MakerDAO Closes its Single-Collateral DAI System
Main page News, Stablecoins

The MakerDAO community has decided to stop using the Single-Collateral DAI (Sai) system in order to complete the full transition to the Multi-Collateral DAI (MCD or DAI) system.

The new system, which started to be used in MakerDAO in November last year, is an update to the protocol with several collaterals - ETH, BAT and USDC, while the previous Single-Collateral system only had ETH as a collateral.

In addition, this update introduced in November brought a number of other improvements such as the Dai Savings Rate, which rewards owners of Dai tokens with a variable interest rate paid in Dais.

Even though the project community had been discussing the closure of the old system for some time, it had not happened until now. The final decision has reportedly been taken as a result of the situation on the market in March, when it became clear Sai was experiencing severe liquidity problems.

The decision has been taken after the Maker Foundation carried out a poll on March 30 in order to decide the future of Sai. Once the decision was made, users had from April 24 to May 12 to transfer their Collateralized Debt Positions (CDP) to MCD.

Sai was officially closed on Monday.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error