Upgrading Sai to Dai on Compound

With the launch of Maker’s Multi-Collateral Dai upgrade earlier in the week, new users ought to note that the older version of Dai (now known as Sai) has been replaced by AN increased stablecoin that may support multiple collateral varieties. during this article we’ll bit on:

How to Migrate Sai to Dai
How to track migrations
Why this transition is exclusive
For those unaware of what Multi-Collateral Dai entails, we have a tendency to encourage you to visualize out our write-up here. In short, the freshly redesigned Oasis bargainer can currently function your one-stop-shop for commerce, borrowing and saving Dai.

HOW TO MIGRATE
Seeing as Sai is presently current on a large variety of applications, there ar variety of various ways that to migrate your Sai to Dai. typically speaking, we have a tendency to advocate doing it directly through Maker as this ensures all of your bases ar lined. the method is pretty straight-forward. merely head over to the migration dashboard, connect your net three pocketbook that is holding Sai and inside a number of clicks of you’ll instantly be upgraded to Dai!

It’s undoubtedly value noting that so as to upgrade to Dai, you’ll got to certify that you simply closed unspecified CDPs which will are accruing a stability fee. As such, there’s undoubtedly a state of affairs wherever you’ll got to purchase MKR to get hold of aforesaid fees. so as to quickly purchase MKR, we have a tendency to advocate exploitation Uniswap to transfer assets on to the pocketbook that you simply ar holding your Dai.

Beyond Maker, different applications like InstaDapp and dYdX ar incorporating their own migration bridges which will permit you to quickly swap your Sai to Dai while not having to depart the platform or shut any open positions. different Compound Finance platforms like Compound can still provide Sai as a complete quality, which means that users can ought to lead and certify they convert their Sai if they thus opt for.

SAI TO DAI huntsman
Interestingly enough, an outsized quantity of Sai has still nonetheless to be born-again into Dai. due to this easy-to-visualize huntsman, we are able to see that at the time of writing, over 88M value of Sai still must be born-again to Sai.

Leave a Reply

Your email address will not be published. Required fields are marked *