86% of Polkadot Stakeholders Voted to Create A 100x DOT Split; Raised $44.4M in Private Sale
Polkadot has finally conducted its first token-based voting for multiplying DOT supplies by 100 folds. The voting was a success, with 86% of members voting for ramping up the amount by 100 fold, while 20% voted for an increase of 10x. 24% voted in favor of raising DOT supply 1000x. Only 4% of participants voted against increasing the supply.
The voting on the Polkadot network lasted for two weeks, and 2.86 million out of a total of 5.4 million tokens participated in the voting process. Earlier, the two leading developers behind Polkadot, Arity Technologies, and Web3 Foundation did not cast their votes and wanted to redenominate the tokens without the token holders' vote.
What Led to the Decision to Increase DOTs Supply?
DOT only has one lower Denomination in the form of Plancks, where 100 million Plancks equals one DOT. This made Planck a non-usable and abstract denomination where a unit of Planck equals to lower than a cent. After the passing of the proposal to increase DOT's supply by 100 folds, Polkadot's supply would be five times that of Ethereum.
However, there hasn't been an increase in the overall DOT supply; instead, once the redenomination occurs, 1 DOT would be equivalent to 100 DOTs. The redenomination is set to occur 72 hours after DOT transfers are enabled.
Polkadot is currently conducting public sales of 300,000 DOTs, which were earlier valued at $125. The startup declined to comment on anything related to the transactions as of now due to regulatory obligations. However, it was discovered through an address that the firm has collected $44.4 million worth of bitcoin (3,982.07 BTC) in a private sale.