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,
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.