Below is an important announcement for all clients that hold DAI on Kraken.
On November 18, MakerDAO is expected to launch a new set of smart contracts, changing the way DAI is generated. If you hold DAI on the exchange and wish to participate in this upgrade, you do not need to do anything – client funds will be automatically upgraded between November 19 and December 2. If you do not wish to participate in the upgrade or would like to manage the upgrade yourself, please read the instructions below.
Why is DAI Being Upgraded?
Currently, MakerDAO users can only generate DAI tokens by pledging ETH as collateral. With the upgrade, users will be able to put up other cryptocurrencies as collateral in the MakerDAO system. Once this happens, the upgraded version will be known as DAI, while the old, single collateral version will be renamed ‘SAI.’
It is currently anticipated that the majority of the network intends to migrate to the new smart contract platform and upgrade their systems – this includes Kraken.
What if I Don’t Want to Upgrade?
- Clients who do not wish to upgrade must opt-out by withdrawing their funds before November 18. On this date we will suspend all deposits and withdrawals of DAI and any remaining DAI on the exchange will be part of the upgrade.
- Once we have completed the upgrade, no later than December 2, deposits and withdrawals of Dai will be re-opened.
- Clients that deposit SAI (the single collateral version) onto Kraken after November 18 may not be credited for their deposit. Please take caution to avoid sending the wrong asset to your deposit address as we cannot guarantee that funds are recoverable.
We will keep everyone updated through email, on our blog, and via social media. Additionally, please do not hesitate to contact us with any questions.
Additional information for multi-collateral DAI can be found on MakerDAO’s blog:
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The Kraken Team
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