On November 18th, MakerDAO will be releasing a new version of the DAI stablecoin. This new version will be named DAI while the existing DAI token will be renamed to SAI. SAI tokens are intended to be phased out in the coming months by the MakerDAO ecosystem.
To support this release, all existing DAI tickers on Switcheo will be renamed to SAI and trading on these markets will be permanently halted. At the same time, new markets matching the SAI markets will be opened for the new DAI token.
Upgrade Process
To ensure a smooth transition to the new token, Switcheo Exchange will undergo maintenance on Tuesday, 19 Nov, 2pm SGT (UTC+8). This is estimated to last for 3 hours.
During this time, all orders on the existing DAI markets will be cancelled and all SAI tokens will be withdrawn to the respective owner addresses. The markets for the new DAI token will be opened and ready for trading upon completion of the upgrade.
Next Steps
All owners of SAI tokens are required to migrate these tokens to the new version of DAI using MakerDAO’s migration tool.
Please note that SAI tokens were not automatically withdrawn for Switcheo Account users as the withdrawal address for these accounts need to be manually specified. Switcheo Account users can withdraw their SAI tokens through the usual withdrawal process by logging into their accounts on https://switcheo.exchange/.
To find out more, please visit this page for more details.
This post was originally published on Switcheo blog.
