How New Blockchain Apps Make It Easier To Use DeFi
June 25, 2021
Important note: Do NOT send tokens directly to the redeemer contract. Doing so will cause all tokens you send to become permanently lost! ONLY follow the official steps on Makerdao.com/redeem
In preparation for the launch of Single-Collateral Dai we are upgrading the MKR token to a new token address. All MKR holders who wish to pay fees in Single-Collateral Dai, and vote on Risk Parameters for Single-Collateral Dai, will need to upgrade their old MKR to new MKR via the MKR redeemer Dapp. This requires an ethereum node, such as metamask, parity or mist.
There is no time limit on when redemption through the redeemer needs to be done, but holding on to old MKR means you cannot pay fees or vote in Single-Collateral Dai. At some point in the future holders of old MKR will automatically receive a push transaction with new MKR, without having to perform the redemption process manually. After this point old MKR will be useless and not be possible to upgrade to new MKR any more.
It is extremely important that all community members watch out for phishing attacks happening in relation to this upgrade process. Never link to any “new official communication” regarding ways to redeem MKR, as these could be phishing scams. Makerdao.com/redeem is the only page the redemption can be done from, unless you are confident enough to be able to do it through a cli tool. Please make sure to always check you are using the official makerdao.com domain, and not a phishing site with a misspelled name or similar.
In conjunction with the MKR token upgrade, we are also redeploying the Oasis backend smart contracts (matchingmarket.sol and simplemarket.sol). Redeployment means the current deployment will be stopped, which cancels all active orders and returns their funds to their owners wallets automatically. After the redeployment, Oasisdex.com will begin to support new MKR instead of old MKR.
After the redeployment Oasisdex.com will also switch to a new W-ETH contract, that is simpler and more secure than prior W-ETH contracts, and has been extensively audited as part of the Single-Collateral Dai launch audits.