We announced our support for trading Polkadot [IOU] tokens on August 13, 2020. Learn more about Polkadot and IOU tokens in our frequently asked questions below.
What is Polkadot?
Polkadot aims to enable a completely decentralized web where they put their users in control. Polkadot is being built to connect private and consortium chains, public and permissionless networks, oracles, and they aim to support future technologies that have not yet been created. Polkadot hopes to facilitate an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain while enabling users to create and connect decentralized applications, services, and institutions. Learn more about Polkadot on their website.
What are IOU tokens?
IOUs allow users to buy, sell, and hold the native token of a blockchain that has not yet gone live with its final public network (“mainnet”). By creating markets for IOU tokens, price discovery for the underlying asset can occur before that asset becomes transferable over a live network. Once the underlying asset’s mainnet launches, users will be distributed an amount of the new asset corresponding to the number of IOU tokens they hold at a specified point after the mainnet launch date.
What is XDOT?
Currently on Poloniex, XDOT represents Polkadot OLD [IOU] which is a tradable IOU token that entitles the users who hold XDOT at a specified time in the future to receive mainnet DOT once we list this asset.
What is my XDOT worth?
As of August 18th, Polkadot OLD [IOU] (XDOT) has not yet gone through the upcoming Polkadot 100x split. That means that 1 Polkadot OLD [IOU] token will be equal to 100 Polkadot NEW [IOU] tokens once the stock split happens. While the token ratio will be 1:100, the price of Polkadot NEW [IOU] will be 100x lower than Polkadot OLD [IOU] following the split. This is explained in this article from the Polkadot team.
We performed the 100x split for Polkadot [IOU] (DOT) on August 21, 2020.
How can I withdraw XDOT on Poloniex?
As XDOT is an IOU token, it cannot be deposited into or withdrawn from your account until we list the mainnet version of DOT. Deposit and withdrawal functionality will be shown as “Disabled” in the Poloniex user interface.
How do I claim my Polkadot?
The DOT mainnet listing on Poloniex is coming later this year. Prior to the mainnet listing, we will freeze Polkadot [IOU] markets and take a snapshot of all Polkadot [IOU] balances. We will then distribute mainnet Polkadot (DOT) tokens to customers. We will provide more details about this transition to mainnet as we get closer to the mainnet listing.
When does Polkadot mainnet go live?
While Poloniex can not guarantee a launch window for Polkadot, it is expected that the Polkadot mainnet will launch by the end of August 2020. The mainnet DOT listing on Poloniex will not be at the same time as the mainnet launch and will come later in the year.