DAI FAQs – Learn more about DAI

All you need to know about DAI, how to obtain it, and the transition from Single-Collateral Dai, now labeled Sai (old DAI) in your Exodus wallet.

How do I get some DAI?

To get started with Compound Finance in Exodus, you are going to need some DAI. This section will show you the different ways to get DAI into your Exodus wallet.

Using Exodus

Inside of Exodus, you are able to swap any one of our exchangeable assets for DAI conveniently using the inbuilt Exchange. So if you already have some crypto inside of your Exodus wallet then you can exchange them for DAI.

Using a centralized exchange

If you would like to buy DAI, you can see a list of available markets here. Just scroll down and find an exchange suitable for you!

What’s happening to DAI and how to I get the new 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.

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?

Uniswap and MetaMask are third-party platforms that are not affiliated with Exodus. As such, Exodus cannot guarantee the performance of their products/services or that the steps shown and the information provided will always be accurate.

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.

To exchange your Single-Collateral SAI (old DAI) to the new Multi-Collateral DAI, all you will need to do is the following:

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.

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.

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.

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: