DOT

Polkadot priceDOT

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Overview
Analysis

DOT price live data

The current price of Polkadot is --, with a 24-hour trading volume of --. In the last 24 hours, the price of Polkadot increased by 1.31%. With a circulating supply of 1,080,910,524 DOT, Polkadot's fully diluted market cap stands at --. Currently, Polkadot ranks No.12 by market cap. The DOT to price is updated in real-time.

Polkadot market information

24h low/high
24h low--
Last price --
24h high--
Heat index ranking
12
Market cap ranking
12
Market cap
--
Favoriting rate
58.57%
All-time high
--
All-time low
--
Initial launch date
05/05/2019
Initial launch price
--
Circulating supply
1,080,910,524 DOT
Market cap at circulating supply
--

About Polkadot (DOT)

Often referred to as the "Blockchain of Blockchains," Polkadot is a next-gen Layer-0 meta protocol and an open-source blockchain launched in May 2020 to realize the broader vision of a secure, resilient, and fair Web3. DOT is the native coin and governance token.


It unites a network of native purpose-built Layer-1 blockchains called parachains and multiple external blockchains (connected to it using innovative bridging technology, allowing them to operate at scale alongside each other seamlessly.


The parachains and external blockchains can freely interact with each other, too, thus making them interoperable. This is a significant shift from the siloed design of conventional blockchains like Ethereum and Bitcoin. Parachains can process transactions simultaneously, reducing the burden on the main chain and offering ease of scalability.


Parachains also allow developers to customize their blockchains, allowing them to optimize parachains for specific use cases with their native tokens.


The Relay Chain is Polkadot's central chain which constitutes the heart of its network. It was created using the Substrate framework to build custom blockchains.


The Relay Chain is also responsible for maintaining Polkadot's shared security, cross-chain interoperability, and consensus mechanism. It has been designed to handle minimum functions, including the network's governance and nominated Proof-of-Stake (NPoS) participation. All validators are staked on the Relay Chain and confirm transactions from the connected parachains.


The Polkadot ecosystem also has parathreads, which are parachains based on a pay-as-you-go model, making them more affordable. The parachains and parathreads can also connect and communicate with external blockchains like Bitcoin or Ethereum through Bridges.


The network is secured using the NPoS consensus mechanism. Users can choose to participate in the consensus system as nominators or validators.


Nominators can select trustworthy validators to update the network while validators verify transactions. Both nominators and validators stake DOT and receive rewards in return.


DOT serves multiple purposes within the larger Polkadot ecosystem. It is the currency used to pay transaction fees when sending data or tokens across chains. It also serves as a governance token that users can stake to vote on the future of Polkadot.


DOT tokens also serve as the currency to incentivize users to maintain the integrity and ensure the system's security. Users can stake DOT to participate in the network's consensus mechanism, and acting against the network will lead to the loss of staked assets.


DOT is also used for bonding, a type of proof-of-stake. By bonding tokens, developers can create new parachains, while removing bonded assets will delete outdated parachains.


All network users are required to pay transaction fees in DOT tokens for using Polkadot's resources. This fee is charged before the transaction and calculated per a weight-based fee model.


DOT price and tokenomics

DOT is an inflationary token, implying it doesn't have a hard cap or maximum supply. It has an approximate inflation rate of 10%, with new tokens generated for incentivizing validators. One can transfer DOT in fractions, with the smallest unit being 0.0000000001 DOT, called a Planck.


While there's no fixed maximum supply of DOT, 10 million DOT tokens were generated during its first Initial Coin Offering (ICO) held in October 2017. The tokens were distributed in the following manner:

-50% to ICO buyers

-30% to Web3 Foundation for Polkadot development and other Foundation activities

-11.6% retained by the Web3 Foundation for future fundraising initiatives

-5% for a private sale round held in 2019.

-3.4% for another token sale held in 2020.


Web3 Foundation conducted two private sale rounds in June 2019 and July 2020 of 500,000 DOT and 340,000 DOT tokens, respectively. In addition, a DOT redenomination took place on August 21, 2020, after a network-wide referendum. As a result, the DOT balance for all existing holders was automatically increased by a factor of 100.


Thus, the original 10 million DOT supply changed to 1 billion after the redenomination. And the market value of each DOT token decreased by a factor of 100. This event is popularly referred to as "Denomination Day."


It is important to note that while the initial supply of DOT ballooned to 1 billion after the redomination, the total supply of DOT is not capped. In other words, DOT has an unlimited supply. As of October 2022, over 1.248 billion DOT tokens had been issued, according to Polkastats data. DOT follows an inflationary model where the supply of tokens increases by 10% annually.


About the founders

Polkadot is the flagship project of the Web3 Foundation, which was formed by Gavin Wood, Peter Czaban, and Robert Habermeier in 2017. Web3 Foundation is a Swiss-based non-profit foundation established to support Polkadot's research, development, and fundraising efforts.


A well-known name in the crypto and blockchain world, Wood is one of the pioneers of blockchain technology. He is the co-founder and former CTO of Ethereum and the founder of Parity Technologies. In addition, Wood coined the term Web 3 back in 2014.


Wood also invented Whisper, a P2P communication protocol, Proof-of-Authority consensus, and the Solidity programming language. He currently heads the innovation initiatives on Polkadot and Substrate.


Czaban holds a master's of engineering from the University of Oxford and co-founded Web3 Foundation and Polkadot with Wood. Serving as Web3 Foundation's Technology Director, Czaban supports the creation of next-generation distributed technologies.


Habermeier is a Thiel Fellow with extensive research and development experience in cryptography, distributed systems, and blockchain tech. As a longtime Rust Community member, Habermeier is also widely known for using Rust to develop high-performance and parallel solutions.

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Polkadot FAQ

What is the all-time high price of DOT?
OKX's Polkadot charts show that DOT's price peaked at $55.09 on November 4, 2021. At the time, its market cap reached $53.21 billion.
What is the total supply of Polkadot?
Polkadot was launched with an initial supply of 10 million. However, after the redenomination, the token balance increased by 100, turning the initial supply to 1 billion. However, the supply of Polkadot is not capped since it is inflationary. As of September 2022, over 1.2 billion DOT tokens were in circulation.
Where can I buy Polkadot?

You can buy DOT from OKX exchange. OKX offers the DOT/USDT, DOT/USDC, DOT/BTC, and DOT/ETH trading pairs. Alternatively, you can buy DOT directly with fiat or convert your crypto to DOT.


Before you begin trading with OKX, you need to create an account. To buy DOT with your preferred fiat, click "Buy with card" under "Buy Crypto" on the top navigation bar. To trade DOT/USDT, DOT/USDC, DOT/BTC, or DOT/ETH, click "Basic Trading" under "Trade." Then, under the same tab, click "Convert" to convert crypto to DOT.

Alternatively, visit our new OKX Crypto Calculator. Select DOT and the desired fiat that you would like to convert to view the estimated live conversion price.

Where can I stake my DOT tokens?
OKX has a dedicated staking platform that lets you easily stake your purchased DOT tokens directly from your OKX wallet. It is the ideal place for anyone to stake their DOT to earn impressive yield amounts.
Who do I contact if I have some questions about buying DOT tokens?
OKX offers multiple ways to seek support. Our self-service support center addresses commonly asked questions about buying, selling, and trading digital assets. We also have a thriving global community, which can be reached through various channels, including Telegram, Reddit, Facebook, Line, Weibo and Twitter.