Polkadot Supply Deliberation Vote Results are Out

polkadot network image

Polkadot Supply Deliberation Vote Results are Out

The users of Polkadot [DOT] token 2.47 million DOT (that’s 86%) voted in favour of the redomination vote up at 100x. As mentioned earlier on CoinGape, the re-domination vote has changed the value of 1 DOT from $100 to $1 Now. This effect has been termed as a “stock-split.”

Only a third of the total number of token holders voted. The distribution of DOTs does not change, and DOT holders still own an equal share of the network as before. The number of tokens has effectively risen to a larger amount from 10 million to 1 billion. The main benefit according to the developers is to avoid using small decimals when dealing with DOT and achieve an easier calculation system.

Polkadot official page tweeted,

From 43,200 blocks after DOT tokens become transferable, or approx. 72 hours later, DOTs shall be denominated at 1:100. This will occur in approx. one month.

Polkadot is a promising smart contract platform with governance and decisions relying entirely on votes from token holders. The project aims to be truly decentralized. It can lead the way forward for the DeFi ecosystem as well. Melody He, co-founder at TheSpartanGroup tweeted,

@Polkadotwith its @AcalaNetwork parachain is very promising. In my mind, @Polkadothad a clear wInning strategy to be the second most successful DefI chain.
Do you think the network can compete with Ethereum and Solana? Please share your views with us. 
Summary
Polkadot Supply Deliberation Vote Results are Out
Article Name
Polkadot Supply Deliberation Vote Results are Out
Description
The users of Polkadot [DOT] token 2.47 million DOT (that’s 86%) voted in favour of the redomination vote up at 100x. As mentioned earlier on CoinGape, the re-domination vote has changed the value of 1 DOT from $100 to $1 Now. This effect has been termed as a “stock-split.”  
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
Post your comment...
Nivesh Rustgi 1144 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
Follow Nivesh @