis, Bitfinex, Ethfinex, Kyber, FatBTC, EXMO, IDEX, Kucoin, Flogory, Sistemkoin ect..

To convert SAI to DAI from any exchange, you’ll need to withdraw it first to a wallet that you own the keys to.

1. Create an Ethereum wallet on a Web3 compatible browser like Chrome, Brave or Firefox. (We recommend using Metamask extension)

2. Go to your exchange and withdraw your Sai to your wallet’s address.

3. Add a little amount of Ethereum to your wallet to cover any gas charges.

4. Go to Sai-to-Dai Migration Tool

5. Log in with your wallet

6. Choose how much Sai you would like to upgrade to Dai

7. After confirming, DAI will appear in your wallet

Follow these simple steps to migrate your Sai to Dai if it’s on compound.finance:

1. Go-to Compound.Finance and withdraw your Sai into your Wallet. We recommend Metamask but any Web3 compatible wallet will do
2. Make sure your wallet has some ETH to cover gas.
3. Go-to Sai-to-Dai Migration Tool and login with your wallet
4. Select the amount of SAI you wish to upgrade and submit
5. After confirming, DAI will appear in your wallet

The following steps are for users with Sai on dYdX exchange:

1. Go-to dYdX exchange and withdraw your Sai into your Wallet. We recommend Metamask but any Web3 compatible wallet will do
2. Make sure your wallet has some ETH to cover gas.
3. Go-to Sai-to-Dai Migration Tool and login with your wallet
4. Select the amount of SAI you wish to upgrade and submit
5. After confirming, DAI will appear in your wallet

The following steps are for users with Sai on InstaDApp:

1. Go-to InstaDApp and withdraw your Sai into your Wallet. We recommend Metamask but any Web3 compatible wallet will do
2. Make sure your wallet has some ETH to cover gas.
3. Go-to Sai-to-Dai Migration Tool and login with your wallet
4. Select the amount of SAI you want to upgrade and send the transaction
5. After confirming, DAI will appear in your wallet