Polkadot FAQs - Learn more about DOT
Everything you need to know about Polkadot DOT inside of Exodus.
In this article:
- What is the Polkadot minimum balance?
- What is Polkadot’s official stance?
- How does Exodus handle DOT minimum balances?
- What is my locked balance?
- How do I see my locked balance inside of Exodus?
What is the Polkadot minimum balance?
Polkadot is a special asset that has built-in rules on minimum balances. Just like some bank accounts that require a minimum deposit, in order to activate and use Polkadot (DOT), you must deposit and maintain a balance greater than 1 Polkadot (DOT) in your Exodus Polkadot (DOT) address.
Once you have made a deposit of 1 or more Polkadot, your account will get activated and everything will be just like the way you are used to with Bitcoin, Ethereum or any other asset within Exodus.
What is Polkadot’s official stance?
The Polkadot (DOT) asset is unique in that, unlike other assets, it enforces reserve requirements in order to protect the shared global ledger from growing excessively large as the result of spam or malicious usage.
To submit transactions, an address must hold a minimum amount of DOT in the shared global ledger. You cannot send this DOT to other addresses. To fund a new address, you must send enough DOT to meet the minimum reserve requirement.
For your Polkadot account to exist on-chain and be usable, it needs the existential deposit of 1 DOT.
If your first deposit is less than 1 DOT, your transaction will be auto-rejected on the Polkadot Ledger due to the minimum reserve requirements in place.
You can read more information on the: Polkadot official documentation
How does Exodus handle DOT minimum balances?
Please note: that you will not be able to send Polkadot (DOT) while the balance in your Exodus wallet remains below 1 DOT.
If your DOT address in Exodus contains less than 1 DOT, you will be alerted that your balance is low as a friendly reminder that transacting DOT may bring you below the minimum reserve requirement. This warning is displayed in the upper right-hand corner of Exodus when viewing your Polkadot wallet.
Once your balance exceeds 1 DOT, all of these notifications will disappear from the Exodus user interface.
Desktop tutorial: How do I send out all of my Polkadot?
Please note: To send out all of your Polkadot (DOT), you’ll need to have between 1.02 and 1.04 DOT left in your Exodus wallet. If you have more than 1.04 DOT then please send this out of your wallet first.
Before you send your 1.02-1.04 DOT to another platform, please make sure the destination wallet will accept this amount. For example, if you send DOT to a centralized exchange and the minimum DOT deposit is lower than 1.02 - 1.04 DOT, your funds may be lost.
Once you have between 1.02 and 1.04 DOT inside of your Exodus wallet, then you can send it out in a transaction, which you can see how to do here.
What is my locked balance?
The Polkadot network allows every user to create instructions for their own Polkadot address that prevent spending for certain purposes. Currently Exodus wallet does not support DOT locking, however if you have used your Exodus Polkadot private keys in a different wallet that supports locking, then you may now notice that Exodus allows you to see your locked Polkadot balance.
How do I see my locked balance inside of Exodus?
If you know you have locked some DOT in a different wallet using your Exodus DOT private key and want to check the balance in Exodus, all you need to do is go to your Polkadot wallet inside of Exodus, click the three dots in the top right corner and finally click on Advanced Options.
Here you will see Total balance, Locked Balance, and Available Balance.
Please note: If you have used your Polkadot private key in a different wallet and locked some DOT there, then you will not see Advanced Options.