imToken’s plan for Polkadot transfers and redenomination
Polkadot will soon start transfers and increase everybody’s DOT amount by a factor of 100, called a redenomination. Update your imToken app to use both DOT transfers as well as see the redenominated DOT.
imToken follows the official recommendations provided by Polkadot as follows:
To Do: Update your imToken app
As a user, you only need to update to the latest imToken (version 2.6.1) via your favorite app store or directly at https://token.im/ . As long as you have the latest imToken app, we will take care of all actions and you don’t need to take any additional action.
What is the difference between DOT, DOT (old) and New DOT?
On approximately August 21st at 13:15 UTC (block number 1,248,328), the DOT token will undergo a redenomination from its original sale. In your wallet, the token name and price will change.
The New DOT balance will be 100x higher than your DOT (old) and the New DOT price will be 100x lower. So, your wallet will show the following two tokens:
- First, you will see DOT (old) token which is the earlier DOT;
- Later, after block 1,248,328, your wallet shows New DOT which is now 100x bigger with the same total $ value;
Again, this will not affect the total USD value of your DOT holdings. Just the token numbers and names change.
In case of any changes, we will notify you with another announcement.
Your imToken team,
August 14, 2020
Update in your favorite app store:
