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Important Dai Update

Nov 26, 2019

Attention: All BRD users must send their Dai to a supported exchange or wallet to upgrade.

Details below:

MakerDAO, the protocol behind the Dai stablecoin is making upgrades that affect all Dai users.

To keep things short, Maker is working to upgrade the system to support multi-collateral debt positions, so users can back Dai with more assets than only Ethereum. For the immediate future, this means that Dai is splitting into single-collateral Dai (called Sai) and multi-collateral Dai (called MCD or Dai).

In other words, traditional Dai is now called Sai, and the new multi-collateral Dai will be referred to as Dai. To make things even simpler, you can think of Sai as Dai 1.0, and Dai as Dai 2.0. This means users need to migrate their now called Sai (Dai 1.0) to the upgraded Dai architecture. The ultimate plan by Maker is to deprecate Sai in the future, so action must be taken before this happens.

BRD does not currently support this upgrade, which means all BRD users must transfer their Dai to a supported exchange or wallet to upgrade their Sai to Dai. To avoid any confusion, BRD will soon be updating the name of Dai to Sai in the application until the new Dai architecture is supported.

To read more details on the upgrade, read here. To find supported wallets or exchanges to turn your Sai into Dai, find them here.

Best,

BRD Team


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