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 networks 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 networks 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.