How Lunie Will Implement The Polkadot DOT Redenomination
TL;DR
The redenomination poll ended on 27 July with DOT holders deciding on a 100x redenomination. Based on the outcome, the number of decimals used to constitute a DOT will change from 12 to 10. The sole effect of this is splitting each DOT into 100 DOT and lowering the price per DOT by approximately 100x compared with pre-redenomination values. This change will not affect each DOT holder’s stake in the network.
More Details:
We’ve released a steady flow of content over the last month or so through our blog and newsletter regarding the Lunie integration of Polkadot. We’re focused on providing content on what our users need to be prepared for various past and upcoming milestones. These include posts on staking, balance transfer enablement and the redenomination of DOTs.
Recent on-chain polling on Polkadot found the community to be strongly in favor of redenominating the DOT cryptocurrency and we at Lunie intend to follow the guidance set fourth on how to accommodate this change so that our users experience no disruption in their staking on Polkadot.
Lunie will change the ticker symbol of DOTs to DOT (old), which will represent the existing denomination of DOTs. Details from Web3 Foundation are as follows:
“On approximately August 21st at 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 be unchanged. This will not affect the total value of your position. See the Polkadot blog post for more information.”
For additional context, please note that this redenomination will occur approximately 72 hours after transfers of DOT are enabled at block number: 1,205,128 or August 18th at 13:15 UTC.
As always, the Lunie team is happy to offer support and answer questions via our support channels or in our Telegram, however we advise any specific technical questions about the Polkadot redenomination to be forwarded to redenomination@web3.foundation.
We’re grateful to have the opportunity to serve the Polkadot and Kusama communities to-date and cannot wait to see what lies ahead for these networks!
Join The Waitlist For Lunie Notifications
Want to be the first to try Lunie Notifications? Sign up at https://notifications.lunie.io and we’ll be in touch soon!
About Lunie
Lunie is a platform that allows users to safely store, manage and stake crypto assets in Proof of Stake (PoS) networks. We assume that because you have landed here you are interested in learning more about Proof of Stake and trying it out. We’re here to help!
Hit us up:
- 📩 Email us at support[at]Lunie[dot]io 📩
- 💬 On our Intercom support chat embedded on our website and apps at https://lunie.io 💬
- 🐦 Find us on Twitter — @LunieHQ 🐦
- 📰 Subscribe to our newsletter: https://lunie.substack.com 📰
- 🔐 Grab a Ledger Nano X with our affiliate link 🔐
- 👨🚀 Buying crypto? Use our Coinbase affiliate link 👨🚀
