Set Protocol’s Multi-Collateral Dai Transition Plan
Everything you need to know about the transition from SCD to MCD on TokenSets
With the MakerDAO Multi-Collateral Dai (MCD) upgrade now live, we wanted to inform Set holders of the next steps that we will be taking at Set Labs to ensure a smooth transition for our existing Sets that currently use Single-Collateral Dai (SAI).
You can learn more about Multi-Collateral Dai and the general migration process here.
What Set is Doing
To ensure that Set Protocol remains compatible with the MakerDAO MCD system, we will be upgrading and redeploying our oracles so that they can function in a MCD world. We will also be enabling the minting and selling of Sets using Dai in the near future. This requires no action from Set holders.
Currently, all of the Range Bound Sets on TokenSets are the only ones that use Single-Collateral Dai (Sai) as one of the underlying assets. Due to this, all of these Sets will need to be redeployed so that they use the new multi-collateral Dai asset.
We will also be redeploying all of the Buy & Hold Sets on TokenSets in order to be able to use the new MCD oracles.
What You Need to Do
The migration process will be simple and require little effort. For now though, you can sit tight and hold onto your current Range Bound and Buy & Hold Sets — they aren’t going anywhere.
Once we have have completed the upgrade of the affected Sets on TokenSets, we will be publishing a step by step guide on how to migrate.
If you have any questions, require assistance with anything or need further clarification, please don’t hesitate to reach out to our team by emailing us at email@example.com, joining our Telegram chat or simply hitting the chat box in the bottom right corner of the TokenSets website.