Nuo Action Plan for Multi-Collateral DAI
MakerDAO is launching the multi-collateral DAI and upgrading their current single collateral DAI on Nov 18, 2019. They will be renaming the currently known DAI token as SAI(Single-collateral DAI) and has decided to call the newer version of the token as DAI(Multi-collateral DAI). They have introduced the new DAI in order to be able to mint it by using any ERC-20 token or Ethereum as collateral in place of the existing SAI which can be minted by placing only Ethereum as the collateral.
For more details regarding the new multi-collateral DAI, check out the official post from MakerDAO here.
Nuo’s plan of action
From Nov 18, 2019:
- DAI will be renamed as SAI
- Your SAI loans, trades and reserves will continue to exist
- Creation of new SAI orders will continue to be supported on Nuo until about a week
From Nov 25, 2019:
- Nuo will introduce the new DAI after our partner DEXes like Kyber & Uniswap release the new DAI on their network(slated to happen between Nov 18–25)
- Nuo will provide a free(even gas-free) way of converting SAI tokens to DAI tokens
- For existing SAI loan/trade/reserve orders, users may choose to either continue with these orders OR convert them into DAI orders seamlessly on Nuo
- Creation of new SAI orders will be halted
How does this concern me?
If you hold any SAI in any of your wallets or your Nuo trading account, we highly recommend you convert it into DAI after Nov 25 when Nuo provides this conversion facility for free.
If you hold any SAI loans/trades/reserves, you may choose to either convert them into DAI orders seamlessly on Nuo(we will communicate details on this soon) OR continue with these orders on Nuo until MakerDAO decides to pull out support from SAI(this should not happen anytime soon).
