Update: We performed the redenomination for Polkadot [IOU] (DOT) on August 21, 2020.

We listed Polkadot OLD [IOU] (XDOT) on August 17, 2020. On August 21st around 16:40 PM UTC, all existing Polkadot OLD tokens will be redenominated at a ratio of 1 DOT OLD to 100 DOT NEW as a result of Polkadot’s first stakeholder vote.

While XDOT on Poloniex represents an IOU token and not the mainnet Polkadot token, we will perform the 1:100 redenomination to align with the rest of the market. Once the redenomination occurs, we will no longer use the XDOT ticker and will migrate customers’ funds to the new DOT ticker.

Customers who hold XDOT do not need to take any action at this time to receive their DOT. Here is some important information to keep in mind over the next few days: 

• Starting on Friday, August 21, 2020 at 14:00 UTC, our XDOT/USDT market will be disabled while we prepare to put the Polkadot redenomination plan into effect. At this time, we will also cancel all open buy and sell orders on the XDOT/USDT market.
• Once the redenomination occurs at block height 1,248,328, we will begin distributing DOT NEW to all eligible customers at a ratio of 1 XDOT : 100 DOT. For example, if you held 10 XDOT before August 21, 2020, you will be credited with 1,000 DOT after the redenomination.
• After the distribution, XDOT will become obsolete and customers can continue to trade on our new DOT/USDT market. We will enable our DOT/USDT market soon after the swap is complete.
• What price is DOT expected to be on Poloniex after the redenomination? The current market price of Polkadot OLD [IOU] tokens (XDOT) on Poloniex is approximately $370 USD. After the redenomination, the market price of Polkadot NEW [IOU] tokens (DOT) should be 100x less than the price prior to the redenomination, around $3.70.