Pegged to the US Dollar, fully collateralized by cryptocurrency. Coindirect now fully supports MakerDAO’s Dai…
You may have noticed a change in your wallet since the MakerDAO Foundation launched Multi-Collateral Dai (MCD). Your DAI wallet has been renamed “SAI” in the Coindirect platform but what does it all mean?
At the Devcon ethereum developer conference in Osaka, Japan, MakerDAO announced that going forward users will be able to use other cryptocurrencies as collateral in the MakerDAO system. Previously, users of the decentralized financed (DeFi) platform could borrow DAI tokens only after committing ETH as collateral.
This MCD launch marks a change in terminology.
Existing Single Collateral Dai is now referred to as “Sai,” and Multi-Collateral Dai will be called “Dai.” This is why your Coindirect wallet that previously held your Dai is now renamed SAI. This dual system will ease the transition as Maker system migrates its users to MCD.
Along with the MCD launch comes the introduction of the Dai Savings Rate, which will reward Dai holders with a variable interest rate paid out in Dai.
You can read all about the launch here on the MakerDAO blog.
The process for buying Sai on the Coindirect platform is still the same. Simply sign in, navigate to your wallet and start transacting.