On November 18, MakerDAO launched a new set of smart contracts, changing the way DAI is generated. DDEX has now added support for this new Multi-Collateral Dai token. (You can find the new market here: https://ddex.io/margin/ETH-DAI)
The old SAI token will become increasingly less liquid as more SAI is converted to DAI. Keeping the SAI market open forever is not feasible, as most platforms are shutting down their SAI markets in the coming weeks.
We will close the ETH-SAI Margin market on 4:00 AM UTC 11/28. We encourage users to close existing positions beforehand.
If you have a position open on the ETH-SAI market at the time of the closure, your position will effectively be auto-closed through dutch auction. All remaining assets after repaying your loan will be returned to your wallet.
How to Migrate Your ETH-SAI Position To ETH-DAI
Migrating your position should be fairly simple! We'll address a few different possibilities below.
1. If you have a LONG position on the ETH-SAI market
a. First close your position at https://ddex.io/margin/ETH-SAI
b. Then transfer your ETH to the ETH-DAI Margin Account and open a new position on the ETH-DAI market at https://ddex.io/margin/ETH-DAI
Note - you can effectively re-open the exact same position if your leverage rate is under 5x!
2. If you have a SHORT position on the ETH-SAI market
You actually have a few options here if you shorted (and you picked a nice time to short, congrats!)
Option 1 - Repay your loan and withdraw all of your ETH
a. Go to the pro mode at https://ddex.io/margin/ETH-SAI
b. Sell all of your SAI for ETH (note - if you want to keep some SAI instead of ETH for some reason, you could just sell enough to repay your ETH loan)
c. Repay your ETH loan (your position is now closed!)
From here you can either...
- Transfer your ETH to any other market (or to your external wallet)
- Reopen a new position on any other market (if you still want the short position you could recreate your position on either https://ddex.io/margin/ETH-DAI or https://ddex.io/margin/ETH-USDT )
Option 2 - Close your position and use Maker's SAI-DAI converter to get DAI
a. Close your position at https://ddex.io/margin/ETH-SAI
b. Withdraw your SAI from the margin account to your external wallet (you can use the accounts page or the pro mode to do this https://ddex.io/account)
c. Navigate to migrate.makerdao.com and upgrade your Sai to Dai
From here, you have converted all of your SAI to DAI. If you want to open a new position on DDEX...
- Deposit your new DAI from your external wallet to into the ETH-DAI Margin Account.
- Open a new position on the ETH-DAI market: https://ddex.io/margin/ETH-DAI
How To Migrate Your Lending Pool SAI to DAI
If you have SAI in the Lending Pool, you'll probably want to convert it and transfer it to the DAI market. You could either use Maker's migration tool or you could buy ETH with SAI on DDEX's spot market before 11/28, then sell your ETH for DAI.
To user Maker's migration tool...
- Withdraw your SAI from the lending pool to your external wallet on the Loans page (https://ddex.io/loans)
- Navigate to migrate.makerdao.com and upgrade your Sai to Dai
- Deposit your new DAI from your external wallet wallet to the DAI lending pool on the Loans page (https://ddex.io/loans)
That should cover the main details for the migration! Thanks for trading with DDEX, please come chat with us on our Discord if you have any questions or would like any assistance.