Support for Multi-Collateral Dai
Users purchase PoolTogether tickets using the currency Dai. Dai is a stablecoin created by the MakerDAO ecosystem. MakerDAO’s team has released a new version of the stablecoin, Multi-Collateral DAI (“MCD”) on November 18th, This new version is called “Dai” and the current version has been re-named from “Dai” to “Sai”.
MakerDAO has also announced that at some point in the future they plan to deprecate support for Sai, this timeline is currently unknown.
What you need to know:
- Dai has been renamed to Sai. This is an update to the user interface only.
- A new Dai Pool will be created. Once the new Dai has been added to Compound.Finance and PoolTogether completes security audits a new pool will be created supporting the new Dai. We expect this to happen mid-December and we will update you when it does.
- Sai can be migrated to Dai with one click on PoolTogether. When the new Dai pool launches you will have the option of using our one-click integration to upgrade your Sai to the new Dai. Alternatively, you can leave your Sai in the existing pool. Both pools will continue to award prizes. At this point we recommend you upgrade but we will not force you to upgrade.
- PoolTogether will continue to operate as normal. You will not be forced to upgrade from Sai to Dai. Your tickets will continue to be eligible to win prizes, your deposits will continue to be available for withdrawal at anytime.
- Our recommendation is to leave your Sai (legacy Dai) in PoolTogether. When the new Dai pool is launched you will be able to upgrade with one click.
If you would like to upgrade your Sai to Dai before PoolTogether supports the new Dai you will need to withdraw your Sai and use Maker’s upgrade tool. Keep in mind that once you do this you will not be able to enter the pool until PoolTogether launches the new pool supporting the new Dai.
As always, email us at hello@pooltogether.us with any questions.
