Best Way to Convert SAI to Multi-Collateral DAI on dYdX
URGENT: How to Convert SAI to Multi-Collateral DAI on dYdX
The new version of the Maker system, Multi-Collateral Dai, comes with new upgrades and plenty of new features, such as support for new CDP collateral types and Dai Savings Rate. In order to support the new functionality and features, the whole Maker core of smart contracts has been entirely rewritten.
Having said that users and partners interacting with Single-Collateral Dai (SCD) must migrate their existing Single Collateral Dai tokens (Sai) to Multi Collateral Dai tokens (Dai) and CDPs to the new system before the deadline in dYdX.
- Login to your dYdX account and “withdraw” your tokens to your Metamask or ETH compatible web3 wallet
- Go to https://sai2dai.com
- Login with your wallet where you withdrew your tokens
- Choose how much DAI (SAI) you would like to convert
- After confirming, the new multi-collateral DAI will show up in your wallet
In case you’re new, what is dY/dX?
dYdX is a decentralized blockchain platform that is set up to enhance a new wave of flow for cryptocurrency in the digital asset market. dYdX unlike other cryptocurrency trading platforms which simply connect users to each other for basic trading involving buying and selling alone, performs three extended functions; Borrowing, Lending and Margin Trading.
The goal of dYdX is to create a flexible platform that does more than just simple exchange of crypto asset for the user but to solve real time problems that users would rather turn to fiat currencies to solve. Every financial system must involve a framework of borrowing and lending to keep businesses going. This also means an opportunity for investment to the lenders and a even greater opportunity for borrowers to access asset that they normally wouldn’t have access to and at a cheaper interest rate with zero paper work.