Today, MakerDAO has released the next version of their USD-pegged stable-coin. This release has some exciting new features:
- DAI will now be backed by multiple assets, not just ETH
- You can now earn interest on your DAI when you’re not using it by locking it into the DAI Savings Rate contract
- A new way to approve a contract without needing any ETH (coming soon to degens: DAI-only onboarding and trading!)
As a DAI holder, here is what you should know about the transition:
- The old token is being renamed to SAI, so your existing balance is now denominated in SAI
- A new DAI contract has been created, and everyone should start using this one instead
- Your old SAI tokens can be swapped one-to-one for new DAI tokens at the MakerDAO DAI Migration site
Migration Walk-Through
In case it helps, we’ve create a quick screenshot walk-through to help you through the process. We’re using Metamask, but the process should be similar on any wallet.
First, on degens.com, you’ll notice that your old balance is now in SAI tokens (S), and there is a new DAI entry:
Click on the Convert your SAI to DAI and it will take you to the official MakerDAO migration tool:
Select MetaMask and you should see a list of migrations that you can do. Most users will just see Single-Collateral SAI Upgrade:
Next you should choose how much of your SAI you’d like to migrate. Usually you’ll want to migrate it all, so click “Set Max” and then the Continue button:
Next you’ll see a confirmation screen. You will probably need to Unlock SAI, so click that slider to approve the migration contract access to your funds. It will open a MetaMask dialog:
Once that transaction confirms, click the Terms of Service checkbox and press the Continue button. Another MetaMask pop-up will appear:
Once that transaction confirms, you’re all done:
Last step is to go back to degens and unlock the DAI contract:
You’re all set!
Come check us out at degens.com and experience the most fun way there is to use your DAI!
