Why has DOT suspended coin withdrawals (Which chain is used for DOT withdrawals)?

08/09/2023 02:29 • Daily Digest • 86 views

Why has DOT suspended coin withdrawals? Why has DOT suspended coin withdrawals?

Dr. Gavin Wood, the founder of Polkadot, stated on Twitter that in order to prevent users’ assets from being lost and to ensure the safety of funds, all staking and voting functions have been temporarily suspended. Currently, more than 200 addresses have sent USDT to the Polkadot network, and these wallets include funds from multiple accounts. Therefore, some transfers (withdrawals) need to be temporarily suspended, but there is no address available for cross-chain transfers, which will have some impact on other users. So, if you want to use this token or hold DOT to participate in the future development of Polkadot, you must first complete the following operations:

1. Start withdrawals;

2. Withdrawals will no longer be accepted on May 6th;

3. Stop staking;

4. End the “lock-up” period;

5. 1inch trading is closed.

What is Polkadot? Let’s take a look at the main characteristics of Polkadot: decentralization and permissionless; composability and interoperability; borderless and easily scalable; infinite capacity.

Polkadot is one of the most popular projects in the blockchain industry, but it is not a completely open platform. Its vision is built on top of Ethereum and has a wide range of applications, which also have many problems to solve. It is an ecosystem composed of multiple independent public chains. Polkadot has achieved a new digital currency through smart contract technology, providing it with a universal infrastructure support. Polkadot adopts the proof-of-stake consensus mechanism, the main purpose of which is to enable people to trade or store encrypted data without the need for trust in third parties.

Which chain is used for DOT withdrawals?

According to official news, which chain is used for DOT withdrawals? Staking DOT on the Polkadot mainnet requires a 3-day lock-up period before it can be unlocked.

The most common method currently is to transfer or deposit funds to other addresses (such as Ethereum, Bitcoin, etc.), or withdraw funds from third-party exchanges. At this time, if a new mainnet is used, cross-chain transfers can be made. The specific operation process is as follows:

1. Transfer funds or deposit funds; 2. Withdraw assets; 3. Withdraw fiat currency;

4. Retrieve the original assets; 5. Cash out the principal.

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Why has DOT suspended coin withdrawals (Which chain is used for DOT withdrawals)?

Which chain is used for DOT withdrawals?

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