The community of MakerDAO has officially closed its system DAI Singe Collateral (SAI) how the protocol completely moves in the direction DAI Multi-Collateral (MCD) orDAI).
In November 2019 was DCM was activated in MakerDAO like a protocol update Dai. While the previous system, UPS, I only had ETH As a security, the protocol update included the support of ETH, BAT, USDC y WBTC.
The update offered users more options for collateral and introduced the savings rate Dai, rewarded the holders with a variable interest rate Dai. So the protocol was already migrating from UPS to DCM, A system designed to provide the community with a more stable and efficient ecosystem MakerDAO.
The Single Collateral Dai (SAI) shutdown process is ongoing.
If you are still holding Sai or you have an old CDP (i.e. you have not migrated to a vault), you have the following options before and after May 12 at 16:00 UTC:
– Manufacturer (@MakerDAO) April 28, 2020
MakerDAO Shut down your system Individual collateral (SAI)
For some time now the community of MakerDAO had expected the system to close UPS. However, exchange rate instability and liquidity problems began to affect the effectiveness of the protocol. Given the problems the system was facing in March, the community intensified discussions on the final closure of UPS.
At the end of March the Maker Foundation has launched a governance survey so the community can vote on whether to shutdown the system or not. 18 individual voters approved the proposal to deactivate the MKR Oracle in online UPS representing just under 47,000 MKR or USD 15.1 million. This measure eliminated the stability fees from MKR for all CDP
After the community approved the closure, the protocol entered “Payment term“So users can”Guaranteed Debt Positions ”(CDP) to DCM. During this period, which ran from April 24 to May 12, the owners of Token UPS they could also exchange theirs Token to DCM on platforms like Uniswap.
MakerDAO officially closed its UPS system on Tuesday, May 12th at 16:00 UTC and fully welcomed it to DAI Multi-Collateral. At first when DCM The community launched on November 18, 2019 wrote:
“”Not too long ago, MCD was designed as a system designed to help shape the future of blockchain trading. Today this vision is a reality“”
Goodbye old friend. We had a good run. pic.twitter.com/G9I5p9OrN5
– DeFi Saver (@DeFiSaver) May 12, 2020
Links of interest
In short: MakerDAO adds USDC as a DeFi guarantee after the chaos on “Black Thursday”
MakerDAO launches the new DAI version today, which is supported by ETH, REP, BAT and ZRX
MakerDAO suggests increasing the limit of DAI tokens issued to 120 million units
Attackers could steal all collateral in MakerDAO
Sources: The block, CryptoBriefing, Forum Maker →
Hannah Estefanía Pérez’s version / DailyBitcoin
Image by Lucas Law on Unsplash