Announcements > Bitfinex is Supporting DAI's Multi-Collateral Upgrade November 16, 2019

On November 18th, MakerDAO is reaching an important milestone launching Multi-Collateral Dai. The upgrade will introduce new features to the Maker Protocol, including the Dai Savings Rate (DSR) and additional collateral asset types. More details and information about the upgrade can be found on the MakerDAO's blog.

Bitfinex will support the upgrade via a two step process:

  • On November 18th the DAI held on Bitfinex will be renamed as SAI, to represent that it is the legacy version of the token. The markets on Bitfinex will be for trading SAI. Please note that the tickers via API will remain "DAI".
  • On December 2nd all SAI held on Bitfinex will be converted to DAI, and only DAI will be supported going forward for trading.

How to be part of the upgrade?

If you already hold DAI on our platform and wish to participate in this upgrade, you do not need to do anything - the funds will be automatically upgraded on December 2nd.

What if I don't want to upgrade?

Users who do not wish to upgrade must opt-out by withdrawing their funds before December 2nd. On this date we will suspend all deposits and withdrawals of SAI and any remaining SAI on the exchange will be converted into DAI.

After the upgrade, which is expected to be completed on December 2nd, deposits and withdrawals of DAI (Multi-Collateral Dai) will open.

SAI (Single-Collateral Dai) deposits made on to Bitfinex after December 2nd will not be credited. Please exercise extreme care to avoid depositing wrong tokens or to a wrong address as we cannot guarantee that funds are recoverable.