Polkadot fans can cast their first votes on a redenomination proposal that could increase the supply of DOT tokens up to a thousand-fold.
- In a blog post on Monday, Gavin Wood, co-founder and president of Polkadot developer Web3 Foundation, said community stakeholders could vote on a proposal to redenominate the smallest unit of DOT – a Planck.
- If successful, it will lead to a corresponding increase in the DOT supply.
- Open to all DOT holders, there are four options on the table: no change or increasing supply by 10x, 100x, or 1,000x.
- If any of the redenomination proposals passes, the DOT price, according to CoinGecko, could well move from its present $152 to $15, $1.52, or $0.15, respectively.
- Polkadot only went live in late May so this will be the protocol's first community vote.
- A supply of 10 million was originally agreed for the 2017 initial coin offering but Web3 Foundation said in a tweet thread Monday that a token supply of 1 billion would now be more "logical."
- The polls have now opened and community members have two weeks to cast their vote.
- A similar proposal already passed on Kusama, Polkadot's test-tube blockchain, more than two months ago.
See also: Polkadot Is Latest Blockchain to Explore Redeemable Bitcoin Tokens