Fulcrum: iSAI to iDAI migration recipe. – Dexwallet.io
TLDR: We worked with the BZX team to provide a 1-click migration tool from iSAI to iDAI.
Last summer we started to collaborate with BZX to create a mobile-native integration of Fulcrum in Dexwallet.
Using Fulcrum, users can earn passive income on their cryptocurrency holdings and receive iTokens which can be used as collateral for loans.
MakerDAO has recently moved to the next phase of the project by introducing Multi Collateral Dai.
DeFi is becoming increasingly more fragmented and troublesome to use.
For example, migrating from iSai to iDai would take as many as 5 transactions, with a lot of overhead in gas and unnecessary waiting time for transactions. The goal of Dexwallet’s Recipes is to abstract that complexity away from the end-user.
Our smart contract wizard, Mick De Graaf, made for the occasion a migration tool for iSai ↔️ iDai powered by Dexwallet recipes. Fulcrum users are able to migrate their iSai to iDai or iDai to iSai in only 1 transaction, excluding the first approval.
The flow for Migrating iSai to IDai using Dexwallet Recipes is the following:
- Approve iSAI fulcrum MCD migration recipe
- Migrate iSai to iDai
If you are not using Dexwallet recipes you would need to take the following steps:
- Burn Fulcrum iSai
- Approve SAI for MCD migration contract
- Migrate SAI ➡️ DAI
- Approve DAI ➡️ iDAI
- Mint ➡️ iDAI
The migration tool is already available on the Fulcrum website.
Try it yourself! https://fulcrum.trade/#/lend
At Dexwallet we want to empower users with a seamless “DeFi” experience by constantly providing new tools to put your money to work without compromising UX.
For inquiries about using Recipes, shoot us an email at email@example.com!