Polkadot to Run Final DOT Redenomination Vote with Real DOT Tokens

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Blockchain interoperability protocol Polkadot is planning to run another vote in regard to the denomination of its native token, DOT.Following a similar vote conducted on Polkadot's "Wild cousin" network, Kusama, in May 2020, the creator of Polkadot project, the Web3 Foundation, decided to reconduct the vote on Polkadot with real DOT tokens.

Announcing the news on July 13, Polkadot invited community members to participate in the poll, which will finally define whether to redenominate DOTs 1:10, 1:100 or 1:1,000 on Polkadot.

All DOT holders and those who claimed DOTs on the mainnet, are invited to take part in the vote, Polkadot noted.

DOT holders will be offered four options in the voteAt the poll, network participants will be provided with four options for determining DOT's denomination.

The three other options include a 10x, a 100x, or a 1,000x split from the original sale, which will increase a total supply of DOT tokens from 10 million to 100 million, 1 billion, and 10 billion, respectively.

The change will make the apparent DOT prices 10x, 100x, and 1000x lower, respectively, Polkadot noted.

Why is DOT redenomination needed?The DOT redenomination vote was originally initiated in May 2020 in order to avoid using small decimals when dealing with DOT and to achieve an easier calculation system.

The first referendum on the DOT redenomination was carried out in May, offering users to choose whether or not to redenominate DOTs on Polkadot in a 1:100 ratio.

Specifically, the 100x split option has about 200,000 DOTs voted, while the 1,000x one has about 95,000 tokens.

"No change" option has apparently been getting the least amount of support so far, having collecte about 40,000 DOTs, while a 10x split has about 55,000 tokens voted so far.

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