On November 18th, 2019, the MakerDAO system will transition from Single Collateral DAI to Multi-Collateral DAI. What does that mean and what you need to do.

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What you need to do

Let’s save time for you who came here for one reason: To find out what you need to do and how to answer these questions:

How do I protect my DAI? Or my ETH locked in a Collateralized Debt Position (CDP)?

This 3-minute video covers what you need to do, or you can read below:

If you have your DAI or CDP through your own web wallet like Metamask…

If you have DAI:

Easy. Go to https://migrate.makerdao.com/, send your DAI balance, and they send back the new Multi-Collateral DAI.

Source: MakerDAO Blog

If you have a CDP:

Two options here — You can close your existing CDP, receive your ETH back in your wallet, and open a new CDP and get new DAI. Alternatively, you can migrate it by going to https://migrate.makerdao.com/ and clicking to “migrate your CDP.” You will need to pay the stability fees at that time.

If you are one of these other cases…

Compound, Fulcrum, dYdX — Generally, you will want to withdraw your DAI, do the switch, and re-deposit DAI. The situation with these platforms is bound to get, well, a bit hectic. We will not go into that here, but we will in DeFi Nation threads.

Nexo, Celcius, BlockFi — Centralized platforms have been instructed to do the conversion for you.

Uniswap Liquidity Pools — Same as other decentralized services, you’ll do it manually.

Instadapp: You will need to withdraw ownership back to your wallet and follow the above steps.

Centralized Exchanges — Centralized exchanges have been instructed to do the conversion for you. They should let you know. If this concerns you, you are free to withdraw the DAI and do it yourself.

Have another scenario? Ask us in DeFi Nation.