Maker announced in their previous statement the new type of Dai in October and gave an update about the forthcoming changes to Dai in their November 18 post.
A decentralized autonomous organization (DAO), Dai, will launch a new type of Dai today, November 19. The new kind of Dai will be recognized as the Multi-collateral Dai (MCD). It will be backed up by some types of collateral, dissimilar to current Single-Collateral Dai (SCD). The new Dai will be named as Sai.
According to their statement, the MCD’s launch will not need any actions from today’s Dai users. The organization also said that they will closely monitor the developments and will update users when they need any action.
Maker is planning to slowly pull out the old Dai in a few months
Maker is planning to slowly phase-out the old Dai. While they still do not have any precise date for the complete shift from SCD to MCD, but they expect it to take action is some months after the launching. The startup also mentioned in their post that it would aid users in converting their SAI to MCD.
Some time after November 18, Dai users will be capable of converting their SCD to MCD through the use of the Argent wallet.
In a tweet posted by Argent, they informed the public that the SAI-DAI transfiguration feature would be released in the following weeks.
In addition to this statement, the new Dai’s availability will be on the Compound protocol. It will permit users to get interests through Dai tokens. However, before they can do so, users initially have to remove their old Dai and then move the changed MCD back into Compound. There is still no specific date set for the change in the Compound despite Maker’s Dai integration last mid-October.
The system release plans of MCD were initially revealed by Rune Christensen, the chief executive officer of the Maker Foundation last October.
The MCD revelation is projected to unlock two main features. These are the Savings Rate for Dai and the first-hand collateral types for collateralized debt positions (CDPs), which is also an essential factor of the smart contract ecosystem for Dai.
Dai is diverse from the normal currency-backed up stablecoins. The reason is that it is not supported by reserve currency bank accounts, however, is generated by Ether in CDP smart contract.