Exodus DAI/SAI Swap

All you need to know about the transition from Single-Collateral Dai, now labeled Sai (old DAI) in your Exodus wallet, to DAI and what this means for DAI in Exodus.

In this article

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:

Go to Metamask’s website and download the Metamask wallet.
Open MetaMask and add SAI and DAI tokens by following this guide.
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.

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
Open the Uniswap exchange website: https://uniswap.exchange/swap
Connect Uniswap to your Metamask website by clicking the Connect to a Wallet button in the top right corner and selecting MetaMask:

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.

Choose the Output token as DAI from the dropdown menu.

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

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:
Then you will see this process is pending:

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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