On May the 12th Single Collateral Dai will be shutdown. In anticipation of this shutdown the protocol allows users to redeem underlying ETH collateral for any Sai or CDPs that they own. This capability will be available by using the Migration Portal.
A quick recap of the redemption process:
- On May the 12th at 16:00 UTC the spell to shutdown SCD will be
cast. This timing was voted on the 24th of April and determined that the grace period will end on the 12th.
- Upon shutdown, Sai holders are able to instantly redeem a proportional amount of ETH collateral from the Migration Portal. The Sai holder will be entitled to one unit of Sai per $1 of ETH. The value of ETH will be determined at the time of shutdown and will be based on the ETHUSD price oracle.
- Once the above spell is
cast, a bite keeper run by the foundation will bite all the CDPs to remove debt from the system. The removal of debt from the system is necessary for CDP owners to claim the most amount of ETH for every unit of PETH that they hold. As a result there is a 6 hour cool down period for this process to complete itself.
- Once the cool down period has completed, CDP owners will then be able to redeem their collateral in the Migration Portal.
- Please only visit migrate.makerdao.com for these redemption tasks as there may be scam sites trying to steal user funds. Please ask on our Forum or chat if in doubt.
- There is no expiry or cutoff date for you to redeem your collateral.
- After shutdown, Sai will be exposed to the price of ETH and will track it from that point onwards. As mentioned above, this is because the ETH price will be determined at shutdown by the ETHUSD price oracle.
- Any numbers shown below are indicative values and do not represent actual PETH:ETH rates.
Migration Portal Walk-through: Redeeming Sai
- Migration Overview Page will detect if the user is a SAI holder and will prompt them to continue to redeem a proportional amount of ETH.
- Redeem Sai for Collateral will prompt the user to select the amount of Sai they wish to redeem. The user is also able to view supporting information such as the exchange rate determined at the time of shutdown, the balance in their account and the value in ETH.
- Confirm Transaction will require the user to confirm their transaction in the interface and MetaMask or other wallet in use.
- Redemption Complete illustrates the transaction information with a link to Etherscan for further detail.
Migration Portal Walk-Through: Redeeming a CDP
- Migration Overview Page will detect if you own a CDP. Owners will be required to wait 6 hours for the cool down period for system debt to be cleared before continuing.
- Redeem Sai CDPs for Collateral will prompt the user to select their CDP(s) for redemption. They will also be able to view the PETH:ETH ratio confirming that the bite keeper has removed debt from the system.
- Confirm Transaction(s) will require the user to confirm their transaction in the interface and MetaMask or other wallet in use.
- Redemption Complete illustrates the transaction information with a link to Etherscan for further detail. In the event that the user has approved multiple CDPs, each respective transaction will also be shown.
For more information about SCD shutdown please visit our blog for more information.