DOT

Polkadot price

DOT
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3.5/5
TokenInsight
3.5
03/24/2023
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USD
USD
$6.2140
-0.34%
1h
24h
1W
1M
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Polkadot price live data

The current price of Polkadot is $6.2140. Since 00:00 UTC, Polkadot has decreased by -0.34%. It currently has a circulating supply of 1,387,536,890 DOT and a maximum supply of 1,468,484,662 DOT, giving it a fully diluted market cap of $8.60B. At present, Polkadot holds the 15 position in market cap rankings. The Polkadot/USD price is updated in real-time.

Polkadot price performance in USD

Time periodChange amount%Chg
Today-$0.02100 -0.34%
7 days$0.0040000 +0.06%
30 days-$0.19400 -3.03%
3 months-$0.49400 -7.37%

Polkadot market information

24h low/high
The highest, lowest, and last prices in 24 hours
24h low$6.1650
Last price $6.2140
24h high$6.3250
Heat index ranking
49
Market cap ranking
15
Market cap
$8.60B
Favorited rate
Percentage of users who favorited this asset to all users
76.57%
All-time high
$55.0940
-88.73% (-$48.8800)
Nov 4, 2021 (3 years ago)
All-time low
$2.5000
+148.56% ($3.7140)
Aug 22, 2020 (4 years ago)
ICO date
05/05/2019
ICO price
The price at which this crypto was first traded
$1.7600
Circulating supply
The amount of this crypto that is publicly available in the market
1,387,536,890 DOT
Market cap at circulating supply
Market cap = Circulating supply × Last price
$9.11B

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.

Polkadot 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, 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. They 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, created using the Substrate framework. The Relay Chain is 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). 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 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 use cases

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 system's security. Users can stake DOT to participate in the network's consensus mechanism. 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.

DOT tokenomics and distribution

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

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 percent: ICO buyers
  • 30 percent: Web3 Foundation for Polkadot development and other Foundation activities
  • 11.6 percent: Web3 Foundation for future fundraising initiatives
  • 5 percent: Private sale round held in 2019
  • 3.4 percent: Token sale held in 2020

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. 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."

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 Web3 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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DOT FAQ

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. That said, as an inflationary token, the supply of Polkadot is not capped. As of September 2022, over 1.2 billion DOT tokens were in circulation.

Where can I buy Polkadot?

Easily buy DOT tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include DOT/USDT, DOT/USDC and DOT/BTC.

You can also buy DOT with over 99 fiat currencies by selecting the "Express buy" option. Other popular crypto tokens, such as Bitcoin (BTC), Tether (USDT), and USD Coin (USDC), are also available.

Alternatively, you can swap your existing cryptocurrencies, including XRP (XRP), Cardano (ADA), Solana (SOL), and Chainlink (LINK), for DOT with zero fees and no price slippage by using OKX Convert.

To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into DOT, visit the OKX Crypto Converter Calculator. OKX's high-liquidity crypto exchange ensures the best prices for your crypto purchases.

Who do I contact if I have 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.

How much is Polkadot worth today?
Currently, one Polkadot is worth $6.2140. For answers and insight into Polkadot's price action, you're in the right place. Explore the latest Polkadot charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Polkadot, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Polkadot have been created as well.
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