The stablecoin Dai was originally backed by one type of collateral, ETH, but on 18 November 2019 a new type of Dai launched. It's backed by many types of collateral and therefore known as Multi-Collateral Dai.
This is a highly anticipated evolution that aims to make DAI more stable while bringing in new assets to decentralised finance, strengthening the whole space.
It does mean, however, that SAI, the old form of DAI, is being phased out on 24 April 2020.
Here's what we advise:
If you hold SAI:
If you hold SAI in Compound savings in Argent:
If you have a CDP in Argent:
- The CDP will be liquidated (with no penalty).
- You shouldn't withdraw your collateral from your loan until all CDPs have been liquidated by Maker. This will start immediately after the shutdown and is currently estimated to take about 6 hours, depending on market conditions. If you withdraw collateral during this window you risk receiving less collateral than what you put in.