Migration Portal: Redemption after SCD Shutdown (May 12th 2020)

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:

  1. 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.
  2. 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.
  3. 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.
  4. Once the cool down period has completed, CDP owners will then be able to redeem their collateral in the Migration Portal.

Note:

  • 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

  1. 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.
  2. 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.
  3. Confirm Transaction will require the user to confirm their transaction in the interface and MetaMask or other wallet in use.
  4. Redemption Complete illustrates the transaction information with a link to Etherscan for further detail.

Migration Portal Walk-Through: Redeeming a CDP

  1. 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.
  2. 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.
  3. Confirm Transaction(s) will require the user to confirm their transaction in the interface and MetaMask or other wallet in use.
  4. 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.

6 Likes

A nice guide Thanks anyway!

Can I still do this? Will that migrate.makerdao.com website still work?

Edit:

Seems to, but the network fee is very unusual.

Can anyone explain if this website is still functional, and why the network fees are so unusually high?

Hi Saitodaiplease (I see Doo answered your question in a parallel thread) and for others, yes, the migrate.makerdao.com site continues to be maintained by Maker and is functional. Depending on your situation it may however make sense to wait for gas prices to come down.

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Hi, I had a position open a while ago and when I try to migrate, I get this error. Could you kindly share your feedback on

how to resolve this?

Hi @vger I’ve tested the portal and it is functioning. If you’d like to send me a direct message with a transaction I can take a look and try to resolve for you. Initially, make sure you are correcting with the wallet connected to your CDP/Vault and that you have enough ETH for the transaction in your account.

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Hi Derek,
I’m having the same problem as vger above. I’m trying to migrate (Withdraw ETH from Sai CDPs) but the page always comes up as “Redemption Failed”. I’m using my ledger nano. Could you help?

Hi @tardymardy , A few things come to mind;

  • Make sure that the latest Ledger software is installed
  • Make sure that contract data is enabled on the Ledger (to enabling contract data on your Ledger, go to "Ethereum”, go to "Settings”, go to “Contract Data” and select "Yes”).
  • Make sure that there is enough ETH on the ledger to facilitate the transaction

If for some reason you are unable to approve the transaction on the Ledger, you can also connect to the migrate.makerdao.com page with your Nano via MetaMask when selecting ‘connect hardware wallet’ in MetaMask. Good luck and let me know how you get on!

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Thanks Derek! Your last suggestion with MetaMask worked!

hi Derek @Derek Can I still do this? Will that migrate.makerdao.com website still work?

i can‘t find the exchange link 。I need your help.

Yes, you can still do this. The above screenshot you have included is for redeeming the original MKR token. If you have the old token, you can redeem it through migrate.makerdao.com or if that fails to see your MKR token, you can walk through the google doc instructions on the above screenshot. Note, this screenshot you have included is only for the old MKR token, not for SAI (which is the topic of this thread).

@Derek Hi Derek,Next step after screenshot ,i can‘t find exchange link,What should i do when i see this interface?Thinks Derek! I want to find this interfiace.

Hi @xiaolizi if that ^ page does not work/approve for you, please go to migrate.makerdao.com , alternatively, use the instructions in the google doc above to redeem tokens.

If you still have problems… are your tokens in MetaMask or a Hardware Wallet?

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I could really use some help, I have an account with a large (for me) amount of SAI and I’m completely utterly confused and lost.

I have my SAI in a wallet, can I just sell it? How do I turn it into DAI?

You should redeem the SAI for ETH using migrate.makerdao.com and sell the resulting ETH for DAI. There is a uniswap pool for SAI but you probably don’t want to use it directly because it has only $12,000 of liquidity.

Lucky for you each SAI is worth more than 1 DAI due to ETH price increase.

Oh ok thank you! I will give it a try and let you know what happens -

I have 5.99 SAI, is it because of gas prices that nothing happens when I try to use the https://migrate.makerdao.com/ page? I’ve tried a couple of times over the past couple of months, using metamask linked account

Hi @Derek - facing the same issue as Tardymardy above. I keep getting the “redemption failed” message. I am using a Trezor. Any suggestions how to get this working?

Hi Dave, if you’ve done all of the above (updated firmware/ETH balance etc), then it may be easier to move the SAI to a metamask wallet and connect directly (to avoid any browser/Trezor issues that you may be having)

Thank Derek, will give that a try.