MakerDAO Project is Launching Multi-collateral Dai on Crypto.com
According to the recent announcements, the MakerDAO project will launch its token, Multi-Collateral Dai (Dai), on November 18, 2019. Existing Single-collateral Dai (Sai) will be converted to Multi-Collateral Dai after its release. This token will be launched on the Crypto.com application.
https://t.co/vCNztABJoG will support the Migration to Multi-Collateral $DAI! @MakerDAO Full details here – https://t.co/2BAUYEtDet pic.twitter.com/YK810ashY7
— Crypto.com (@cryptocom) November 15, 2019
There are specific changes that are required to implement on the Crypto.com application to support the Multi-collateral Dai token before its community successfully activates it.
- Single-Collateral Dai (Sai) needs to be converted to Multi-Collateral Dai automatically in the application, Crypto.com.
- There should be a single wallet for storing Dai. In that wallet, token deposits in both Sai and Dai should be acceptable from other wallets. All the deposited tokens in Sai, as well as Dai in Crypto.com app, should be consolidated in the Dai wallet. The address of the wallet, which is available on Crypto.com, will not change.
The company is supporting Sai deposits from other wallets until a new notice comes into existence. The support to the Sai can terminate at any time after receiving short notice. If anyone wants to transfer Sai token to the Crypto.com application, then the company will suggest specific ways to arrange such type of transfer from other wallets.