How to Upgrade Sai to Dai in MetaMask After Sai Token Shutdown to Avoid Problems

in #ethereum3 years ago (edited)

metamask3.png

You may have noticed a message in your MetaMask from Maker: "The new Multi-Collateral Dai token has been released. Your old tokens are now called Sai. Please upgrade your Sai tokens to the new Dai. " Here is a quick update to bring you up to date with what you are required to do.

The Multi-Collateral DAI, also known as the MCD, is MakerDao's newest upgrade. It was released November 18th, 2019 and encompasses new features, some minor name changes, and security updates. From now on the new Multi-Collateral token will be known as DAI. The previous version, the Single-Collateral token, will be called SAI. Collateral Debt Positions (CDPs) have also been renamed to Vaults.

Maker's Oasis platform will now allow DAI token holders to immediately earn interest on their funds with no fees. This interest comes from the Stability Fees paid by borrowers using Vaults to take out loans. Additional crypto assets will also be supported by the new protocol, with these assets consisting of ETH and BAT. A vote from the Maker community will determine which new tokens will be added.

These changes mean MakerDao will no longer update the Single-Collateral protocol, and is now phased out from May 12, 2020. This is why it is vital that you convert your SAI tokens to MCD by redeeming them to ETH first, as the token has no function any longer.

How to Upgrade Sai to Dai in MetaMask:

  1. Click here to enter the SAI to ETH Redemption Portal
  2. Connect with your Metamask
  3. Enter the amount of Sai to redeem back to ETH and submit the transaction. Upon confirmation the ETH will appear in your wallet.
  4. Use the ETH to re-buy the new DAI from a decentralized exchange such as Uniswap.

About MetaMask

MetaMask is a highly accessible, cross-browser Ethereum wallet whose functionality includes; enabling users to connect to the Ethereum blockchain and storing, sending and receiving ERC-20 tokens.

MetaMask is supported on most popular browsers including Chrome, Firefox, Brave, and Opera.

Through interactions with the Ethereum blockchain, this wallet enables the user to utilize the different Ethereum Apps directly from the computer's browser. And because browsers are often connected to the internet, MetaMask is regarded as a hot wallet.

This Ethereum wallet does not store private keys on any server. Rather, keys are securely stored with password protection in the supported browser's main folder.

MetaMask is also available on mobile, if so than your message was "It looks like you have some Dai in your account. You need to migrate this Dai to its new version or it will be deprecated."

MetaMask is one of the most user-friendly and accessible wallets on the market and it is recommended as a first choice for beginners.

Recently, Google has restored MetaMask, an Ethereum cryptoasset wallet, to the Google android Google Play Store after commiting it to a ban that that started Dec. 26.

Google cited its plan against cryptocurrency applications mining on cellular devices, an activity where MetaMask does not take part. MetaMask quickly asked Google to examine your choice, citing that the application will not violate that policy, but the appeal was immediately rejected.

The business behind MetaMask tweeted on New Year’s Day that Google had reviewed its position on the Ethereum wallet application and restored its access on the application store.

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