Polka dot will hold the denomination of DOT coins on August 21

Developers of the decentralized Polkadot network reported that on August 21, the denomination of DOT coins will take place. However, the project management is afraid of incorrect display of the exchange rate on the exchanges.

The denomination will be held on August 21 at block 1 248 328 at 19: 40 Moscow time, after which 1 DOT coin will be divided into 100 new ones. In addition, on August 18, Polkadot unblocked the DOT on block 1 205 128, and investors have the opportunity to make transactions with these assets. On the same day, the Binance cryptocurrency exchange announced the addition of DOT to its platform. The coin began trading in pairs with BTC, BNB, BUSD and USDT.

Later, another message from Binance appeared on the social network Twitter, which stated that DOT will be added to the platform for trading cryptocurrency derivatives Binance Futures. Users will have access to perpetual DOT contracts with USDT, with the ability to use 50 times the leverage. A few days ago, the Kraken exchange also announced in its blog that it was ready to place a DOT.

Despite the fact that the DOT price is displayed correctly on exchanges, Polkadot management expressed concern that some sites may treat this issue in bad faith. It is likely that the exchanges will establish a new DOT denomination even before the Polkadot community accepts the changes. This will lead to the fact that the DOT rate displayed on such sites will be 100 times lower than its current market value.

The developers believe that such irresponsible actions of exchanges can be regarded as fraud, because this will mislead users and put their funds at risk. Therefore, the Polkadot team urged the community to exercise caution.

Recall that in July, Polkadot became a fully decentralized network, and administrative powers were removed from the non-profit organization Web3 Foundation. In addition, this month Polkadot launched the Rococo test network for implementing sharding using parallel chains (parachains).