We're excited to announce support for trading Polkadot OLD [IOU] (XDOT) on Poloniex! Starting now, you can post limit orders for XDOT/USDT.
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. 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. Read more about the 100x split on the Polkadot 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. Learn more about Polkadot [IOU] tokens on our Help Center.
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.