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Gate.io Will Suspend Spot, Margin, and Perpetual Contract Trading of (IOU)DOT (Old)During the 100X Split

2020-08-04 12:59:15Read:29676

In order to determine DOT’s denomination, Polkadot initiated a vote within its community and according to the results, an 100X split will be implemented.

It’s expected that DOT transfers will begin at block #1,205,128, on the 18th of August, and that Polkadot’s 'Denomination Day' will be on the 21st of August. Specifically, it will be at block #1,248,328.

Currently, the trading service of(IOU)DOT (old)has been enabled on Gate.io; we have launched Spot, Margin, Perpetual Contract Trading as well as Borrow & Lending Services for(IOU)DOT (old). We will support the upcoming DOT split of 100X based on Polkadot’s guidelines. Users wanting the process to be completed on Gate.io automatically must have their (IOU)DOT (old)deposited on Gate.io before August 21, 2020.

Below are the details on Spot, Margin, Perpetual Contract trading and Borrow & Lending, of (IOU)DOT (old) during the 100X split:

1) Auto borrowing of (IOU)DOT (old) after 4:00 AM GMT on August 7th, 2020 will be suspended. Users who have borrowed DOT via Margin Trading must have the amount paid back by then or a forced position liquidation might occur.

2) Opening positions after 4:00 AM GMT on August 16th, 2020 will be suspended, closing positions will be allowed; please close your positions before 4:00 AM GMT on August 21, 2020, or a forced position liquidation might occur.

3) Lending orders will not be subject to the split changes; the fund in users’ Lending orders will be counted into their Spot account entirely.

4) (IOU)DOT (old) deposits and withdrawals will be suspended from August 21, 2020 to August 22, 2020 until the split finishes.

5) (IOU)DOT (old) Spot, Margin, and Perpetual Contract Trading will be suspended from August 21, 2020 to August 22, 2020 until the split finishes and all related orders will be cancelled during this time span.

6) From August 22, 2020 to August 23, 2020, the(IOU)DOT )amount in Gate.io users’ account will be increased to be 100 times the previous balance so as to implement the 100X split.

7) (IOU)DOT (old) Spot, Margin, and Perpetual Contract Trading will be resumed from August 22, 2020 to August 23, 2020 after the split is finished.

*Please note that the New(IOU)DOT amount in Gate.io users’ Spot account will be 100X larger than the previous balance. The amount of their Perpetual Contracts and Borrow & Lending orders will not be affected. After the trading of New DOT is resumed on Gate.io, the price of the token will see a dramatic change (new price is expected to be 1% of the old one). Users should be cautious when placing orders after the split.

Deposit DOT:
https://www.gate.io/myaccount/deposit/DOT

DOT Spot Trading:
https://www.gate.io/trade/DOT_USDT

DOT Borrow & Lending:
https://www.gate.io/margin/lend/DOT

DOT Perpetual Contract:https://www.gate.io/futures_trade/USDT/DOT_USDT

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