Governance Polls: Ratifications
August 9, 2021
Single-Collateral Dai to Multi-Collateral Dai Upgrade Timeline and Actions
November 15, 2019
The complete Maker Protocol upgrade from Single-Collateral Dai (Sai) to Multi-Collateral Dai (Dai) will involve a series of events over time, starting with MCD Launch and completing with SCD shutdown. Maker Governance will determine the timing of the shutdown; no one can predict when it will happen.
In September, the Maker Foundation published a blog post titled How to Upgrade to Multi-Collateral Dai from Single-Collateral Dai, along with a Migration Guide. The blog post offers simple instructions for Sai and CDP holders on upgrading to MCD, as well as other important information. The Migration Guide outlines new upgrade paths and tools for ALL types of users, including exchanges, Keepers, market makers, and more.
To ensure a smooth transition from SCD to MCD for everyone, we’ve created an Upgrade Timeline, which includes actions specific community members and Maker Protocol users need to take. This table will be updated as new information becomes available. Please bookmark this page, and check back regularly.
Upgrade Timeline
Note: Dates indicated are expectations based on feedback from the Maker Governance community, the Maker Foundation, and exchange partners. All dates may change due to unforeseen circumstances.
If you are an exchange or a product that currently supports Dai, please review our upgrade recommendations and share your upgrade plans with us to be listed below.
| Date | Users, Partners, or Organization | Event or Action |
|---|---|---|
| Nov. 4 - Nov. 11 | Maker Governance | Initiate Governance Poll for MCD parameters. |
| Nov. 15 | Maker Foundation | Publish contract addresses on https://changelog.makerdao.com/ |
| Nov. 15 | Maker Governance | Initiate Executive Vote enabling the community to ratify the collection of system parameters needed to activate Multi-Collateral Dai. |
| Nov. 18 | Maker Governance | Launch MCD; activate ETH and BAT collateral types; activate the Dai Savings Rate (DSR). |
| Nov. 18 | Maker Governance and Maker Foundation | Launch Migration Portal |
| Nov. 18 | Sai Holders | Upgrade Sai tokens to Dai via the Migration Portal |
| Nov. 18 | CDP Holders | Upgrade CDPs to Maker Vaults via the Migration Portal. CDP holders may need to wait for sufficient Sai liquidity to be deposited into the Migration Contract by Sai holders before upgrading to Dai. Learn more here. |
| Nov. 18 | Exchanges | Upgrade Step One: Change token name (Single-Collateral Dai to Sai). Confirmed exchanges: Wyre, Bitcoin Suisse, Bittrex, Kyber, Bamboo Relay, Bitfinex, DeversiFi, Coindirect, GO.Exchange and dYdX. Note: Korbit, Coinbase and Kraken will upgrade to MCD but will not refer to Single-Collateral Dai as Sai. Once upgraded, they will only trade Dai. Accordingly, please pay extra attention to which token you are dealing with on Korbit, Coinbase or Kraken. |
| Nov. 18 - Dec. 2 | Exchanges | Upgrade Step Two: Upgrade token balances and trading pairs to Dai; de-list Sai. Confirmed for Nov 18: Upbit. Confirmed for Nov 19 - Dec 2: Kraken. Confirmed for Nov 20: HitBTC. Confirmed for Nov 22 - Nov 25: GO.Exchange Confirmed for Dec 2: Coinbase, Wyre, Bitcoin Suisse, Bittrex, Bitfinex, Coindirect, Korbit and dYdX. |
| Nov. 18 - Dec. 2 | Non-custodial Exchanges | Enable Dai trading. Confirmed exchanges: Kyber, (Nov. 18), Bamboo Relay (Nov 18), and DeversiFi (Dec. 2). |
| TBD | Maker Governance | Initiate polling and/or Executive Vote for Emergency Shutdown of Sai. Note: After Emergency Shutdown is complete, Sai tokens will no longer be generated. Any existing Sai tokens will no longer be pegged to the USD, and only conversion to a fixed amount of ETH will be available. |
Important Notes for Sai Holders
Sai holders, please remember to:
- Check the type of token you deposit on a wallet or exchange: Does the partner wallet or exchange support both Sai and Dai, or only one of those tokens? Depositing the wrong token could lead to a temporary or permanent loss of funds.
- Review how to migrate as a Sai holder.
We Are Here to Help!
MakerDAO’s mission is to shape the future of commerce on the blockchain. To learn more about Multi-Collateral Dai, read these MCD-related blog posts. To best prepare for MCD, read What to Expect With the Launch of Multi-Collateral Dai. Finally, if you have any questions about upgrading from Sai to Dai, reach out to us anytime on the Maker Forum.