I was using Dharma.io to earn interest on my SAI (formerly DAI). I found Dharma really nice to use and originally offered a good interest rate. Recently the rate had become less competitive and I was getting concerned (maybe unneccesarily?) about the lack of comms about migrating the SAI to DAI so I decided to take matters into my own hands especially now that the DAI Savings Rate has kicked in.
When I swapped I was getting 3.22% for SAI on Dharma.io. The DAI savings rate is 4% and looks like it might get raised to 6% soon so definitely worth the swap.
- Visit https://migrate.makerdao.com/
- Unlock SAI. This calls the approve function for the token. (Nice explanation here.)
- This had a gas cost of 0.002637ETH, $0.35.
- That was it – once I checked my account I could see DAI.
- Not to earn some interest.
- Click earn savings. This navigates to https://oasis.app/save.
- Deploy Proxy – Setting up your proxy will bundle multiple transactions into one, saving transaction time and gas costs. This only has to be done once.
- Gas cost: 0.007344ETH, $0.97
- Now wait for 10 confirmations.
- Approve Oasis for DAI.
- 0.00055ETH, $0.07
- Finally deposit the DAI.
- 0.002713ETH, $0.36
Total cost $1.75. And now it’s quite satisfying to watch my depost earn interest in real time!
(Photo by Fabian Blank on Unsplash)