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reDOTnomination – How it affects you

Polkadot is an open-source network working to develop a scalable multi-chain network protocol that allows specialized blockchains to communicate with each other in a secure, trust-free environment. It is the flagship project of the Switzerland-based Web3 Foundation, whose goal is to enable a fully functional and user-friendly decentralized web.

Polkadot aims to solve the blockchain interoperability problem by reliably facilitating the exchange of any kind of data across any type of blockchains; making it easier than ever to create and connect decentralized applications, services and settings. Along the way, it also works on solving commonly mentioned problems in blockchains, such as governance and forking issues.

DOT token denomination

The Polkadot community has just taken its very first vote to determine the newest denomination of its original DOT token. As can be seen from the DOT’s nomination proposal on Polkassembly, the change aims to give more ergonomic or human readable units and achieve a simpler calculation system by using whole numbers instead of small decimals.

The vote on the denomination of DOT tokens followed a previous referendum on Kusama, Polkadot’s “canary network”, on whether or not to denominate DOTs on Polkadot at a ratio of 1: 100. The non-binding referendum was made to community sentiment in anticipation of the upcoming launch of Polkadot.

After two weeks of the voting period, the result came out with 86% of the participating DOT holders for splitting each DOT into 100 DOT, which was consistent with the outcome of the referendum. In fact, it lowers the price per DOT by about 100x when compared to the pre-denominated values.

So if you own 10 DOT before the reason, you will see 1000 DOT in your wallet after the reason.

However, the change does not affect the share of each DOT holder in the network.

The denomination takes place at block number 1,248,328, which is estimated at 4:40 PM (UTC) on the 21st August.

All activities – trading, deposits and withdrawals – related to DOT will be interrupted from 2 hours before the nomination takes place. All open orders and withdrawals during this period will be canceled.

Visit our Knowledge base page for more information about Polkadot on Bitfinex.

Important note

This blog post is not an offer to sell or a solicitation of an offer to purchase DOTs or other digital tokens. Any purchase or sale of DOTs on Bitfinex will only be made in accordance with the terms and conditions for the use of Bitfinex on https://www.bitfinex.com/legal/exchange/terms.



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