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Polkadot (DOT)

What is Polkadot?​

Polkadot is a next-generation blockchain platform that connects multiple blockchains into one unified network.

Here are 5 key points about Polkadot:

Interoperability: Enables seamless communication and asset transfers between different blockchains.

Parachains: Uses parallel chains to process transactions simultaneously, boosting scalability and throughput.

Shared security: All parachains benefit from Polkadot’s robust security model.

Governance: DOT holders can vote on upgrades and participate in network decisions.

Specialisation: Supports customised blockchains tailored for specific use cases.

Polkadot on Wraith Wallet​

With Wraith Wallet, you can:

Buy DOT directly using debit/credit cards.

Store DOT securely.

Send and receive DOT natively.

⚠️ Important: The Polkadot network requires an existential deposit of 1 DOT to keep a wallet active. If your balance drops below this minimum, the wallet may be removed from the network.

How to get Polkadot (DOT)​

Buy DOT directly in Wraith Wallet.

Receive DOT using your unique Polkadot address in-app.

📌 Note: You can manually enable Polkadot in the Manage Token List. No memo is required when receiving DOT.

Transaction fees on Polkadot​

Dynamic fees: Adjust based on network activity and transaction complexity.

Low and efficient: Typically much lower than Ethereum, making Polkadot cost-effective.

Existential deposit: A minimum of 1 DOT must remain in your wallet to stay active.

Checking balances​

Wraith Wallet connects directly to the Polkadot blockchain to display your DOT balance. You can also select View on Subscan to see your full history on-chain.

Subscan is the default Polkadot explorer integrated with Wraith Wallet.

Why choose Wraith Wallet for Polkadot?​

Self-custody security: Full control of your private keys.

Multi-currency support: Manage DOT alongside other major tokens.

Cross-platform access: Use on multiple devices for flexibility.

Simple interface: Beginner-friendly while supporting advanced users.

Open-source transparency: Trustworthy and auditable code.

Summary Polkadot is a powerful blockchain ecosystem designed for interoperability, scalability, and innovation. With Wraith Wallet, you can manage DOT securely and take full advantage of Polkadot’s growing network.

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