DAI FAQ
SAI global settlement announcement: On May 12th, 2020, MakerDAO will perform a global settlement of SAI.
On May 7th, Coinbase will no longer support SAI. We will automatically convert any SAI you have in your Coinbase account into DAI. There’s no action required on your part.
Please note: this is a one-time conversion. Do not send any SAI to your Coinbase account on May 7th or later as SAI deposits and withdrawals will no longer be supported.
This conversion will happen on Coinbase.com. If you attempt to deposit SAI into your Coinbase Pro account before May 7th, it will automatically deposit into your Coinbase.com account, and on May 7th, that SAI will convert into DAI.
If you don’t want Coinbase to upgrade your SAI to DAI, you must withdraw or convert all SAI in your Coinbase account before May 7th.
DAI Upgrade Announcement: On November 18th, Maker will be launching the multi-collateral DAI stablecoin, upgrading their current single-collateral DAI stablecoin. Multi-collateral DAI introduces a number of changes to the existing DAI stablecoin including multiple non-ETH collateral types.
Coinbase will begin our multi-collateral DAI upgrade around December 2nd at 9 AM PST. All Coinbase DAI user balances on that date will be converted to multi-collateral DAI, and we will stop trading single-collateral DAI (referred to by the Maker Foundation as SAI).
Please note, your funds will be safe, and if you take no action, your funds will be upgraded automatically.
To prepare for this upgrade, Coinbase users holding DAI balances should know:
Between November 18 and December 2nd:
- If you send multi-collateral DAI to your single-collateral DAI wallet address (in either Coinbase or Coinbase Pro), these tokens will be stored in a temporary multi-collateral DAI “MCD” wallet within Coinbase.com
- These tokens will not be available to be traded till after our upgrade is complete
- If you send single-collateral DAI (also known as SAI), it will show up in your Coinbase DAI wallet as DAI
- Remove all DAI tokens from Coinbase and Coinbase Pro that you do NOT want converted to multi-collateral DAI
On December 2nd:
- All single-collateral DAI stored in Coinbase and Coinbase Pro at time of upgrade will be converted automatically to multi-collateral DAI and remain in your DAI wallet
- All multi-collateral DAI (if any) that is stored in your Coinbase “MCD” wallet at time of upgrade, will be transferred to your DAI wallet
- The MCD wallet will cease to exist
- Send, receives, buys, and sells will be suspended temporarily on Coinbase.com until the upgrade is complete
- Sends and receives will be suspended temporarily on Coinbase Pro until the upgrade is complete
After December 2nd:
- We recommend you only send multi-collateral DAI to the DAI crypto wallet address
- Any single-collateral DAI sent into Coinbase.com or Coinbase Pro will not be converted to DAI but will remain as SAI and will be stored in a new, temporary Coinbase.com “SAI” wallet
- Your SAI balance will not be available for trading
- This wallet will be available temporarily and will be removed when SAI is no longer supported by Coinbase
- When Coinbase stops supporting SAI, Coinbase will convert all SAI stored in your SAI wallet to multi-collateral DAI, with funds appearing in your DAI wallet
- We will provide you prior notice before Coinbase stops supporting SAI
Important things to note:
- Remove all DAI tokens from Coinbase and Coinbase Pro that you do NOT want converted to multi-collateral DAI
- DAI send, receive, and trading functionality will be suspended when our upgrade begins; it will resume once the upgrade is complete
- If you send multi-collateral DAI prior to December 2nd, it will show up in your Coinbase.com “MCD” wallet; if you send single-collateral DAI after December 2nd, it will show up in your Coinbase.com “SAI” wallet
- These dates may be changed and this page will reflect our updated plan; we currently do not have plans to support the DAI savings rate
- If you prefer to upgrade your single-collateral DAI before the Coinbase migration on December 2nd, or if you’d rather not convert at all, you can transfer DAI from your Coinbase account to the user-controlled Coinbase Wallet app or any other non-Coinbase wallet
- The Coinbase Wallet app is a different app from the main Coinbase app
- The Coinbase Wallet app supports both legacy single-collateral DAI and the new multi-collateral DAI
- The Wallet app offers access to a manual migration tool so you can convert coins at your own discretion
- A small amount of ETH is required for the manual migration tool conversion (to pay network fees)
What is DAI?
Dai (DAI) is a decentralized stablecoin running on Ethereum (ETH) that attempts to maintain a value of $1.00 USD. Unlike centralized stablecoins, DAI isn’t backed by US dollars in a bank account. Instead, it’s backed by collateral on the Maker platform. Read more at makerdao.com/whitepaper.
How do I buy DAI?
Coinbase customers from eligible regions can buy DAI on Coinbase.com and Coinbase Pro. To see which regions support trading DAI, please see our Supported Digital Currencies page.
Purchased DAI will be displayed as an asset within your Coinbase wallet in your Accounts page on Coinbase.com or in the Coinbase mobile app.
There minimum purchase amount of DAI on Coinbase is 1 DAI.
Can I send DAI to Coinbase or Coinbase Pro?
Yes, but only to the DAI wallet in your Coinbase account. Although DAI is on the Ethereum network, it supported separately from ETH and ETC. Please be sure to send DAI to and from Coinbase the same way you send all other assets on the platform, within their own separate wallet. DAI is an Ethereum ERC20 token, and will be displayed as an asset within your Coinbase wallet. Select the “Deposit” button next to your DAI wallet to view your DAI deposit address.
Important Reminder: Do not send DAI tokens to any Coinbase wallet addresses other than your DAI wallet. Coinbase will not be able to recover tokens sent to the wrong address.
If you send to an external (non-Coinbase) address or wallet that does not support DAI, Coinbase is not responsible for that transaction. If you have sent DAI to an external address that does not support Ethereum ERC20 tokens, you will need to directly contact the support team of that wallet to get help.
How can I withdraw my DAI?
There is no minimum withdrawal to send DAI from Coinbase to an external address.
To learn about how staking DAI on Coinbase works, please feel free to check out our Coinbase Earn: DAI video.
