Preparations in Panda Exchange in response to new DAI updating
DAI, one of the stable crypto assets listed in Panda Exchange, will have a new version as a part of its development, the particularity of new changes will require relocation of the existing tokens to a new protocol that will include new features. Thanks to its singularities, this asset is an important part in our platform and it can be traded for most of the crypto assets supported in Panda Exchange, and as it happened during previous major updatings in other listed assets, we will make arrangements to embrace the new version of Dai.
Temporary suspension of withdrawals and deposits
In response to the new updating start set for November 18th 2019, deposits and withdrawals of DAI will be suspended until the process in our platform is complete. Initially, the users with funds in DAI in their Panda Exchange account will be able to withdraw them until November 17th, because after that, it will be the start of preparations for the relocation towards the new Multi-Collateral protocol where Dai project is heading.
We invite all our users with funds in this assets in our platform who wish to postpone or perform an immediate switch from Single-Collateral DAI to Multi-Collateral DAI to withdraw before the scheduled date in order to avoid inconveniences. Relocation process can be performed in a manual way or through platforms, wallets and exchanges joining the updating.
Panda Exchange will be in charge of the necessary relocation to restore the deposits and withdrawals once the changes are finished, this process may continue until the second or third week of December in our platform. One of the services that will perform immediate relocation is Wini Wallet, this might be an alternative for users who wish to join DAi updating as soon as possible.
It is important to point out that these arrangements will only affect deposits and withdrawals, that is why, trading operations with this crypto assets can be performed if there are funds in this asset in the platform.
Innovations from the updating
Updating to Multi-Collateral DAI is a development milestone inside the project created by MakerDAO, among the included innovations, new assets can be used as collaterals to generate new DAI; besides, this asset holders will have access to “Dai saving rate” to generate income any time through their funds in DAI.
Multi-Collateral DAI will have a new image, new terminology, two kinds of Dai (current Dai, which is uni-collateral, and new Dai, which is multi-collateral) and new changes that will improve the governance that leads the project and the currency. We invite to visit MakerDao blog for more information about this updating.
We emphasize that, although this process will take a while in Panda Exchange, this is just an updating due to the development of a project of the crypto assets environment, and we invite our users to keep an eye on upcoming announcements to know the date when deposits and withdrawals in DAI will be restored in our exchange platform.
Panda Exchange Team.
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