Share this article

Polkadot's Inaugural Vote Could Expand DOT Supply by 1,000x

The first vote on Polkadot will be to see whether the DOT supply should be redenominated by a "logical" 100x or even by 1,000x.

Na-update Set 14, 2021, 9:30 a.m. Published Hul 13, 2020, 4:22 p.m. Isinalin ng AI

Polkadot fans can cast their first votes on a redenomination proposal that could increase the supply of DOT tokens up to a thousand-fold.

Ipagpatuloy Ang Kwento Sa Baba

Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. Tingnan ang Lahat ng mga Newsletter

Sa pamamagitan ng pag-sign up, makakatanggap ka ng mga email tungkol sa mga produkto ng CoinDesk at sumasang-ayon ka sa aming terms of use at patakaran sa privacy.

In a blog post on Monday, Gavin Wood, co-founder and president of Polkadot developer Web3 Foundation, said community stakeholders could vote on a proposal to redenominate the smallest unit of DOT – a Planck.
If successful, it will lead to a corresponding increase in the DOT supply.
Open to all DOT holders, there are four options on the table: no change or increasing supply by 10x, 100x, or 1,000x.
If any of the redenomination proposals passes, the DOT price, according to CoinGecko, could well move from its present $152 to $15, $1.52, or $0.15, respectively.
Polkadot only went live in late May so this will be the protocol's first community vote.
A supply of 10 million was originally agreed for the 2017 initial coin offering but Web3 Foundation said in a tweet thread Monday that a token supply of 1 billion would now be more "logical."
The polls have now opened and community members have two weeks to cast their vote.
A similar proposal already passed on Kusama, Polkadot's test-tube blockchain, more than two months ago.

Polkadot

Paddy Baker

Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing.

Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.