BelowisanimportantannouncementforallclientsthatholdDAIonKraken.
OnNovember18,MakerDAOisexpectedtolaunchanewsetofsmartcontracts,changingthewayDAIisgenerated.IfyouholdDAIontheexchangeandwishtoparticipateinthisupgrade,youdonotneedtodoanything–clientfundswillbeautomaticallyupgradedbetweenNovember19andDecember2.Ifyoudonotwishtoparticipateintheupgradeorwouldliketomanagetheupgradeyourself,pleasereadtheinstructionsbelow.
WhyisDAIBeingUpgraded?
Currently,MakerDAOuserscanonlygenerateDAItokensbypledgingETHascollateral.Withtheupgrade,userswillbeabletoputupothercryptocurrenciesascollateralintheMakerDAOsystem.Oncethishappens,theupgradedversionwillbeknownasDAI,whiletheold,singlecollateralversionwillberenamed‘SAI.’
Itiscurrentlyanticipatedthatthemajorityofthenetworkintendstomigratetothenewsmartcontractplatformandupgradetheirsystems–thisincludesKraken.
WhatifIDon’tWanttoUpgrade?
Clientswhodonotwishtoupgrademustopt-outbywithdrawingtheirfundsbeforeNovember18.OnthisdatewewillsuspendalldepositsandwithdrawalsofDAIandanyremainingDAIontheexchangewillbepartoftheupgrade.Oncewehavecompletedtheupgrade,nolaterthanDecember2,depositsandwithdrawalsofDaiwillbere-opened.ClientsthatdepositSAI(thesinglecollateralversion)ontoKrakenafterNovember18maynotbecreditedfortheirdeposit.Pleasetakecautiontoavoidsendingthewrongassettoyourdepositaddressaswecannotguaranteethatfundsarerecoverable.Wewillkeepeveryoneupdatedthroughemail,onourblog,andviasocialmedia.Additionally,pleasedonothesitatetocontactuswithanyquestions.Additionalinformationformulti-collateralDAIcanbefoundonMakerDAO’sblog:
–WhattoExpectWiththeLaunchofMulti-CollateralDai
–SayGoodbyetoCDPsandHellotoMakerVaults
ThankyouforchoosingKraken,thetrustedandsecuredigitalassetexchange.
TheKrakenTeam
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DownloadtheKrakenProAppfromtheAppStoreorGooglePlay:
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