On November 18th, Maker will be launching the multi-collateral DAI stablecoin, upgrading their current single-collateral DAI.
Multi-collateral DAI introduces changes to the existing DAI stablecoin. In single collateral DAI (the current form of DAI), only Ethereum can be used as collateral when creating DAI. With multi-collateral DAI, both Ethereum and other ERC20 tokens can be used to create DAI, with eligible collateral types voted on by Maker token holders.
Coinbase and Coinbase Pro plan to support multi-collateral DAI on December 2nd at 9 AM PST. At that time, we will automatically convert any DAI you hold on Coinbase to multi-collateral DAI. If you’d like your DAI to be upgraded, no action is needed on your part. Simply keep your DAI on Coinbase and we’ll upgrade it for you.
If you’d like Coinbase to upgrade DAI held elsewhere, you can send it to Coinbase prior to December 2 at 9am PT and we will automatically upgrade it for you. If you don’t want DAI held on Coinbase to be upgraded to multi-collateral DAI, you may sell or withdraw those DAI tokens before this date. You can also upgrade to multi-collateral DAI yourself with the separate Coinbase Wallet app, which supports both forms of DAI and offers a simple upgrade tool that you can use anytime.
If you realize after the upgrade starts that you still have single-collateral DAI elsewhere and would like it upgraded, you can still send it to your Coinbase account. We plan to run another upgrade in the coming months and will communicate the date approximately 2 weeks in advance.
Check out the original article here.