Dymension Token Surges 58% After Airdrop
A day after the Dymension platform conducted a massive airdrop of 700 million tokens to users, the value of its native token, DYM, has soared by 58%, reaching $5.60. This surge in price has also led to a fully diluted valuation of $5.6 billion for DYM, according to CoinGecko data. However, it’s important to note that this valuation assumes that the entire coin supply is circulating in the market.
Overwhelming Majority of Trading on Binance
The majority of trading activity for DYM has taken place on Binance. In just one day, the token has seen a trading volume of $511 million, as reported by CoinGecko.
Successful Airdrop and Mainnet Launch
Dymension recently launched its mainnet and distributed over $390 million worth of DYM tokens through an airdrop targeting early users and communities on various networks including Solana and Ethereum. The airdrop involved 700 million tokens, representing 7% of the total supply.
Dymension’s RollApp Platform
Dymension is a layer-1 blockchain platform that enables developers to deploy app-specific chains called “RollApps” using Cosmos technology and the IBC protocol for cross-chain connectivity. The airdrop reached over a million unique wallets, with approximately half claiming their share.
Concerns about Staking Concentration
There are concerns regarding the concentration of staked DYM tokens, as 35 million tokens (more than 44% of total voting power) are currently held by one validator called Big Brain Staking. The Dymension team has not yet addressed this concentration or revealed the identity of the validator.
Volatility and Changing APR
In the early stages of DYM’s token distribution, the Dymension metrics dashboard indicates a 65.32% APR on staked tokens. However, this rate is subject to change and has already decreased by 98% since yesterday.
Second-Largest Airdrop of 2024
The DYM airdrop ranks as the second-largest in terms of value so far in 2024, following Jupiter on Solana, which airdropped 1 billion JUP tokens last week with a total value of $527 million at the current price.
Dymension Tokenomics
Dymension’s tokenomics include a total supply of 1 billion DYM tokens, with 7% allocated for airdrops to support the ecosystem’s security, growth, and sustainability of RollApps.
Hot Take: DYM Token Skyrockets After Airdrop
The massive airdrop conducted by Dymension has led to a significant surge in the value of its native token, DYM. With an increase of 58%, the token is now trading at $5.60. This successful airdrop has also propelled DYM to a fully diluted valuation of $5.6 billion. However, concerns about staking concentration and decreasing APR may impact its future performance. Nevertheless, this airdrop marks one of the largest events in cryptocurrency for 2024 and showcases Dymension’s commitment to fostering community engagement and supporting its ecosystem.
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