Dear MEWfam, As you may be aware, MakerDAO launched the Multi-Collateral Dai token today. Here’s what that means for you, whether you have a Collateralized Debt Position (CDP) currently open, or you are considering opening one in the future.

The original Dai token, which has been in use until today, has now been renamed to Single-Collateral Dai (Sai). The new Multi-Collateral Dai token will be known as Dai going forward. CDPs are also being renamed, and will now be referred to as Vaults. For complete information on terminology and functionality changes that are coming with MCD, head to MakerDAO’s blog.

The most important change is that while the old Dai (now Sai) only supported ETH as collateral, the new Dai will support multiple collateral types. Which specific tokens will be available as collateral is to be determined by MKR voters, MakerDAO’s governance body. If you’d like to look into nominating tokens for inclusion in MCD, see this article by MakerDAO.

Migrating from Sai to Dai

Multi-Collateral Dai will become available on MEW on November 26th, a week from tomorrow. We will post detailed instructions for the migration process at that time. There is no rush and no migration deadline has been announced by MakerDAO for the time being. Also, the existing CDP portal will continue to be available on MEW.

If you prefer to get started on migrating from Sai to Dai as soon as possible, migration of CDPs can now be carried out at migrate.makerdao.com. More information on the process can be found here.

At MEW, we are always exploring ways to make decentralized finance products more flexible and convenient for our users. Multi-Collateral Dai is an important development in this space, and we are looking forward to supporting you on your DeFi journey!

Yours,

MEWteam

MyEtherWallet.com

MEWtopia

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