What is Multi-Collateral DAI?
The base currency of all SportX markets is DAI, a cryptocurrency stablecoin pegged to the US dollar. It is managed by an organization called MakerDAO. The DAI system is being upgraded on 18 November to a new version, called Multi-Collateral DAI (MCD). The new version of the stablecoin will be called DAI, while the old version will be called SAI. In this post, we’re going to lay out our plan for how we’ll be supporting this important transition.
SportX is proud to be big supporters of the MakerDAO DAI ecosystem. We’re thrilled about the continued development and progress of the community, including the release of their new Multi-Collateral DAI (MCD). We’ve decided to be conservative in how we manage this transition, similar to how other projects (like Dharma) are dealing with it.
We do not plan on migrating immediately to MCD upon the public release on November 18th. Instead, all markets on SportX will continue to be traded and denominated in the original version of DAI. With that being said, we will be actively monitoring the public release of MCD and will look to migrate to it once we feel confident that the transition has settled.
There will be no action required of SportX users at this time. We will make sure to keep everyone abreast of developments as they come and update you on the status of our planned transition.
If you want to learn more about Multi Collateral Dai you can check out these resources from the MakerDAO team:
Have any questions or comments? Shoot us a message in our Discord, we’re happy to answer any questions you may have!