Send and receive Polkadot (DOT)
Polkadot is a blockchain protocol that links multiple specialized blockchain networks into a single protocol, allowing them to operate seamlessly together at scale. Blockchains that connect with Polkadot are called the parachains and can access the network’s proof-of-stake validation of transactions and security.
Ultimately, Polkadot’s goal is to take care of messy and costly cryptocurrency mining processes and enable developers to focus on creating DApp and smart contract functionality.
Learn more about the Polkadot network here.
DOT is the native cryptocurrency of the Polkadot network. It serves a couple of vital functions on the platform, namely:
Providing governance for the network
Operating the network
Creating parachains by bonding DOT
For now, the DeFi Wallet supports holding and sending DOT, staking function will be supported in the future.
Receive DOT
Go to your home screen
Tap [Receive]
Select DOT
Copy / share the QR code of your DOT address with your sender
Please note that you will need to receive at least 1 DOT as existential deposit to activate your new DOT wallet on the DeFi Wallet.
Why is there no memo for the Crypto.com DeFi Wallet DOT receive address?
Crypto.com DeFi Wallet is a decentralized (non-custodial) wallet where you’re the one and only custody of your wallet and crypto assets. Your DOT address is unique to you and isn't shared with other wallet users, that’s why there isn’t a memo in addition to your DOT address to identify your wallet.
Send DOT
Go to your home screen / DOT wallet
Tap [Send] and select DOT if you enter via the home screen
Paste / scan the QR code of the DOT address of your recipient
Tap [Next]
Enter the send amount and tap [Send]
Review your recipient address, send amount, estimated network fee and the total amount
Tap [Confirm to send]
Authorize the send transaction with your passcode (and 2FA code if enabled)
See the pending to be sent screen and wait for the on-chain confirmation of your DOT sending
Please note that if you are sending DOT to an inactive DOT wallet address, make sure to send at least 1 DOT to activate the recipient address, else the transaction will fail and a network fee will be incurred.
What is an Existential Deposit?
Polkadot network uses an existential deposit (ED) to prevent dust accounts. For your Polkadot wallet to exist on-chain and be usable, it needs the existential deposit of 1 DOT. If your DOT wallet balance drops below 1 DOT (the ED requirement)
Your DOT wallet will be deactivated but can be reactivated when receiving at least 1 DOT again
The remaining balance (< 1 DOT), if any, will be destroyed after you performed a transaction
Why is my DOT transaction not showing on the Explorer?
In Substrate-based chains like Polkadot, a transaction's hash only serves as a fingerprint of the information within a transaction, and there are times when two transactions with the same hash are both valid. Hence, in order to identify the correct transaction, you could search for your transaction using the event id,
event id = {block number}-{ordering index of event within that block}
Say you are searching for an event ID, 4598615-6. Here are the steps to check on the Polkascan Explorer:
Go to Polkascan: https://polkascan.io/polkadot
Search by block number, 4598615
Scroll down and go to the “Events” tab, click onto 4598615-6 for your transaction details
If you are using Subscan Explorer, here are the steps
Go to Subscan: https://polkadot.subscan.io
Search using the event id, 4598615-6
If it shows that related extrinsic (equivalent to the transaction on Polkadot) is not found, simply tap onto the hyperlinked event id and search for it in the event category
Why am I not seeing my DOT staking balance?
The DOT balances shown on the DeFi Wallet app is the transferable balance of your DOT wallet address. Other balances including staking balance are currently not supported on the App yet. Rest assured that your funds are not lost, and please refer to the Polkadot explorer for a detailed breakdown of your DOT balances: https://polkadot.subscan.io/