DAI FAQs - Learn more about DAI

All you need to know about DAI, how to obtain it, and the transition from Single-Collateral Dai, now labeled Sai (old DAI) in your Exodus wallet.


In this Article


How do I get some DAI?

To get started with Compound Finance, you are going to need some DAI. This section will show you the different ways to get DAI into your Exodus wallet.

Using Exodus

Inside of Exodus, you are able to swap any one of our exchangeable assets for DAI conveniently using the inbuilt Exchange. So if you already have some crypto inside of your Exodus wallet then you can exchange them for DAI.


Using a Centralised Exchange

If you would like to buy/sell your assets for DAI see a list of available markets here. Just scroll down and find an exchange suitable for you!


Create a CDP to borrow DAI

If you have some Ethereum and/or BAT, you can create a CDP (Collateralized Debt Position), that allows you to lock up and loan your crypto into a CDP vault and in return you will be given DAI. You can pay your DAI back at any time and your Ethereum/BAT will be returned to you.

We will use the Maker DAO Oasis app to borrow DAI. Here’s the Oasis website.

1
Once on it, start by choosing the wallet you wish to connect to the app:

You can use your Trezor with Exodus wallet to connect to the Oasis app.

Please note: you cannot connect your Exodus wallet directly to the Oasis app. If you do not have a Trezor wallet, it is possible to use one of the other wallets above and send the DAI back to Exodus.

2
Once your wallet is connected a plus symbol will appear that will allow you to create a new vault and generate DAI.

3
The two assets available to lock-up for DAI are currently ETH and BAT. For this example we will choose ETH.

4
Now you can decide the amount of DAI you want to generate. In the top field you can choose the amount of ETH you wish to lockup, in this case we want to use 1 ETH. In the bottom field the amount of DAI you wish to generate.

Depending on the number you enter in the bottom box it will change two variables:

  • Collateralization Ratio: This is the ratio between the value of the collateral deposited in your CDP and how much DAI you have generated from it.
    • Because the price of ETH constantly fluctuates, you should keep this well above the 150% minimum ratio to avoid your CDP from being liquidated.
  • Liquidation Price: The Liquidation Price is the lowest unit price the staked collateral can reach before the CDP becomes vulnerable to liquidation.
    • The more DAI you take out, the lower your Collateralization Ratio will fall and the higher your Liquidation Price will rise.
5
The minimum Collateralization Ratio will be 150%, in our example, 1 ETH can get you a maximum of 95.61 DAI. However, this is not an ideal amount of DAI to generate:

You will need to keep an eye on Your Liquidation Price, which is the ETH price where your CDP will face liquidation and will be below the minimum 150% Collateralization ratio.

You can see the Current ETH Price and Your Liquidation Price are very close together. We always want to avoid this so be sure to give yourself some room for the price of ETH to move without needing to act.

Now you will see in our example, our CDP will not be affected unless the price of ETH skydives to $82.50 because we have chosen a larger Collateralization Ratio.

6

Now, confirm all the details and click Open Vault.

Once you have confirmed all the details, you can send your DAI to Exodus to get started with Compound Finance!

DAI/SAI Swap Questions

What's been happening to DAI?

DAI has been going through an upgrade. Maker DAO, the creator of DAI, has replaced Single-collateral Dai with Muti-Collateral Dai. 

As the name suggests, Multi-Collateral Dai includes additional assets that can be used as collateral. Single-Collateral Dai (SAI) is only backed by Ethereum.


Why do I see Sai (old DAI) in my Exodus wallet?


The Maker team has renamed the legacy Single Collateral Dai (DAI) to Sai. The Dai moniker will be used to represent the new Multi-collateral Dai. 

Maker has chosen the following naming convention:

  • The old Single-Collateral DAI name changes from DAI to SAI.
  • The new Multi-Collateral DAI inherits the name DAI.

Therefore, you'll see two wallets in Exodus that will hold the old and new Dai:

  • Sai (old Dai)
  • Dai (DAI)

How Do I swap from Sai (old Dai) to the new DAI?

For a few months in early 2020, the Maker DAO allowed token holders to swap their SAI (old Dai) to the new DAI at a 1:1 ratio. This swap period ended in April 2020. Since then, the swap can't, unfortunately, be done in Exodus anymore, but don't worry! You can still exchange your SAI for the new DAI by using the MetaMask wallet and the Uniswap Exchange

This requires a few extra steps, but it doesn't take more than a few minutes. We have laid out the exact step-by-step process for you below. 

Please note: Since SAI is now not pegged to the U.S. Dollar anymore, this will not be a 1:1 swap. There will be fluctuations in price and you may not get the same amount of DAI for your SAI. You are basically selling your SAI for DAI based on market prices and supply and demand. 

To exchange your Single-Collateral SAI (old DAI) to the new Multi-Collateral DAI all you will need to do is the following:

1
Go to Metamask’s website and download the Metamask wallet.
2
Open MetaMask and add SAI and DAI tokens by following this guide.
3
First, send your SAI from your Exodus wallet to your MetaMask wallet address.

Careful: MetaMask and Uniswap will detect that you have SAIs and will offer to you to migrate the SAI tokens for you. Ignore this offer as it won’t work anymore.

4
Now, send 0.01 ETH from your Exodus wallet to Metamask to cover all transaction fees, this is because SAI and DAI are ERC20 tokens
5
Open the Uniswap exchange website: https://uniswap.exchange/swap
6
Connect Uniswap to your Metamask website by clicking the Connect to a Wallet button in the top right corner and selecting MetaMask:

7
Choose the input token as SAI from the dropdown menu and type in the amount of SAI you want to swap.

Careful: MetaMask and Uniswap will detect that you have SAIs and will offer to you to migrate the SAI tokens for you. Ignore this offer as it won’t work anymore.

8
Choose the Output token as DAI from the dropdown menu.

9
You will see a Uniswap message: Please unlock to continue. Please click on the Unlock button in the Input.

10
A Metamask window will open to confirm you want to unlock your Metamask wallet in Uniswap and Allow Uniswap.exchange to spend your SAI. Click Continue:
11
Then you will see this process is pending:

12
After some time the process will complete and you are able to click Swap at the bottom of the screen. Click Swap and confirm the swap again in the Metamask confirmation screen.

Then just wait for the swap to complete and once you have your DAI in your Metamask wallet you can send them to your Exodus wallet.

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