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 is happening to DAI?
DAI is going through an upgrade. Maker DAO, the creator of DAI, is replacing Single-collateral Dai with Muti-Collateral Dai. For now, both coins will exist side by side. The old Dai tokens, renamed "Sai (old Dai)", can be swapped at a 1:1 ratio for new Multi-Collateral Dai (DAI).
As the name suggests, Multi-Collateral Dai will include additional assets that can be used as collateral. Single-Collateral Dai (SAI) was 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?
To swap your Single-Collateral SAI (old DAI) to the new Multi-Collateral DAI all you will need to do is the following:
- Open your Sai (old Dai) or Dai (DAI) wallet
- Open the wallet's Asset Menu by clicking the 3 dots in the top right-hand corner and select the Claim DAI option
That's it! Once the swap is complete you can go to your new Dai (DAI) wallet to view your newly deposited Multi-collateral Dai.