Multi-Collateral DAI implications for Status wallet users

Wallet
1

Multi-Collateral DAI will launch on November 18, 2019 and will require users that hold DAI to migrate from single collateral DAI.

Even though Status wallet is non-custodial the Maker foundation put forward some recommendations for non-custodial wallet providers to make the transition easier for DAI users.

After November 17th, the legacy DAI token is recommended to be referenced as SAI in the wallet and the new token as DAI.

I’ll paste the main bullet points from the migration guide below:

If you are a creator of a wallet that allows users to be in control of their private keys we recommend you do the following:

  • Inform your users as soon as possible about the timeline for your own upgrade to MCD.
  • Support balances of both Sai and Dai for a period until Sai demand diminishes.
  • After the launch of MCD, the new Dai token should be named Dai on your platform. Single Collateral Dai (SCD - the old token) should be named Sai.
  • Inform your users that they will be able to swap Sai for Dai at migrate.makerdao.com.
    • Optional: Provide a UI in your own interface for token migration through the migration contract.
  • Inform users about Dai Savings Rate, which allows Dai holders to earn savings.
    • Optional: Create a UI where users can activate Dai Savings Rate.
    • Optional: Link users to a page on makerdao.com for activating savings, which will be announced at launch.
  • Optional: Implement paying the gas cost of Dai transactions on behalf of your users.
2

Thanks @barry. Perhaps we can bounty the task to update Dai + Sai and ship with v1, as other wallets will likely have already done so by the time v1 launches.

3

FYI here is how it’s being represented in other places.

59%20AM

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4

Thank you Barry. I created an issue for this.

5

@andre @maciej I’d like your opinions here. Basically the DAI token is being deprecated in favor of a new multi-collateral version, the new DAI. The old DAI is being renamed SAI and will lose value as users shift to multi-collateral.

The new token was introduced this week, and other apps have notifications that point users to https://migrate.makerdao.com/ so they can migrate their tokens.

As we won’t have a new version of our app live until v1 in January - I don’t think it’s necessary to include a migration notification. There’s enough new information about Status to take in. If anything, we can write a blog post about the token migration for our users on how we will support DAI and SAI in v1.

Does that make sense?

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6

@rachel I agree, seeing as we can’t rely on the usual channels others might use like PNs or emails, I think the alternative of having a hardcoded banner for users to stumble into is overkill

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