A quick guide on how to upgrade your Sai to Dai in HB Wallet.
What is SAI? What is happening to DAI?
If you see SAI in your HB Wallet instead of DAI, don’t panic. It’s not a typo. Everything is ok. The reason is that the MakerDAO system has been upgraded to Multi-Collateral DAI (MCD).
The previous DAI is now called SAI, and the Multi-Collateral DAI is known as DAI. While the previous DAI is single-collateral DAI, only supported by Ethereum, the upgraded - Multi-Collateral DAI can be made up of various assets. This means it’s time to migrate your “DAI”, now referred to as SAI, to Maker’s new architecture.
With the launch of Multi-Collateral Dai on November 18th, 2019, the term Collateralized Debt Position (CDP) is also being replaced with the term “Vault” under the MCD system. The name and ticker symbol of single collateral Dai are now changing to Sai (SAI).
These changes were made to tell the differences during the transition period when both Single Collateral and Multi-Collateral Maker systems would run in parallel. This means DAI and SAI both exist in the market at the same time.
Accordingly, services or exchanges integrated with SAI (the old DAI), and CDPs must update their codebases to point to the new smart contracts, and restructure their code to support the updated functions.
How to convert your SAI to DAI in HB Wallet
For HB Wallet Desktop users
Open HB Wallet 'Browser'.
Copy the following URL and paste it in the browser tab. https://migrate.makerdao.com
Tap ‘Active Wallet’ to proceed.
The details are as follows:
For IOS users
Open the HB Wallet 'Browser'.
Copy the following URL and paste it in the browser tab. https://migrate.makerdao.com
Tap ‘Active Wallet’ to proceed.
For Android users
For Android devices, it is currently not possible to upgrade from HB Wallet (adjusting), so we recommend using HB Wallet Desktop.
<Download HB Wallet on Desktop>
Windows: hb-wallet.com/windows
MAC: hb-wallet.com/mac
What updates are coming with Multi-Collateral Dai?
More Collateral Options
Aforementioned, Dai is now backed by multiple assets. This means users are able to create DAI with more than just Ethereum (ETH), hence “multi-collateralized”. The MCD system currently supports ETH and BAT tokens, yet the Maker community is evaluating an additional token—as predicted by the market: Augur’s REP.
The extensibility of the Maker's Protocol means that, with MKR voter approval, almost any tokenized asset that has appropriate risk parameters could be made available as collateral in the future.
Stability Fee Payment
In the Single-Collateral Dai system, Stability Fees are paid in MKR, the Maker Protocol’s governance token. In the MCD system, Vault owners pay Stability Fees in Dai. This means Single-Collateral Dai users must have MKR in their wallets to complete the migration to MCD.
The Dai Savings Rate (DSR)
The new Dai Savings Rate (DSR) feature will give users the option to lock their DAI into Maker’s DAI Savings Rate contract, and earn an attractive return on their DAI holdings natively without fees.
Oasis DeFi Hub
The Oasis all-in-one DeFi hub brings Oasis Trade and the new Oasis Borrow and Oasis Save together in one place, allowing a smooth user experience.
Oasis Trade. Oasis Trade no longer trades Sai. However, the DAI/USDC pair and additional ETH markets have recently been added. Users can cancel their standing Sai orders and migrate their Sai tokens to Dai to resume trading on Dai markets.
Oasis Borrow. Oasis Borrow is the portal through which users can lock their collateral assets (ETH and BAT, currently) in Vaults to generate Dai. Users can create multiple Vaults from the Borrow dashboard, and manage them seamlessly in one place.
Oasis Save. The product referenced above that enables the Dai Savings Rate. Users earn savings on their Dai by locking it into Oasis Save.