- Dymension (DYM) saw massive 58% gains in its first day after 700 million tokens (worth $390 million) were airdropped yesterday. But now questions swirl about a validator.
A day after Dymension, a Cosmos-based RollApp platform, airdropped 700 million tokens to users, DYM is trading for $5.60—around 58% higher than it was yesterday.
It now also has a staggering $5.6 billion fully diluted valuation, according to Coinstats data. Keep in mind that fully diluted valuation pretends that a coin’s full supply is circulating in the market, even if that isn’t the case.
The overwhelming majority of trading has occurred on Binance. Altogether, DYM has seen $511 million worth of trading volume in its first day, according to Coinstats.
Dymension launched its mainnet on Tuesday and distributed more than $390 million in DYM tokens through an airdrop targeting early users and communities across Solana, Ethereum, and other networks.
See Also: Dymension (DYM) Surged 40% Following Airdrop Distribution To Over One Million Users
The airdrop involved 700 million DYM tokens, representing 7% of the total supply.
Dymension is a layer-1 blockchain enabling developers to deploy app-specific chains, or “RollApps,” using Cosmos technology and the IBC protocol for cross-chain connectivity. The “genesis rolldrop” reached over a million unique wallets but only about half claimed their share.
But there’s already concerns about how staking has concentrated 35 million DYM tokens—and with it, more than 44% of total voting power—with just one validator: Big Brain Staking.
The Dymension team hasn’t yet commented on the concentration of staked DYM tokens or said anything to reveal the identity of the validator.
35 MILLION $DYM Delegated to Big Brain Staking
44.49% of Voting Power
APR was around 1,100% and fell to under 200% within the first 3 hours. That's JUICY returns, while users scrambled with no info on how to stake.
Who is Big Brain Staking @dymension ?
Wen Decentralization? pic.twitter.com/0RwhesL4rw
— Airdrops (@Airdrops_one) February 6, 2024
In the early, volatile days of the DYM token dropping, the Dymension metrics dashboard still promised 65.32% APR on staked tokens. But that’s liable to change. It’s already dropped by 98% since yesterday.
DYM’s airdrop ranks as the second-largest by value so far as of 2024.
It follows decentralized exchange (DEX) aggregator Jupiter on Solana, which airdropped 1 billion JUP last week—which, at the current price, puts the total value of that drop at $527 million.
See Also: Price Analysis: Lido DAO (LDO) Price Increased More Than 3% Within 24 Hours
Dymension’s tokenomics include a total supply of 1 billion DYM, with 7% allocated for airdrops, aiming to distribute the native token to support the ecosystem’s security, growth, and the sustainability of RollApps.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.