What is Polkadot
Polkadot (DOT) is a network that brings many separate blockchains together into one system. It was created by Gavin Wood, one of Ethereum’s co-founders and the author of the Solidity language, and its mainnet went live in 2020. Polkadot’s idea is to let different specialised blockchains exchange data while relying on a shared security system instead of each protecting itself alone.
At the centre of Polkadot sits the relay chain, responsible for security and consensus. Parallel blockchains — parachains — connect to it, each with its own logic and purpose. The DOT coin is used for staking and securing the network, for governing the protocol and for obtaining the resources parachains need. The network runs on nominated proof-of-stake (NPoS).
Key facts
| Parameter | Value |
|---|---|
| Ticker | DOT |
| Network at ROVEN exchange | Polkadot (relay chain) |
| Address format | Starts with “1”, 46–48 characters |
| Block time | About 6 seconds |
| Minimum balance (existential deposit) | 1 DOT |
| Network fee | Paid in DOT, usually small |
| Memo / tag | Not needed |
What Polkadot is used for
- Staking. DOT holders nominate validators and earn rewards for helping secure the network.
- Governance. DOT is used to vote on protocol changes and treasury spending.
- The parachain ecosystem. Projects on the network use DOT to obtain Polkadot resources.
- Investment. DOT is one of the best-known infrastructure blockchain coins.
How to exchange Polkadot at ROVEN exchange
- Choose a direction, for example DOT → USDT TRC20 or USDT TRC20 → DOT, and enter the amount.
- If you’re receiving DOT, enter a Polkadot address starting with “1”.
- Create the order — the rate is locked for 30 minutes — and send the exact amount to the address in the order.
- Polkadot produces a block roughly every 6 seconds, so a swap usually takes a few minutes.
What to watch out for
- Polkadot addresses start with “1”. Addresses of other ecosystem networks, such as Kusama, look different — don’t mix them up.
- An account must keep a minimum balance of 1 DOT. Sending less to a new address will fail, and draining an account below the minimum means the remainder is lost.
- Staked DOT can’t be sent immediately: after unstaking you must wait for the unbonding period to end.
- When withdrawing from an exchange, choose the Polkadot network, not versions of DOT on other blockchains.
The minimum balance on Polkadot
To keep the network free of empty accounts, Polkadot requires every account to hold a minimum balance — the existential deposit. It’s currently 1 DOT. If a balance drops below this value, the account is removed and the remaining coins are burned. That’s why many wallets warn you about it when sending. When sending DOT to a new address, transfer more than 1 DOT, and when emptying a wallet, send the entire balance.
How to store Polkadot
Popular DOT wallets include Nova Wallet, Talisman and SubWallet, plus support in Trust Wallet and on the Ledger hardware wallet. Many of them let you stake DOT right from the interface. Keep your seed phrase offline and never enter it on third-party sites.
Frequently asked questions
Why might a DOT transfer to a new address fail?
A new account must receive at least the minimum balance of 1 DOT. A smaller amount won’t create the account, and the transfer will be rejected.
Does Polkadot need a memo?
No. At ROVEN exchange, DOT doesn’t use a memo: every recipient has their own address.
Can I receive DOT on an exchange address?
Yes. Enter your exchange’s DOT deposit address on the Polkadot network and check that the exchange accepts DOT on that network.