According to a blog post published on November 16 by DeversiFi, a decentralized Ethereum exchange, said that the company will list MakerDAO’s stablecoin DAI which is recently upgraded from a single collateral mechanism to multi-collateral. MakerDAO’s upgraded multi-collateral (DAI) is going to be released on November 18.
DeversiFi said that this upgradation will result in some fundamental changes to how DAI is listed and displayed on the exchange. The blog post reads:
“Multi Collateral DAI is on the horizon! At DeversiFi, we are always ready to embrace new developments in the DeFi ecosphere and as such, are updating DAI pairs on DeversiFi to reflect these new developments.”
DeversiFi further notes that on the release of multi-collateral DAI (MCD), old single collateral DAI will be renamed from DAI to SAI on the 18th of November 2019.
Users will be able to trade SAI (old DAI) until the listing of new multi-collateral DAI which will commence on December 2, 2019.
Once the upgraded DAI is listed, SAI will no longer be available for trading on DeversiFi.
The crypto exchange also mentioned that there will be a number of options for users to migrate their SAI tokens which will be provided in the coming days.
The company said:
“DeversiFi aims to capitalise on Maker’s proactive steps towards seamless migration from SAI to DAI. We will keep UI changes on our side to a bare minimum, notifying users about the upcoming changes and pointing them to additional resources for further learning.”
Another blog post by MakerDAO says the complete Maker Protocol upgrade from Single-Collateral Dai (Sai) to Multi-Collateral Dai (Dai) will involve a series of events over time, starting with the launch of multi-collateral DAI and completing with shutdown of single-collateral DAI.
Rune Christensen, CEO of MakerDAO, speaking at DevCon 5 in Osaka, Japan, on October 9, said that the launch of MCD will mark a huge milestone reached for the MakerDAO project a turning point that will have a strong impact on the future of Decentralized Finance.
In a bog post published by MakerDAO on September 23, 2019, the company said that multi-collateral DAI (MCD) would bring a lot of new features to Maker’s protocol, including additional collateralized debt position (CDP) collateral types and the long-awaited Dai Savings Rate.
To take the full advantage of the new version of MakerDAO’s stablecoin, the entire structure of the protocol had been redesigned.
Headquartered in Santa Cruz, California, MakerDAO was founded in 2014 by Rune Christensen. Its mission is to shape the future of commerce on the blockchain.