DeversiFi to support MakerDAO multi-collateral DAI

DeversiFi to support MakerDAO multi-collateral DAI
(Source: Pixabay)

DAI will be upgraded from a single collateral mechanism to multi-collateral, which is expected to result in some fundamental changes to how DAI gets listed. DeversiFi, a decentralized Ethereum exchange, highlighted the technical changes required to list the cryptocurrency on its platform. The company’s official announcement read,

“At DeversiFi, we are always ready to embrace new developments in the DeFi ecosphere and as such, are updating DAI pairs on DeversiFi to reflect these new developments.”

DeversiFi aims to capitalize on Maker’s steps towards seamless migration from SAI to DAI. Most importantly, single collateral DAI (before upgrade) will be renamed from DAI to SAI (single-collateral DAI), which will be a universal change and dated for 18th of November 2019. Concurrently, the new, multi collateral DAI (MCD) will be launched and will eventually assume the original DAI initials.

DeversiFi highlighted that the users will be able to continue trading SAI up until the listing of the new multi collateral DAI (DAI) which will occur on 02 December 2019. Once the new DAI has been added, SAI will no longer be available for trading.

The crypto exchange also mentioned that there will be a number of options for users to migrate their SAI tokens which will be provided in the coming days.