Multi-Collateral Dai Is Live - Here's How to Upgrade Sai

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The new Multi-Collateral Dai just launched a few hours ago, and it is now possible to upgrade from your old Dai (Sai) to the new Multi-Collateral Dai (MCD) by visiting https://migrate.makerdao.com/. As promised in my previous article, I will show you how to upgrade from Sai to Dai using the official Maker portal. Before I even start the article, I do want to point out that the kinks are still being worked out of the system, and I did encounter a few small bugs. I am making this tutorial for the "hard chargers" who want to be the first to get the new MCD, but my personal opinion would be to wait a few days before converting to MCD. 

The first step in converting is to go to Maker's official conversion portal. Make sure to use the official portal, as there have already been instances of scammers trying to con people out of their Dai. 

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Once you have logged in with your MetaMask (or other supported wallet) allow Maker to connect. Maker's portal will automatically read the Sai balances in your wallet and give you the option to convert your Sai into Dai (MCD).

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As with any DeFi application, you will have to initialize the transaction and "unlock" the asset by sending a small ETH gas fee. 

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After this "unlock" transaction is complete, Maker's portal will ask you to confirm the amount of Sai that you are sending and the amount of Dai (MCD) that you will receive in return. As I was going through this process, the "Continue" icon remained greyed out and un-clickable, so I had to refresh the page and try again. Once you click "Continue", confirm the transaction in MetaMask and the portal will show a conversion screen that asks you to stay on the page. You can click on "View transaction details" to view the transaction in Etherscan while you wait. 

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After a brief wait, you will receive a screen that shows your transaction has completed. Congratulations! You successfully upgraded your Sai to Dai (MCD).

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Although the transaction and upgrade was successful, I could not see the new Dai in my MetaMask wallet. This caused me a brief bit of concern since I thought that something had went wrong with the transaction. 

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However, when I logged into Maker's Oaisis portal, I was able to see that I had 1 Dai (MCD) in my account, and I was also able to view the completed transaction on Etherscan. I feel confident that the transaction was successful, but I have to admit that not being able to see the balance in MetaMask was a bit unsettling at first.  

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The good news is that I do have the new Dai in my wallet, and the Oaisis portal is able to detect the balance. The bad news is that I can't actually view the new Dai in MetaMask. I am not an expert, but MCD just launched about 5 hours ago, and I suspect that MetaMask has not updated the wallet to reflect the new Dai. I don't consider this a bug or a major problem. It is just inevitable that it will take time for different wallets, exchanges, and DeFi protocols to update to the new MCD. 

In summary, the new MCD has launched, and you can now upgrade Sai to Dai through the official Maker portal. Everyone has to make their own choice, but I would encourage users not to rush to upgrade to MCD. The "Emergency Shutdown" described in my previous article most likely won't come for several months, and there were a few quirks that I experienced during the upgrade process. My personal strategy will be to wait a few weeks until MetaMask, Maker, and the various DeFi exchanges all get on the same page with support for the new MCD and then convert my remaining stock of Sai to Dai. 


The Part Time Economist
The Part Time Economist

Hi everyone. I'm just a simple man trying to make my way in the universe. I'm currently finishing up my MBA and hope to learn / share information on this platform.


The Part Time Economist
The Part Time Economist

Hi everyone. This is just a place for me to post some of my thoughts and analysis. I hope that someone finds them useful.

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