Two months ago, we introduced the Robo-Advisor for Yield (RAY), a system of smart contracts that automatically allocate crypto assets to the highest yielding opportunities. RAY currently supports on-chain lending for ETH, Dai (DAI) and USD Coin (USDC) tokens via the Compound, dYdX and bZx smart contracts.
On November 18th, 2019, the Dai stablecoin system is expected to transition to a new Multi-Collateral Dai system. The upgrade will introduce several key features to the Dai system including additional collateral types and the Dai savings rate.
Note: We refer to the current version of the coin Dai as “DAI” and the new version as “MCD”.
A few points regarding the transition as it pertains to the Robo-Advisor for Yield (RAY):
- No changes will be made to RAY on November 18, 2019. The system will continue to operate normally, maximizing the yield for DAI, USDC and ETH across dYdX, Fulcrum and Compound. No action is required at this time.
- RAY will not support MCD on November 18, 2019. We will be conducting thorough internal testing of MCD and will release support when we are confident the market has stabilized.
- When RAY supports MCD, users who own DAI RAYs will be able to convert them into MCD RAYs with a single transaction through our user interface. DAI will be converted to MCD, and automatically start earning the best yield. There is no withdrawal required from RAY.
- To respect individual timelines, RAY is leaving the responsibility of upgrading to MCD to users. RAY is not forcing depositors to upgrade, or continue using the current version of DAI.
- RAY will be adding a new opportunity exclusive to DAI — the Dai Savings Rate (not supported for ETH or USDC).
- Once support for MCD is live, RAY will be re-naming DAI to SAI on the GUI, as suggested by the MakerDAO team. MCD will be referred to as DAI.
- RAY will continue support for both DAI and MCD for a period of time before discontinuing support for DAI as the market becomes unstable.
To ensure as smooth of a transition as possible for users, we will be announcing hard timelines and details at a later date, as we watch how this transition progresses within the ecosystem.
We look forward to continuing to build the open financial system!
About Staked
Staked helps investors earn staking and lending yields without taking custody of their crypto assets. Staked runs staking infrastructure for 15 proof-of-stake blockchains, including Cosmos, Algorand, Tezos, Dash, Decred, Orbs, Horizen, Livepeer, EOS, Factom, Loom, Iris, ICON, and Terra. Staked investors include Pantera Capital, Winklevoss Capital, Digital Currency Group, Parafi Capital, Coinbase Ventures, Fabric Ventures, and other leading blockchain investors.
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