Nuo Action Plan for SAI Shutdown!
The shutdown of Single-Collateral Dai (SAI) has been in the discussions of DeFi community for quite some time now. MakerDAO began the closure process in November of 2019 when it first announced the complete Maker Protocol upgrade from SAI to Multi-Collateral DAI(DAI).
Subsequently, Maker is going to carry out the governance community poll on 24 April, 2020 for SAI shutdown. Following the community’s approval, Maker will initiate the shutdown process after giving SAI holders an appropriate grace period to withdraw their funds.
Nuo’s Immediate Action Plan
In response to the announcement, we have stopped accepting new reserve, loan and margin trade orders involving SAI effective immediately. We have already changed the markets from SAI to DAI on our margin trading platform.
What Should Nuo Users Do?
Since the SAI to DAI bridge has been closed, SAI holders will have to trade their SAI to DAI via the open market before the shutdown is triggered.
If you have SAI tokens in your trading account,
- Log in to your Nuo Network account
- Go to Nuo Exchange
- Swap SAI for ETH or any other supported ERC-20 token
If you have active loans involving SAI,
- Go to My Loans Page and repay the loan
- Go to Nuo Exchange
- Swap SAI for ETH or any other supported ERC-20 token
If you have open trade positions involving SAI,
- Go to My Trades page and close your positions
- Go to Nuo Exchange
- Swap SAI for ETH or any other supported ERC-20 token
If you have active reserves of SAI,
- Go to My Reserve page and cancel your reserves
- Go to Nuo Exchange
- Swap SAI for ETH or any other supported ERC-20 token
SAI lenders are advised to wait until all borrowed SAI is repaid.
What Happens if You Still Own SAI After Shutdown?
Worry not! Maker has got you covered!
Users who still hold SAI can redeem collateral through the Emergency Shutdown Redemption user interface that Maker Foundation will create.
However, we recommend the users to take the appropriate actions before the shutdown is triggered.
If you have any questions or encounter any issue, please reach out to us on info@getnuo.com
You can also drop a message on our Telegram.
