How to Upgrading Sai to Dai on Compound

With the launch of Maker’s Multi-Collateral Dai upgrade earlier on, new users ought to note that the older version of Dai (now known as Sai) has been replaced by AN increased stablecoin which will support multiple collateral varieties.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 examine out our write-up here. In short, the fresh redesigned Oasis bargainer can currently function your one-stop-shop for mercantilism, borrowing and saving Dai.

Seeing as Sai is presently current on a large range of applications, there area unit variety of various ways in which to migrate your Sai to Dai. typically speaking, we have a tendency to suggest doing it directly through Maker as this ensures all of your bases area unit coated. the method is pretty straight-forward. merely head over to the migration dashboard, connect your net three billfold that is holding Sai and inside some clicks of you’ll instantly be upgraded to Dai!

It’s positively value noting that so as to upgrade to Dai, you’ll got to confirm that you simply closed unspecified CDPs which will are accruing a stability fee. As such, there’s positively a state of affairs wherever you’ll got to purchase MKR to get same fees. so as to quickly purchase MKR, we have a tendency to suggest victimisation Uniswap to transfer assets on to the billfold that you simply area unit holding your Dai.

Beyond Maker, alternative applications like InstaDapp and dYdX area unit incorporating their own migration bridges which will permit you to quickly swap your Sai to Dai while not having to go away the platform or shut any open positions. alternative platforms like Compound can still supply Sai as a complete quality, which means that users can got to take hold and confirm they convert their Sai if they therefore select.

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

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