Multi-collateral Dai is set to launch on Monday, November 18 at 8AM PT/4PM UTC/5PM CET and we are happy to announce that we will be supporting the new version of the Maker protocol in DeFi Saver.
As of today, our support for MCD will include:
- Simple migration of Sai to Dai and current CDPs to new MCD CDPs (Vaults);
- Management of MCD CDPs (Vaults) with advanced features such as Boost and Repay;
- Automation features for automatic liquidation protection and leverage increase for both ETH and BAT MCD CDPs (Vaults).
Important: Support for MCD will be added to our Compound dashboard and Smart Savings lending dashboard over the next few days as the support for MCD gets introduced to these protocols.
Migrating to Multi-collateral Dai
Using DeFi Saver you can both convert Sai (old, single-collateral Dai) to Dai (new, multi-collateral Dai) and upgrade your current SCD CDP to an MCD CDP (Vault), while also being able to enable (or keep enabled) automatic liquidation for your Vault upon upgrade. Important to note is that neither Sai or CDP migration have any fees associated with them.
Without further ado, let’s get to exact steps for both options.
Migrating Sai to Dai
The steps to convert old, single-collateral backed Sai to new, multi-collateral backed Dai are as follows:
1. Connect your wallet at any of the DeFi Saver dashboards, for example the MakerDAO dashboard.
2. Open the second available side widget meant for converting Sai to Dai.
3. Enter the amount of Sai currently in your account that you would like to convert and upgrade to Dai, click the upgrade button and confirm the transaction.
(Note: The Sai->Dai exchange rate is fixed at 1:1.)
4. Wait for the transaction to be verified at which point you will receive your new Dai.💰
Enjoy your newly acquired Dai! If you would like to lock it into Maker’s Dai Savings Rate contract or any of the other lending protocols to earn an interest on your funds, support for new Dai and DSR will be added to our Smart Savings dashboard in the following days.
Upgrading SCD CDPs to MCD Vaults
The steps to upgrading old, SCD CDPs to new MCD CDPs (Vaults) are as follows:
- Open the DeFi Saver MakerDAO dashboard and connect your wallet.
- Your current CDP will be loaded and you will be welcomed with a notification about the option to upgrade your CDP to MCD.
(Note: Upgrading immediately isn’t required, as the older, single-collateral version of the protocol will co-exist with MCD for an undetermined period of time.)
3. Click the Upgrade button to start the process. An upgrade screen will show up with multiple options for paying any accrued stability fees for your CDP. Please note that paying the accrued stability fee is required at this step, but the three different options should make this easier. You can use (1) MKR from your account, (2) Sai from your account or (3) generate new Sai from your CDP and use it to pay back the stability fee (note that this option will affect your collateralization ratio).
In case you already had Automation enabled for your CDP, you will also be offered the option to simply re-enable Automation for your Vault as soon as your CDP is upgraded.👌
4. Once you select the preferred stability fee payment method, simply click the Upgrade button and confirm your transaction.
5. Wait for the transaction to be verified at which point your CDP will become an MCD Vault. You can visit our previous article on MCD to learn more about the new version of the Maker protocol: The new Maker — what’s changing and how do I get on board?
In case you previously didn’t have automatic liquidation protection enabled for your CDP, you can enable Automation once the upgrade process is completed. You will be able to configure both automatic liquidation and automatic leverage increase at your desired ratios.
Managing MCD Vaults and enabling Automation
Once you upgrade your CDP, you will be welcomed with our updated Maker Dashboard that supports both ETH and BAT Vaults.
All of the signature DeFi Saver features you’ve gotten used to are there and ready for MCD, including Repay, Boost, and our CDP Automation for automatic liquidation protection and leverage increase. Important to note is that all of these features are available for both ETH and BAT backed Vaults right away.
If you would like to discuss anything DeFi related or want to stay up to date with DeFi Saver news, feel free to join our discord server and give us a follow on Twitter.