As you are probably aware, MakerDAO recently released the multi-collateral DAI, an exciting novelty in the world of stablecoins. The old, single-collateral DAI has been renamed to SAI (this is how we will refer to it throughout this email) while the new multi-collateral tokens are now known as DAI.
The Nexo platform will cease to support the SAI token, after February 3rd, 2020, when Nexo will migrate all SAI tokens to DAI.
Depositing DAI before February 3rd may result in the loss of your DAI.
Depositing SAI after February 3rd may result in the loss of your SAI.
To make sure you are fully informed about this process, we have put together the email below.
What is the SAI/DAI Мigration?
Previously, DAI could only be generated by staking Ethereum (ETH) as collateral. With the new update, users can now generate DAI against a variety of different assets, including Augur (REP), Basic Attention Token (BAT), DigixDAO (DGD), Ether (ETH), Golem (GNT), OmiseGo (OMG), 0x (ZRX).
Users who own SAI will soon need to transition to the DAI and Nexo has arranged for the process to be quick and seamless.
What Do You Need to Do?
We plan to integrate the new DAI on the Nexo platform on the 3rd of February 2020. At 12:00 GMT on the day, our platform will suspend all SAI transactions, meaning you will not be able to deposit or withdraw any SAI. The duration of this update may vary from just an hour or two to a slightly longer period.
If You Want to Convert Your SAI into DAI:
If you have deposited SAI into your Nexo Wallet and would like to transition to DAI, you don’t need to do anything as Nexo will take care of the process for you. Simply leave your SAI in your Nexo Wallet and it will automatically be converted through our system. In case you have SAI outwith your Nexo account and would like to convert it into DAI, be sure to stake it in your Nexo Wallet before the 3rd of February, 12:00 GMT.
If You Do Not Want to Convert Your SAI into DAI:
If you do not wish to transition to DAI, or would like to manage the conversion of your SAI personally, you will need to withdraw your assets from your Nexo Wallet before the 3rd of February.