The migration to Multi Collateral DAI on 18 November is one of the most critical transitions in the DeFi space thus far. So far, it had one type of collateral, ETH initially backed Dai, but today a new kind of Dai will launch. It will support many types of collateral, and hence be known as Multi-Collateral Dai from now on.
If you hold DAI, you have to migrate
The old DAI will be gradually phased out and become known as SAI (Single-Collateral Dai). There is still time to migrate as the Maker community hasn’t decided on the exact date. It’s expected to be several months away. Regardless, you can already convert your SAI to the new DAI in advance. You’ll be able to do this inside our app with the Maker Migration DApp. We created a DAI Migration guide to help you transition.
Step 1: Open the Migration Dapp
Visit the Maker Migration DApp from our DApp section or type https://migrate.makerdao.com in the Browser. Connect to your Trust Wallet and tab on continue to start the migration process.
Step 2: Choose the amount of SAI you want to swap
Next, you need to choose how much old DAI (SAI) you want to swap to the new (MC)DAI. Tab on Set Max and then on Continue. Approve the Transaction to start the migration process.
Step 3: Unlock your SAI
You will then be asked to unlock your SAI, which requires you to approve another transaction. Read and accept the Terms of Service to Continue.
Step 4: Wait for the Transaction to finish
Now its time to wait. After a minute the transaction should be validated on the blockchain and your new DAI will show up.
Step 5: Your freshly minted Multi-Collateral Dai ( MCD )
Say Goodbye to the old DAI (SAI) and hello to the new (MC)DAI