Polkadot Launch:
Enabling Balance Transfers Phase and Denomination Day
With the Council and Technical Committee in place, Sudo was removed. Now Polkadot is fully in the hands of the token holders. One of the first features to be enabled was token transfers with a runtime upgrade. To enable balance transfers, the community came together and voted on a runtime upgrade that would lift the restriction on balance transfers. Once the proposal passed referendum, there was an enactment period after which the change will automatically come into effect.
Redenomination
On August 21st at approximately 13:15 UTC (block number 1,248,328), the DOT token will undergo a redenomination from its original sale. ‘New DOT’ will be 100x smaller than ‘DOT (old)’. Therefore, your DOT balance will be 100x higher and the price per DOT will be 100x lower. The percentage of the DOT you own relative to total supply will remain unchanged. This will not affect the total value of your position. DOT holders still own an equal share of the network as before.
Now is a great time to get involved with staking on the Polkadot network. For more details please see the Polkadot wiki.
Stake on Polkadot JSHow do we move forward?
To enable remaining functionality, Polkadot's governance will need to pass one (or a series of) runtime upgrades.
See All Phases-
Wen DOT, kind sir? keyboard_arrow_right
Now!
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When Cumulus? keyboard_arrow_right
Beginning of August we launched a new testnet specifically designed for parachains and their related technologies, dubbed Rococo. The Rococo testnet integrates Polkadot with Cumulus and HRMP (Horizontal Relay-chain Message Passing). Learn more.
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Why is my DOT balance so large? keyboard_arrow_right
Due to the DOT redenomination, your DOT balance will be 100x higher and the price per DOT will be 100x lower. The percentage of the DOT you own relative to total supply will remain unchanged.
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Why did this happen? keyboard_arrow_right
The redenomination is the result of the first on-chain vote that happened on the 13th July.
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What is DOT (old) and what is New DOT? keyboard_arrow_right
They are two tickers that refer to DOT with different denominations. ‘New DOT’ will be 100x smaller than ‘DOT (old)’.
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Is there anything I need to do? keyboard_arrow_right
If you are an individual DOT holder there is no need for you to take any action regarding the DOT redenomination. If you are an ecosystem project, please refer to this guide or get in touch with us.
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How can I claim my DOT? keyboard_arrow_right
Please follow the process on the Claims webpage.
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Where can I ask additional questions? keyboard_arrow_rightYou are welcome to join Polkadot‘s official Discord channel or Element chat. For all governance related discussions, join the Polkadot Direction Element chat or visit Polkassembly. Validators can join the Polkadot Validator Lounge on Element. Or email us: support@polkadot.network.
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