On Monday, November 18, 2019, MakerDAO launched a new version of its stablecoin, DAI. Before the transition, users could generate DAI tokens after committing ETH as collateral. With the upgrade, users are now able to put up other cryptocurrencies as collateral.
To learn more about the transition, please visit MakerDAOs official announcement here.
Wyre's Transition Plan
- On Monday, November 18, 2019 Wyre will rename DAI to SAI. The changes will be reflected across our suite of products and documentation. We will not support MCD at this time.
- Any deposits of MCD to Wyre will be held until the addition of MCD is completed on December 2, 2019.
- Wyre will convert Single-Collateral DAI (SAI) held on our platform to Multi-Collateral DAI (DAI) automatically on December 2, 2019.
- If you would like to opt-out of the conversion, please remove your Single-Collateral DAI (SAI) from our platform prior to December 2, 2019.
Frequently Asked Questions:
I’m an individual using Wyre, do I have to do anything?
No! Wyre will convert your Single-Collateral DAI (SAI) to Multi-Collateral DAI (DAI) for you automatically on 12/2/19. However, if you would like to opt-out of the conversion please remove your Single-Collateral DAI (SAI) from our platform prior to 12/2/19.
I’m a partner using Wyre, do I have to do anything?
No! Prior to 12/2/19 your integration will work as normal without any changes. If you have SAI Wyre will convert your Single-Collateral DAI (SAI) to Multi-Collateral Dai (DAI) for you automatically on 12/2/19.
What happens if I send MCD to Wyre before the transition is complete?
Wyre will capture the DAI and hold it until our system upgrade is complete. At that time the DAI will be credited to the user’s account. Please hold off on sending MCD DAI to your Wyre account until after our upgrade has been completed.
Will Wyre support SAI after December 2, 2019?
No. After the conversion from SAI to DAI on 12/2/19, only DAI will be supported.
What happens if I send SAI to Wyre after the transition is complete?
Due to the nature of Wyre’s architecture, we will not be able to recover any deposits of SAI made after 12/2/19.
Please do not hesitate to contact us with any questions or concerns about the upcoming changes.