Venus DOT wallet

What is Venus DOT (VDOT)?

VDOT comes out of the DOT market on Venus, where the asset actually deposited is the BNB Smart Chain version of Polkadot's DOT rather than DOT on the relay chain. That distinction settles what the holding can and cannot do: nomination, parachain activity and Polkadot governance belong to native DOT on its own chain, and a pegged BEP-20 balance wrapped inside a Venus receipt takes no part in any of it.

The name also collides with a well-known namesake. Bifrost issues a liquid staking token written vDOT that represents staked DOT in the Polkadot ecosystem and behaves nothing like a lending receipt. Same spelling, different chain, different asset. It is worth establishing which of the two an interface is showing you before you move anything.

On the mechanical side, the unit count in your wallet is fixed and the rate at which those units convert back into DOT is what the protocol moves as the lending market accrues interest. BNB covers the gas for every transfer, approval and redemption, so keep some in the same place.

Tangem holds balances separately per network and spells out, on the confirmation screen the card signs, which network an outgoing transfer will use. Reading that line and matching it against what the receiving side expects is the holder's job, and with two unrelated tokens sharing this ticker it is worth the extra second. Supported networks in Tangem (1): BNB Smart Chain. Clarity about which chain you are on is most of the battle with an asset named like this one.