News

Polkadot Community Urges Rate Adjustment for 100 Million DOT Unlocking Event!

Key Points:

  • Polkadot’s first Crowdloan batch set to unlock on October 23, prompting community action.
  • Proposed increase in ideal pledge rate from 52.5% to 60% to accommodate unlocked DOTs while preserving staking rewards.
  • With a staggering 99.4% approval rate, the adjustment aims to fortify Polkadot 2.0’s stability.
Polkadot community approximately 100 million DOTs that were initially locked in the first batch of Crowdloans are set to be unlocked on October 23.

This unlocking event has prompted the Polkadot community to take proactive measures in preparation for Polkadot 2.0, aiming to ensure the network’s stability and efficiency.

To address the forthcoming DOT unlocking and to better align with the evolving needs of Polkadot, the community has initiated Governance Referendum No. 166. The primary objective of this referendum is to propose a modest increase in the ideal pledge rate of the Polkadot community. Specifically, the proposal suggests raising the ideal pledge rate from the current 52.5% to 60%.

An Over 99% Approval Rate Ensures a Bright Future

The rationale behind this adjustment is to facilitate the seamless integration of newly unlocked DOTs into the network’s staking system without compromising existing staking rewards. By increasing the ideal pledge rate, the Polkadot community can efficiently accommodate the influx of DOTs following the unlocking event.

This proposal has gained significant traction within the Polkadot community and has been fast-tracked by Fellowship. Currently, the proposal has entered the public voting stage, boasting an impressive approval rate of 99.4%. The overwhelming support for the adjustment underscores the community’s commitment to the network’s long-term stability and growth.

Pending a successful vote, the implementation of this adjustment is anticipated to take place two days before the scheduled DOT unlock date. This proactive approach by the Polkadot community showcases their dedication to ensuring that the network remains robust and adaptable as it continues to evolve.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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