Have you heard about Sai?
It’s a relic of the past from when Dai went from a single collateral stablecoin to a multi-collateral stablecoin.
Anyway, this article will cover everything that you need to know about Sai.
What is Sai?
Sai is simply the name given to Dai when MakerDAO decided to turn Dai into a multi-collateral stablecoin. Dai became a multi-collateral stablecoin and Sai was created as a single collateral stable coi, which was simply a renaming of Dai.
This was done to make the transition smoother and allow those that held single collateral Dai the ability to easily transfer to multi-collateral Dai. The whole shift occurred in 2019 and most of the Sai was redeemed for Ether or transferred into Dai.
However, not all the Sai was redeemed for Ether or transferred into Dai. Some of it still remains, which brings us to our next point.
Is Sai Tradeable?
Sai is still tradeable, but the liquidity is extremely low, so it’s not something that we strongly encourage. But if you still have some Sai in your Ethereum wallet, then it’s worth trading it away as the price has actually increased far above one dollar.
Why Has The Price of Sai Increased Over $1?
The price of Sai increased over $1 because it went into global settlement. This is a fancy way of saying that Sai became redeemable for $1 of Ether at the time it went into global settlement.
Ether has increased in price since then, so the price of Sai has subsequently increased.
Where To Trade Sai
Sai is tradeable on a few centralized exchanges, but the price is terrible and liquidity can be a problem on centralized exchanges.
It’s not even worth trading on centralized exchanges to put it bluntly.
We recommend trading your Sai on Uniswap V1 as the price is higher on it and it has a bit more liquidity. The price of Sai on Uniswap goes anywhere from $2 to $3 depending on the liquidity and current price of Ether.
That covers it for Sai – there really is not much discussion to be had about it as it’s a deprecated cryptocurrency, but it’s still tradable and still backed by Ether, so value does exist.
Despite this, we still recommend trading away your Sai for Ether as soon as holding Ether is better than holding a deprecated cryptocurrency.