The leading crypto spot and derivatives exchange platform OKEx has stuck to its commitment to encourage community-based projects by adhering to Polkadot’s DOT token listing deadline proposed by community vote. The latest listing follows the completion of DOT redenomination process on August 21, 2020.
OKEx is one of the few exchanges that adhered to the timeline as per the agreed-upon waiting period starting August 18 followed by listing three days later. Initiated by a community vote on July 13, the redenomination process created new DOT tokens by splitting its predecessor at a ratio of 1:100. With the split, the project intends to make the token’s value more ergonomic and human-readable, resulting in an increase in the total supply of the token on Polkadot ecosystem as well.
While the redenomination was much anticipated by the community, certain exchanges failed to wait until the stipulated date to list the newly minted DOT, resulting in panic and confusion. With the token going live on August 18th instead of the 21st on such platforms, many investors ended up paying inflated prices for the newly listed token believing that they are buying it a low price.
The CEO of OKEx, Jay Hao commented on the importance of community-based projects and the company’s commitment, “OKEx is very supportive of community-based projects and will continue to be. As the Polkadot community made its vote for a redenomination on Aug 21 clear, OKEx respected its decision and chosen date, rather than attempting to capitalize on DOT trading before the redenomination had taken place.” He further added, “OKEx takes community decisions very seriously in the interest of promoting positive trading behavior and fostering long-lasting relationships with promising crypto projects.”
Polkadot is a scalable, interoperable, and secure network protocol for the next web created by the Web3 Foundation. The project’s tokens were made available for spot trading on OKEx last month, making it one of the first exchanges to partner with the Web3 Foundation. At that time, Mr. Hao said, “ The Polkadot platform has been built by some of the biggest minds in the crypto space, and its mission of enabling Web3 where our data is our own and is safe from any centralized authorities is truly admirable. We’re very happy to be at the forefront of the next web and offer yet another in-demand project to our users.”
DOT’s redenomination and listing exercise is well received by the crypto community. In the past few days, the value of DOT has continued to increase, placing it on the list of Top-10 coins. The Polkadot project now has the seventh-highest market capitalization at $4.2 billion while the trading volume of DOT/USDT pair on OKEx stands at over $25 million.