DoT
In WLv2 DoTs mean "Damage over Time". Damage over time is a game mechanic used in many games. The way it works in WLv2, is that if you encounter a hazard it could apply a DoT to you. This dot will hurt you for an amount of damage every one second, over any given length of time.
The old WLv1 mechanic was a set amount of damage, over a set amount of time. This differs from WLv1 in that WLv2 can have any amount of damage, over any length of time.
Another difference is that in WLv1 DoTs stacked, that is they multiplied the damage the more DoTs you had. In WLv2 DoTs refresh, taking the greater time and greater damage as the new value. While that sounds particularly simple, let me give you an example:
Justin walks into a low radiation zone that gives him a DoT with low damage, but a long duration. Justin then trips and falls into a hole that has high radiation damage, and a low duration. The low damage would be replaced by the high damage, however the high duration from the initial zone would stay, as it is not greater than the holes duration. Now Justin has perhaps a fatal radiation DoT that needs attention.